Bakkt shares spike 40% after Mike Alfred joins the company

Bakkt Holdings hired investor and entrepreneur Mike Alfred to its Board of Directors. The announcement sent shares of Bakkt Holdings, BKKT, soaring more than 40% on Monday. 

As of press time, BKKT was trading at $14.95, up 43% on the day according to data from Yahoo Finance.

Bakkt CEO, Akshay Naheta, said Alfred adds critical knowledge, a strong network, and credibility. He explained that Alfred’s background in digital assets and fintech gives Bakkt institutional weight. He also said that Alfred’s role will help the company execute its strategy and deliver long-term value for shareholders.

Bakkt hires a crypto veteran

Alfred is famous in the digital asset and blockchain space. He is the founder and managing partner of Alpine Fox LP, a private fund focused on Bitcoin and artificial intelligence equities. He also co-founded BrightScope, a fintech platform which was later acquired by Strategic Insight. After that, he co-founded Digital Assets Data, an enterprise software company acquired by NYDIG in 2020.

Alfred also serves on the Board of Bitcoin miner IREN, a Nasdaq-listed operator of large-scale data centers. He is also a director at three other companies, including Eaglebrook Advisors, Wealthie, and Crestone Group. These roles, combined with his investment experience, give him a wide view of both digital assets and financial markets.

Alfred said he was honored to join Bakkt’s Board. He said Bakkt is in a position to serve institutions across four transformative areas. These areas include digital asset trading, stablecoin payments, AI agents, and Bitcoin. He noted that these areas will change financial infrastructure over the next decade.

Bakkt expands its financial base

The appointment comes at a time when Bakkt is moving to expand its financial base. In June, Bakkt filed to raise up to $1 billion through equity and debt offerings. The company said the funds would support a Bitcoin acquisition strategy.

In July, Bakkt announced a $75 million public offering. Proceeds from the raise were partly set aside for Bitcoin purchases. The news pushed shares down by 40% at that time.

Bakkt Holdings was founded in 2018. The company provides enterprise solutions for businesses in crypto and digital assets. Its platform helps institutions handle trading, custody, and payments. Bakkt says it’s building the next generation of financial infrastructure. Management has often pointed to long-term opportunities in how money is defined, how payments flow, and how markets operate.

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