Bakkt Ditches Custody Business, Names Co-CEO, Bets on Crypto
Bakkt Holdings is blowing it all up and starting fresh.
The digital asset and payments platform on Monday (March 17) suffered a major blow when Bank of America and Webull announced they would not be renewing their commercial agreements with the company.
On Wednesday (March 19), after delaying twice, the digital asset and payments platform held its earnings call sharing the financial and operational results for the fourth quarter and full year 2024.
The big news? Bakkt signed a definitive agreement to get rid of its Trust custody business entirely, named a new co-CEO, and announced a pivot to “become a pure play crypto infrastructure company.”
Webull, per a Form 8-K filed with the Securities and Exchange Commission…
