Akshay Naheta, a former SoftBank executive, has been appointed co-CEO of Bakkt, marking a significant leadership shift aimed at revitalizing the struggling crypto trading and custody platform.
Leadership Change and Strategic Vision
In a March 19, 2025 press release, Bakkt announced Naheta’s appointment, confirming that he will work alongside current CEO Andy Main while also joining the company’s board. Naheta’s expertise in high-profile investments and financial technology is expected to drive strategic innovation at Bakkt.
“We believe that Akshay joining the leadership team and integration of DTR’s technology with Bakkt will propel us from a leading crypto technology platform and liquidity provider into a more comprehensive, utility-based, institutional digital assets trading and payments platform.”
— Andy Main, CEO of Bakkt
DTR Technology Integration and Regulatory Approvals
Prior to joining Bakkt, Naheta founded Distributed Technologies Research (DTR), a firm specializing in global payments infrastructure. His move to Bakkt comes with plans to integrate DTR’s payment technology into Bakkt’s trading and brokerage services, though these initiatives will require regulatory approvals before execution.
Naheta’s Track Record and SoftBank Investments
During his tenure at SoftBank, Naheta spearheaded a $4 billion investment in Nvidia (2017), which yielded $3 billion in profit. He was also instrumental in SoftBank’s investments in Arm Holdings, further solidifying his expertise in tech-driven financial strategies.
Bakkt’s Challenges and Stock Performance
Since going public in 2021 via a SPAC (special-purpose acquisition company) merger, Bakkt has faced significant struggles:
- Stock price decline: Down more than 62% in 2025.
- Loss of major clients: Bank of America and Webull have severed ties.
- Regulatory standing: Retains the BitLicense from the New York State Department of Financial Services, a valuable permit in the crypto industry.
Future Prospects
With Naheta at the helm, Bakkt aims to reposition itself as a key player in institutional digital asset trading and payments. The success of this transition will depend on regulatory approvals, technological integration, and the company’s ability to regain market confidence.
Naheta’s appointment signals an aggressive push toward innovation, and industry watchers will be closely monitoring how Bakkt navigates its next phase of growth.
