Bakkt's stock jumped over 40% following the announcement of crypto expert Michal Alfred joining its board, closing at $14.70 per share, surpassing analysts' price target of $13.26. Alfred, a co-founder of Digital Assets Data, has a history of significant investments in the crypto sphere. Bakkt, which has struggled with its stock performance, aiming to recover after a significant decline since its peak in 2021, has recently refocused its strategy towards core digital asset services. This includes plans for a Bitcoin treasury and divesting from its loyalty rewards business to streamline operations. In the second quarter, Bakkt generated over $568 million in revenue from its crypto operations. CEO Akshay Naheta highlighted Alfred's experience as pivotal for Bakkt's mission to enhance financial infrastructure in digital assets, stablecoin payments, AI agents, and Bitcoin. Analysts from Benchmark Company show optimism regarding Bakkt's restructuring efforts, suggesting it is well-positioned for a fresh start in the market.

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