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— CH. 1 · FOUNDING AND INITIAL PARTNERSHIPS —

Bakkt

~2 min read · Ch. 1 of 5
5 sections

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

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Common questions

When was Bakkt formed and by whom?

Intercontinental Exchange formed Bakkt in August 2018. The company launched as a partnership with Boston Consulting Group, Microsoft, and Starbucks.

What date did Intercontinental Exchange begin trading bitcoin futures through Bakkt?

Intercontinental Exchange began trading of bitcoin futures on the 1st of September 2019. This launch occurred after significant regulatory delays had stalled progress for over a year from the initial formation of the company.

Which companies did Bakkt acquire to expand its services between 2019 and 2023?

Bakkt acquired certain assets of Rosenthal Collins Group in January 2019 and bought Digital Asset Custody Company in April 2019. Later in 2023, they acquired Chicago-based integrated crypto trading platform Apex Crypto.

How did Bakkt transition from private ownership to public markets in October 2021?

In October 2021, Bakkt completed a merger with VPC Impact Acquisition Holdings sponsored by Victory Park Capital. The transaction moved Bakkt from private ownership to the New York Stock Exchange.

Who became co-chief executive officer of Bakkt in March 2025 following Kelly Loeffler's departure?

Akshay Naheta was appointed as co-chief executive officer in March 2025. Her appointment followed the leadership vacuum created when Kelly Loeffler left to take her seat in the United States Senate.

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All sources

16 references cited across the entry

  1. 1webBakkt Holdings, Inc. 2024 Annual Report (Form 10-K)U.S. Securities and Exchange Commission — March 20, 2025
  2. 2webBAKKT HOLDINGS, INC. SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934U.S. Securities and Exchange Commission — April 28, 2025
  3. 3newsCrypto Platform Bakkt Reports First Earnings, Lays Out Bold Partnership StrategySteven Ehrlich — November 12, 2021
  4. 4newsBakkt Gets Listed on New York Stock Exchange: All You Need to KnowShomik Sen Bhattacharjee — October 19, 2021
  5. 5newsWhy Is Everyone Talking About Bakkt Holdings Stock?Leo Sun — October 29, 2021
  6. 6magazineThe NYSE's Owner Wants to Bring Bitcoin to Your 401(k). Are Crypto Credit Cards Next?: sourcesShawn Tully — August 3, 2018
  7. 8newsBakkt's New Acquisition Will Speed Its Plan to Streamline Consumer PaymentsSHAWN TULLY — January 14, 2019
  8. 9webBakkt acquires Digital Asset Custody Company, applies for NY trust company statusApril 30, 2019
  9. 10newsNYSE Owner Launches Long-Awaited Bitcoin FuturesAlexander Osipovich — The Wall Street Journal — 22 September 2019
  10. 11newsBitcoin Futures Launch Hits Regulatory SnagAlexander Osipovich et al. — March 21, 2019
  11. 12newsBakkt aims to turn your rewards points into a wallet you can spend anywhereSHAWN TULLY — February 5, 2020
  12. 13newsBakkt to go public via merger with SPAC VPC Impact Acquisition in deal with $2.1 billion enterprise valueCiara Linnane — January 11, 2021
  13. 14press releaseBakkt Closes Business Combination with VPC Impact Acquisition Holdings and Will Begin Trading on the New York Stock Exchange on October 18, 2021Business Wire — 15 October 2021
  14. 15newsDigital assets platform Bakkt completes $155M deal for Apex CryptoLEO SCHWARTZ — April 3, 2023
  15. 16newsEx-SoftBank Rainmaker Naheta Picked to Head Bakkt's Turnaround EffortsAnto Antony — March 20, 2025
  16. 17press releaseBakkt Announces Preliminary Second Quarter 2025 Financial Results and Definitive Agreement to Sell Loyalty BusinessBusiness Wire — July 28, 2025