<p>Digital asset platform Bakkt is losing its best-known executive. </p> <p>Adam White—who was Coinbase's fifth employee—announced Thursday that he is leaving the company he helped launch back in 2018.</p> <p>"After a great 3+ years at Bakkt, next week will be my last," he wrote in a tweet.</p> <p>"I’ve loved working at [the] intersection of crypto + markets and good to see the industry finding the balance between innovation &amp; regulation." </p> <p>It's not clear if White is leaving for a different position in the industry. As per a filing with the Securities and Exchange Commission, Gavin Michael—Bakkt's current CEO—will "assume the additional title of President following Mr. White's separation." </p> <p>In an email to staff reviewed by The Block, Michael said "We know Adam will be keeping a close eye on Bakkt’s growth, and we feel lucky to have him as an advocate for our work and vision."</p> <p>"We’re fortunate to have a deep bench of leaders that are well positioned to help Bakkt achieve its vision of connecting the digital economy," the Australia-native added. </p> <p>A spokeswoman added: "We thank Adam for his leadership and contributions to Bakkt."</p> <p>As part of White's separation agreement, he will retain 14,062,500 "incentive units" that will convert to rights to receive ~2.7 million of "Common Units of Bakkt Holdings, LLC and Class V Shares" of Bakkt after a six-month lock up period, according to the filing. </p> <p>As COO and then later president, White oversaw Bakkt's transition from an institutional-focused custody and derivatives business to a retail app that allows users to swap bitcoin, loyalty points, and other digital assets for cash. The pivot also resulted in the departure of two other institutional-focused executives earlier this year: Laura Edelman and John Conneely. Bakkt has also had three different chief executive officers since Kelly Loeffler—who founded the firm—left to serve as a Republican senator in Georgia. </p> <p>The company went public in October via a special purpose acquisition company deal with VPC Impact Acquisition Holdings. It has gained more than 14% since its market debut on the New York Stock Exchange, but is down by more than 76% from its all-time highs hit in November. </p> <p>The firm is operating at a loss, reporting a net loss of $28.8 million during the third quarter.</p> <p><em>This story has been updated from its original form to include additional information. </em></p>