Bakkt Holdings, Inc. announced today that David Clifton, an ICE executive and a founding member of Bakkt’s Board, has stepped down from his position on the Company’s Board, following years of service in establishing and guiding the Company’s foundation.

Jeff Sprecher, Founder, Chair and CEO of ICE, commented, “ICE’s support for Bakkt has never been stronger. Under Akshay Naheta’s leadership and with Bakkt’s proven regulatory and technological foundation, we believe Bakkt is well-positioned for long-term success.”

In addition to his role on the Board, Mr. Clifton also served as interim CEO of the Company in 2020, prior to its initial public offering. Under the terms of the IPO, ICE retained the right to designate one member of the Company’s Board for two years after the IPO, and designated Mr. Clifton for that position; however, Mr. Clifton served an additional two years to help build the business. The Company believes that the timing of this transition is appropriate: ICE remains a major shareholder fully aligned with Bakkt’s success, while Bakkt continues with an increasingly independent board and a new leadership team.

Akshay Naheta, Bakkt’s CEO, stated, “We are grateful to David Clifton for his instrumental role in Bakkt’s journey from inception. We also value ICE’s enduring support as we approach the completion of our transformation this year and prepare to enter Bakkt’s next phase of growth starting in 2026.”

Mr. Clifton said, “Bakkt was built to operate with the rigor and independence expected of a public company, and this transition reflects that maturity. I’m proud to have been a part of a business that continues to evolve under Akshay’s leadership and a strong, independent board.”