TL;DR Breakdown
- Adam White resigns from his position as Bakkt president.
- White fails to give reason for his resignation or his next move.
Adam White, founder and president of crypto firm Bakkt has announced that he would be leaving his role with the firm.
Although he did not disclose his reason for leaving or what next he’d be venturing into, White declared his intention to resign in a post on his Twitter page.
In his exit notice, White expressed satisfaction with the crypto industry’s maturation from a regulatory standpoint.
“Lots of work still to do here but never been more optimistic about the future,” he said.
The exiting president was an Air Force veteran before his debut in the crypto industry. He made his name in the industry when he was at Coinbase, where he was vice president and general manager for five years.
He left Coinbase to establish Bakkt in 2018, and now three years after he is set to quit.
White said in the tweet on Thursday. “I’ve loved working at [the] intersection of crypto + markets and good to see the industry finding the balance between innovation & regulation. Lots of work still to do here but never been more optimistic about the future.”
White delivers Bakkt to NYSE
Under his reign, Bakkt became the second crypto firm to be listed on the stock exchange.
Although presently, Bakkt stock is not doing well, only Coinbase and Bakkt are the crypto firms with their shares listed on the stock exchange.
Whites exit comes at a time the company’s share price has slumped badly since going public. While the firm’s stock initially traded as high as $50, it has floundered since and was trading under $9 on Wednesday. Similarly, the crypto firm has failed to carve a niche for itself since its debut despite the boom in the crypto market.
Bakkt boasted that it would leverage its Wall Street ties to help bring Bitcoin and crypto into the mainstream, in part by working closely with regulators. It still struggles to make its dream a reality.
