A
leadership
shakeup
at
crypto
custody
service
and
exchange
Bakkt
(BKKT)
will
see
board
member
Andy
Main
take
over
as
President
and
CEO
later
next
week,
according
to
a
Monday
press
release.
The
current
CEO
Gavin
Michael
will
step
down
“to
pursue
other
opportunities,”
the
press
release
said,
noting
he
will
remain
in
an
advisory
role
until
2025.
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00:55
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Expert
“Andy
has
the
expertise
to
lead
the
company
forward
from
this
inflection
point,
with
a
focus
on
broadening
our
institutional
crypto
capabilities,
growing
our
client
base,
expanding
internationally,
and
driving
towards
adjusted
EBITDA
breakeven,”
Michael
said
in
the
press
release.
Bakkt,
a
crypto
platform
introduced
amid
great
fanfare
in
2018
by
the
owner
of
the
New
York
Stock
Exchange
had
previously
warned
about
its
ability
to
stay
above
water.
However,
the
company
seems
to
have
turned
the
tide
since
then.
“We
believe
we
have
alleviated
the
conditions
that
raised
substantial
doubt
about
our
ability
to
continue
as
a
going
concern,”
the
press
release
said.
The
shakeup
comes
ahead
of
Bakkt’s
release
of
its
2023
financials,
now
rescheduled
to
March
25,
one
day
before
the
leadership
transition.
Shares
in
Bakkt
jumped
more
than
6%
in
after
hours
trading,
when
the
announcement
came,
but
it
was
down
11%
Monday.
The
company
has
not
enjoyed
a
brisk
run-up
in
price
as
have
other
publicly
traded
crypto
contenders,
like
Coinbase.