Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Beleaguered Bakkt replaces CEO days after NYSE warns of delisting

Beleaguered Bakkt replaces CEO days after NYSE warns of delisting

The BlockThe Block2024/03/18 22:58
By:The Block

Quick Take Andy Main has been named as the new CEO of Bakkt. Gavin Michael will be stepping down on March 26 but will continue in an advisory role. A week ago, the company was warned the NYSE could delist it.

Beleaguered Bakkt replaces CEO days after NYSE warns of delisting image 0

Bakkt, the once-promising darling of traditional finance entering the crypto world, has yet again a new CEO. Board member Andy Main, who was briefly CEO of the advertising agency Ogilvy and held senior positions at Deloitte Digital, will helm Bakkt starting March 26.

Current CEO Gavin Michael, who has been in the job for a little more than three years, "is stepping down to pursue other opportunities," the company said in a press release . Bakkt added that Michael "will serve in an advisory role through March 2025" to help with the transition.   

Main, who joined the board of directors in October 2021, will be the company's fifth CEO since it was founded nearly six years ago.  The bitcoin platform, owned mostly by the New York Stock Exchange's parent company, the Intercontinental Exchange (ICE), was alerted last week that it could be delisted for having its stock price trading below $1 for 30 days. Several weeks ago, Michael had warned the company would have trouble continuing as a going concern, though it has since raised $50 million, with Main saying that the funding “alleviated the conditions that raise the doubt about us as a going concern," according to Bloomberg.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Token listing: Instantly buy/sell BTC with EUR & BRL via cash conversion!

Bitget users can now instantly buy or sell BTC with EUR or BRL balances via cash conversion! Buy/Sell Crypto Tips: Enjoy a transaction fee rebate in USDT on your first cash conversion transaction! Additional perks >>> Flash Monday: Buy crypto with a credit/debit card for zero fees >>> Flash Thursda

Bitget Announcement2024/11/25 08:12

Orbiter Finance collaborates with the Ethereum Foundation and the University of California, Santa Barbara to enhance the security model of bridging p

Since its establishment in 2021, Orbiter has been deeply exploring security, aiming to become a reliable infrastructure in the cross-chain field.

Chaincatcher2024/11/25 07:55

OXTUSDT now launched for futures trading and trading bots

Bitget has launched OXTUSDT for futures trading with a maximum leverage of 25, along with support for futures trading bots, on November 25, 2024 (UTC+8). Welcome to try futures trading via our official website (www.bitget.com) or Bitget APP. OXTUSDT-M perpetual futures: Parameters Details Listing t

Bitget Announcement2024/11/25 07:50

Bitget Spot Bot adds CHEEMS/USDT

We are pleased to announce that Bitget spot bot has now added: CHEEMS/USDT. Reference 1. Spot grid 2. Crash course on Spot Grid Disclaimer Despite high growth potential, cryptocurrencies still face high risks and volatility. You are strongly advised to do your own research as you invest at your own

Bitget Announcement2024/11/25 07:40