Bakkt's stock price surged over 40% in a single day after the appointment of a new director.

Bakkt (BKKT), a crypto platform listed on the New York Stock Exchange, announced the appointment of tech entrepreneur Mike Alfred to its board of directors, sending the company's stock price soaring over 40% during trading on Monday. As of 2:23 PM ET, the stock price was trading at $14.95, a 43% increase in a single day. Mike Alfred is a prominent figure in the digital asset sector. He is the founder and managing partner of investment firm Alpine Fox and serves on the board of directors of Bitcoin mining company Iren. He co-founded Digital Assets Data, a digital asset data company acquired by New York Digital Investment Group in 2020. His appointment was viewed by the market as a significant signal of Bakkt's strengthening institutional strategy, driving a sharp rebound in its stock price. Notably, the recent surge partially reversed a 40% drop in Bakkt's stock price in July of this year following the announcement of a $75 million IPO (partially used to acquire Bitcoin). Mike Alfred said that Bakkt is expected to build an institutional-level fintech platform in the next decade around the four major trends of digital asset trading, stablecoin payments, AI agents and Bitcoin.