Bakkt Gains Another 4% in Pre-Market, New Board Member Mike Alfred Boosts Market Sentiment

TradingKey – Mike Alfred joins Bakkt's board of directors, driving the stock up 4% today.

NEW YORK, September 23 – Bakkt (BKKT), the crypto platform backed by the Intercontinental Exchange (ICE), parent of the New York Stock Exchange, extended its gains on Tuesday, rising over 4% in pre-market trading before paring some gains to +3.4%. The stock is currently trading around $15.20.

Bakkt Stock Chart, Source: Google.

This surge follows yesterday's announcement of the appointment of digital assets heavyweight Mike Alfred to its board of directors. The news initially propelled the stock to skyrocket over 40% in the previous session, nearly erasing losses experienced earlier this year. For context, back in July, Bakkt's announcement of a $75 million public offering, with part of the proceeds intended for Bitcoin purchases, had triggered a sharp 40% single-day sell-off.

Market observers now believe Mike Alfred's arrival could steer the company toward significant breakthroughs. Alfred stated that Bakkt aims to build an institutional-grade fintech platform over the next decade, focusing on digital asset trading, stablecoin payments, AI agents, and Bitcoin (BTC).