Well now, gather ’round folks! It seems the fine folks at Bakkt, a veritable treasure trove of crypto custody and trading, have decided to shake things up a mite. They appointed a new co-CEO, Akshay Naheta, who hails from some place called Distributed Technologies Research (DTR). It’s a nifty little establishment he founded, much like a goat herder deciding to set up a luxury spa for his goats. 🐐✨
Now, in true theatrical fashion, Bakkt has also decided to cut a few services faster than a cat can lick its backside, aiming to focus on the ever-volatile world of crypto after their recent troubles with two big clients. One can hardly blame them—money these days seems to slip through fingers like water through a sieve! 💸
As per the news on March 19th, Bakkt plans to waltz into a partnership with DTR to marry their stablecoin-based payment infrastructure to Bakkt’s grand scheme of crypto trading and brokerage tech. Of course, as with any marriage, this do come with the caveat of needing a blessing from those pesky regulatory folks. 📝
Picture this: Bakkt thinks this partnership will sprinkle some fairy dust on their revenue streams and make cross-border payments more efficient. Folks just love the idea of moving their digital dollars across borders—why, it’s like planning a surprise party for your cousin twice removed! 🎉
Mr. Naheta, who spent near as six years with those investment giants at SoftBank, knows his way around the crypto barn. He’s stepping into Bakkt like a raccoon into a cornfield, ready to dig up all that loot hidden beneath the earth. 🌽💰
In their latest financial escapade, Bakkt has revealed it wants to “focus resources on core crypto offerings.” What a noble pursuit! They’re considering selling off or mothballing their loyalty services, akin to someone deciding their collection of ceramic frogs ain’t worth much anymore. 🐸
In a rather cheeky twist, they’ve decided to sell their crypto custody offspring, Bakkt Trust, back to their parent company, Intercontinental Exchange, for a paltry $1.5 million. Just imagine that garage sale! “Everything must go!” they cry, while cutting costs and freeing up funds faster than you can say “crypto crash.” 📉
The good news? They’ve managed to report an uptick in total revenue to the tune of $3.49 billion for 2024—a number so large it almost sounds made up! A mere half of that loss of $103.4 million could buy a small island. Talk about bold moves! 🌴
But alas, after some unsavory news that Bank of America and Webull are jumping ship, they saw their shares plummet like a lead balloon on March 18th, down over 27%. One might think the stock market is akin to a rollercoaster built by a drunkard, all ups and downs! 🎢
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2025-03-20 06:01