David Clifton has stepped down from Bakkt Holdings’ board of directors after serving as a founding board member and interim chief executive officer in 2020. Clifton’s tenure on the board began with a two‑year designation by Intercontinental Exchange (ICE) following Bakkt’s IPO and was extended for an additional two years to help build the company’s operations.
Bakkt CEO Akshay Naheta said the timing of Clifton’s departure is appropriate, noting that ICE remains a major shareholder and that the company is moving toward a more independent board structure. Naheta emphasized that the transition supports Bakkt’s long‑term governance goals.
Jeff Sprecher, founder, chair and CEO of ICE, praised Bakkt’s regulatory and technological foundation and expressed confidence that the company is well positioned for long‑term success. Sprecher highlighted the partnership’s continued support as Bakkt expands its crypto infrastructure services.
Bakkt’s strategic pivot to a pure‑play crypto infrastructure company has involved divesting non‑core businesses, such as its custody and loyalty units, and focusing on stablecoin payments, Bitcoin treasury strategy, and a brokerage‑in‑a‑box offering. In Q2 2025, Bakkt reported revenue of $577.9 million, a 13.3% year‑over‑year increase, and a net loss of $30.2 million. The company also raised $75 million through a SEC‑registered offering of common stock and warrants to fund its growth initiatives.
The board transition marks the final phase of Bakkt’s transformation and signals readiness to enter its next growth phase beginning in 2026. The appointment of new board members, including macro strategist Lyn Alden and industry veteran Mike Alfred, is expected to strengthen governance, enhance strategic focus, and reinforce investor confidence as Bakkt continues to pursue its crypto infrastructure strategy.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.