Michael Alfred
About Michael Alfred
Michael Alfred (age 44) was appointed as an independent Class II director of Bakkt Holdings, Inc. on September 17, 2025. He is a private investor and advisor with deep experience in digital assets, data infrastructure, and fintech. Alfred holds a B.A. in History from Stanford University and previously co-founded/led multiple data/fintech companies that were acquired by larger strategic buyers .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Digital Assets Data, Inc. | Co-Founder & Chief Executive Officer | Jan 2018 – Nov 2020 | Built enterprise-grade data feeds/software for digital asset ecosystem; company sold to NYDIG |
| Strategic Insight, Inc. | Managing Director; member of 5-person executive committee | Oct 2016 – Jan 2018 | Provider of data/software to asset management industry; later acquired by ISS |
| BrightScope, Inc. | Co-Founder & Chief Executive Officer | Feb 2008 – Oct 2016 | 401(k) analytics and tools; company sold to Strategic Insight |
| Alfred Capital Management, LLC | Co-Founder & Portfolio Manager | Prior to 2008 | RIA serving high net worth clients |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| IREN Limited (NASDAQ: IREN) | Director | Since Oct 2021 | Serves on Compensation Committee; brings digital assets/technology governance experience |
| Crestone Group, LLC | Director | Since Mar 2015 | National artisan bakery; private board role |
| Eaglebrook Advisors, Inc. | Director | Since Sep 2019 | Digital asset management platform for advisors |
| Amenify Corporation | Advisor to CEO | Since Jul 2020 | Real estate technology company |
Board Governance
- Appointment and independence: Alfred was appointed by the Board to fill a Class II vacancy (created by De’Ana Dow’s resignation) and determined to be independent under NYSE rules .
- Committee assignments: Dow’s resignation removed a member from the Audit & Risk Committee , but Alfred’s committee assignment was not disclosed at appointment; no related-party transactions requiring Item 404(a) disclosure .
- Board practices: Bakkt’s Board had 12 meetings in FY2024, with all directors meeting at least 75% attendance; committees meet regularly (Audit: 9; Compensation: 7; Nominating: 4 in 2024). Independent directors hold executive sessions at least twice per year .
- Board leadership: Independent chair (Sean Collins) provides independent oversight separate from management .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual non-employee director cash retainer | $50,000 | Paid quarterly in arrears |
| Non-executive Board chair cash retainer | $100,000 | Applies to chair role only |
| Audit & Risk Committee chair fee | $25,000 | Member fee: $10,000 |
| Compensation Committee chair fee | $20,000 | Member fee: $7,500 |
| Nominating & Corporate Governance Committee chair fee | $12,000 | Member fee: $5,000 |
| Special committee fees | As approved | $798,000 paid total to special committee members in 2024 (not role-specific) |
- Alfred will receive standard non-employee director compensation per the 2025 proxy program . Directors joining outside an annual meeting receive prorated equity awards with the next full Annual Equity Award cycle .
Performance Compensation
| Equity Component | Value/Structure | Vesting & Conditions | Change-of-Control Treatment | Clawback |
|---|---|---|---|---|
| Annual RSU grant (non-employee directors) | $200,000 grant-date fair value | Vests at earlier of one-year anniversary or next annual meeting; prorated for off-cycle joiners; may allow cash retainer election in RSUs | Director equity accelerates vesting in full upon change in control under 2021 Plan terms if the director remains in role through consummation | All awards under the 2021 Omnibus Incentive Plan are subject to Bakkt’s clawback policy adopted Sept 2023 |
- Performance metrics: Director RSUs are time-based; no performance metrics are disclosed or used for director equity awards .
Other Directorships & Interlocks
| Company | Industry | Role | Conflict/Interlock Notes |
|---|---|---|---|
| IREN Limited | AI data centers; Bitcoin mining | Director; Compensation Committee | Industry adjacency to crypto; no disclosed related-party transactions with Bakkt |
| Crestone Group, LLC | Consumer products (bakery) | Director | No disclosed conflicts |
| Eaglebrook Advisors, Inc. | Digital asset advisory platform | Director | No disclosed conflicts |
| Amenify Corporation | Real estate tech | Advisor | No disclosed conflicts |
Expertise & Qualifications
- Digital assets and fintech operator-investor with CEO experience across data and analytics platforms (Digital Assets Data; BrightScope) .
- Public company board experience in crypto/AI infrastructure (IREN), including compensation committee service .
- Asset management data and software governance via Strategic Insight executive leadership .
- Education: Stanford University (BA in History) .
Equity Ownership
- BKKT share ownership: Not disclosed for Alfred as of his Sept 2025 appointment; no Item 404(a) related-party transactions with the Company .
- Hedging/pledging: Company policy prohibits hedging and pledging of Bakkt securities for directors and employees .
- Equity alignment: Director compensation includes annual RSU grants ($200k value) with time-based vesting, supporting alignment with long-term shareholder value .
Governance Assessment
-
Strengths:
- Independence confirmed; no related-party transactions at appointment .
- Relevant crypto/data governance experience; compensation committee expertise at another public company (IREN) .
- Bakkt maintains independent chair, majority-independent board, robust committee charters, and executive sessions .
- Clear director compensation structure with equity alignment, anti-hedging/pledging policy, and clawback coverage under the plan .
-
Watch items:
- Committee assignment for Alfred not disclosed at appointment; Audit seat was vacated with Dow’s resignation .
- Director RSUs are purely time-based (no performance metrics), which is typical but reduces pay-for-performance sensitivity at the board level .
- Monitor BKKT share ownership as filings update to assess “skin-in-the-game” alignment; no current ownership disclosed .
-
RED FLAGS: None disclosed regarding related-party transactions, pledging/hedging, or low attendance. Alfred’s independence and lack of Item 404(a) transactions are positive signals .