In August 2018, Intercontinental Exchange formed Bakkt in partnership with Boston Consulting Group. The alliance also included Microsoft and Starbucks among other major corporations. This group aimed to create a software platform for managing digital assets. Their first use cases focused on trading Bitcoin against fiat currencies. Kelly Loeffler served as the company's CEO during these early days. She held that role until her appointment to the United States Senate.
Regulatory Delays And Bitcoin Futures
Intercontinental Exchange began trading of bitcoin futures in September 2019. This launch came after significant regulatory delays had stalled progress. The process took over a year from the initial formation of the company. These hurdles delayed the availability of regulated financial products for investors. The eventual start of trading marked a critical milestone for institutional adoption of cryptocurrency derivatives.Strategic Acquisitions And Expansion
Bakkt acquired certain assets of Rosenthal Collins Group in January 2019. This purchase advanced its consumer payments initiatives within the broader ecosystem. In April 2019, the firm bought Digital Asset Custody Company to strengthen security measures. Later in 2023, they acquired Chicago-based integrated crypto trading platform Apex Crypto. These moves broadened service offerings beyond simple currency conversion. Each acquisition targeted specific gaps in their technology stack or market reach.Transition To Public Listing
In October 2021, Bakkt completed a merger with VPC Impact Acquisition Holdings. Victory Park Capital sponsored this special-purpose acquisition company. The transaction moved Bakkt from private ownership to the New York Stock Exchange. This shift allowed public investors to trade shares of the digital asset manager. It represented a major step toward mainstream acceptance of cryptocurrency infrastructure companies.Leadership Changes And Corporate Strategy
Kelly Loeffler served as Bakkt's CEO until her appointment to the United States Senate. Her departure created a leadership vacuum that required immediate attention. Akshay Naheta was appointed as co-chief executive officer in March 2025. This change signaled a new direction for corporate strategy and operational focus. The company also sold its loyalty points business for $11 million in July 2025. That divestiture streamlined operations while generating significant cash flow for future growth initiatives.