The president of crypto platform Bakkt left…

The president of crypto platform Bakkt left… post thumbnail image

He received the right to acquire a stake in the company for $ 27 million.

President of crypto platform Bakkt Adam White announced the completion of work at the company. According to his Twitter post, this week will be Bakkt’s last.

  • White noted that the crypto industry is finding “a balance between innovation and regulation.”

  • Where exactly White went is unclear. The company’s current CEO, Gavin Michael, will receive the company’s president status, reports portal TheBlock.

  • White will oversee the further development of Bakkt, TheBlock reported, citing an internal letter. According to the document, the company has many leaders who will “help Bakkt realize its vision.”

  • Bakkt’s former president will receive more than 14 million “incentive units”, according to a filing with the Securities and Exchange Commission (SEC). In six months, they can be converted into the right to receive 2.7 million shares of the platform. At its current price of around $10, the top manager’s remuneration would be around $27 million.

  • Adam White worked for the company for 3 years as Chief Operating Officer and then President. He oversaw Bakkt’s transition from an institutionally focused custodial business to a retail app that allows users to exchange bitcoin, loyalty points and other digital assets for cash. Earlier this year, following a change of direction, two other institutional clients, Laura Edelman and John Connelly, also left the company.

  • Against the backdrop of the news, the company’s share price on the New York Stock Exchange rose nearly 3%.

Source: MarketWatch.As a reminder, the Bakkt platform went public in October following the merger with SPAC. In November, the share price reached $ 42.5 on the back of the publication of the company’s report, and then dropped to the placement level.

According to the report for the third quarter of 2021, service revenues increased 38% over the same period last year to $9.1 million. The company’s net loss for the year increased 61% to $28.8 million.

Read also: For the first time, Russia is requesting data from users of the largest cryptocurrency exchange.

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