Bakkt stock jumps over 40% after naming crypto vet Mike Alfred to board

Bakkt Holdings (ticker BKKT) shares rose more than 40% on Monday after saying that tech entrepreneur Mike Alfred will serve on its board of directors.

"Mike's proven track record and reputation in the digital asset and fintech ecosystem brings unparalleled expertise, a powerful network and institutional credibility," Bakkt CEO Akshay Naheta said in a statement. "His perspectives will be critical as we execute with precision on our strategy and deliver long-term value for our shareholders."

Alfred is well known across the digital assets sector as the founder and managing partner of Alpine Fox. He also serves on Bitcoin miner Iren's board of directors. Before that, Alfred co-founded Digital Assets Data, which New York Digital Investment Group acquired in 2020.

"Bakkt has a unique opportunity to deliver a trusted fintech platform for institutions in four transformative trends over the next decade: digital asset trading, stablecoin payments, AI agents and Bitcoin," said Alfred. "I look forward to partnering with the board and leadership to advance Bakkt’s strategy and value creation."

Bakkt's shares were changing hands 43% up at $14.95 as of 2:23 p.m. ET, according to Yahoo Finance.

In June, Bakkt said it wanted to raise up to $1 billion through equity and debt offerings to fund a bitcoin acquisition strategy. The next month, the company unveiled a $75 million public offering, with proceeds earmarked in part for bitcoin purchases. Bakkt's shares fell 40% on that news.

Founded in 2018, Bakkt provides enterprise solutions for businesses working in crypto.