Akshay Naheta Joins Bakkt as Co-CEO as Firm Expands Stablecoin Payment Offerings

Bakkt Appoints Akshay Naheta as Co-CEO, Joins Forces with DTR for Stablecoin Payments Expansion

Bakkt Holdings (BKKT) has named Akshay Naheta as its new co-CEO while forging a strategic partnership with his payments firm, Distributed Technologies Research (DTR), as part of a broader push into blockchain-powered financial solutions.

Naheta, a former SoftBank executive known for his past investments in Nvidia and ARM, steps into his new role today. Alongside current CEO Andy Main, he will lead Bakkt’s expansion into stablecoin-based payments and digital asset trading. Naheta will also join Bakkt’s board of directors.

At the heart of this collaboration is the planned integration of Bakkt’s trading platform with DTR’s advanced stablecoin payments infrastructure. According to a company statement, DTR’s technology leverages blockchain, custom APIs, and an advanced routing system to enhance efficiency and reduce transaction costs.

Bakkt expects the partnership to create new revenue streams in crypto trading and international payments, pending regulatory clearance.

The move comes amid a sharp decline in Bakkt’s stock price, which has dropped over 18% in the last three days, following news that Bank of America (BAC) and Webull Pay will not be renewing their agreements with the company.