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Bakkt CEO Seeks to Expand Revenue Through Partnerships and Cost Reductions

19/03/2024 05:10

According to Bloomberg, Bakkt, the digital asset platform backed by the parent company of the New York Stock Exchange (NYSE), is focusing on expanding its revenue through partnerships and cutting expenses. The company's CEO, John Seifert, who took over in February, is implementing these strategies to ensure Bakkt's continued growth. Intercontinental Exchange Inc., which owns some of the largest futures markets and the NYSE, launched Bakkt with much fanfare in 2018. Seifert is also cutting expenses by restructuring services from external providers, eliminating an unnecessary duplicate license, and reducing related capital requirements. He believes that the current market conditions are favorable for Bakkt's growth, stating, "The tailwinds are very strong at the moment, and the addressable market that Bakkt can go after is fairly sizable." Prior to joining Bakkt, Seifert served as CEO of Ogilvy, an advertising, marketing, and public relations firm, and headed Deloitte Digital, the digital consultancy branch of Deloitte. On March 14, Bakkt filed a rescheduled fourth-quarter earnings release, which is now set for March 25.

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