Bakkt Taps Former SoftBank Dealmaker Akshay Naheta as Co-CEO, Stock Pops 13%

Bakkt is betting on a bold shakeup. The digital asset custodian just named former SoftBank heavyweight Akshay Naheta as its new co-CEO, and Wall Street wasted no time reacting. BKKT shares surged 13% in pre-market trading on the heels of the announcement.

But it wasn’t just the name that moved markets. The company also revealed a new partnership with Distributed Technologies Research (DTR), a payments startup founded by Naheta himself. With this, Bakkt’s latest move looks less like a routine C-suite shuffle and more like a high-stakes reset.

A comeback play after rough waters

Let’s be honest—Bakkt’s had a bumpy ride.

The Intercontinental Exchange (ICE)-backed firm, once hailed as a regulated gateway to digital assets, has struggled to live up to early hype. High-profile partnerships fizzled. Bank of America and Webull Pay both walked away. The stock, which once traded above $40, tumbled below $1 in late 2023.

So yeah, this week’s 13% spike is attention-grabbing—but context matters.

The company is now leaning heavily into payments and custody again, trying to carve a space in crypto that’s less speculative and more service-based. It’s no longer just about price exposure—it’s about infrastructure, licensing, and reliability.

Naheta’s appointment sends a clear signal: Bakkt is turning the page.

Who is Akshay Naheta?

Naheta isn’t your average hire. The 42-year-old is best known for his time at SoftBank’s Vision Fund, where he spearheaded deals in high-stakes tech investments.

A lesser-known fact? He was also a senior advisor to SoftBank founder Masayoshi Son, playing key roles in deals involving Nvidia, Arm, and Credit Suisse. Those bets didn’t always pan out—who can forget the WeWork saga?—but Naheta’s presence was always felt.

Now he’s stepping into crypto in a more hands-on role.

And yes, this isn’t his first rodeo in fintech. His latest venture, DTR, is building blockchain-powered payment rails. It’s early days for DTR, but the tie-up with Bakkt hints at deeper ambitions.

A vote of confidence—finally?

Investors have been starving for good news.

Here’s what makes this different:

• It’s not just a new CEO. It’s a new co-CEO structure that brings a founder-operator into the executive suite.

• DTR isn’t just a partner. It’s a way for Bakkt to reboot its utility value—especially in emerging markets.

• The stock actually moved. Up 13% in a single session after a long drought? That’s not just noise.

Still, technical analysts are wary. BKKT faces stiff resistance between $12 and $13, a zone it hasn’t cracked consistently in nearly a year.

“This is a strong catalyst, but we need confirmation,” said Rachel Keane, a digital asset strategist at Canto Markets. “It’s like a heartbeat monitor flatlining and then spiking. You need to see if it sustains.”

Realignment or rebound?

The appointment signals something more fundamental—Bakkt wants to be taken seriously again.

Co-CEO roles aren’t super common, and they can go sideways fast if not well-defined. But sources close to the company say Naheta’s remit is clear: product vision, global payments strategy, and rebuilding trust with partners.

Here’s a quick look at Bakkt’s recent status:

The company has kept its regulatory credentials intact—a big plus as US crypto regulation continues tightening. But revenue growth has slowed and user engagement dropped off significantly over the past year.

One sentence here.

A long way to go

Let’s not sugarcoat this—turnarounds take time.

Crypto payments are still a niche. Competitors like Fireblocks and Anchorage Digital are already deeper into institutional services. Bakkt will need more than one flashy hire to regain momentum.

That said, bringing in Naheta feels different than past pivots. It’s not just chasing a buzzword or trend. It’s a calculated attempt to steer back toward being useful—to fintech firms, to banks, to traders.

Whether Wall Street sticks around long enough to see it play out? That’s a whole other question.