In Brief:
- Adam White is leaving the digital assets platform Bakkt.
- White did not reveal his plans for the future nor about the reason for his departure.
- White has the rights to acquire 2.7MÂ Common Units of Bakkt Holdings, LLC and Class V Shares.
Adam White, the President, and founding executive of digital assets platform Bakkt announced his departure via his official Twitter handle.
Bakkt is a digital asset and rewards platform that began by assisting institutions with the safe storage of cryptocurrencies and other digital assets.
Later, it delved into more retail-oriented items, such as a mobile app that lets customers load their Starbucks cards with Bitcoin.
White spent five years as Vice President and General Manager at Coinbase before joining Bakkt.
White did not give any details about why he is quitting or what he intends to do next. He vaguely tweeted that he is “optimistic about the future.”
Bakkt team stated this on his departure, ”We thank Adam for his leadership and contributions to Bakkt. He helped shape the early strategy for the company and is a strong advocate for our work.”
Gavin Michael, Bakkt’s current CEO, would take the additional position of President following Mr. White’s separation, according to a filing with the Securities and Exchange Commission.
According to the filing, White will keep 14,062,500 incentive units as part of his separation agreement, which will convert to rights to acquire 2.7 million “Common Units of Bakkt Holdings, LLC and Class V Shares” of Bakkt following a six-month lock-up period.
VPC Impact Acquisition Holdings helped the company go public in October through a special purpose acquisition company agreement. Bakkt has recently started enabling its customers to hold, purchase, and sell Ethereum.
It has gained more than 14 percent since its New York Stock Exchange debut but is down more than 76 percent from its peak in November. The company is losing income, with a net loss of $28.8 million in the third quarter.
