Bakkt Plans to Raise $1 Billion Through Securities Offering for Bitcoin Treasury
Bakkt Holdings plans to raise $1 billion through a securities offering, aiming to build its Bitcoin treasury. This move aligns with a trend of corporations increasing Bitcoin holdings amid market uncertainties.
- Bakkt filed a Form S-3 with the SEC to offer common stock and other securities.
- The offering includes Class A common stock, debt securities, preferred stock, and warrants.
- The company updated its investment policy to allocate capital into Bitcoin and digital assets.
- Bakkt aims to acquire Bitcoin using excess cash or proceeds from financing.
- This shelf registration allows Bakkt strategic access to capital markets despite financial instability.
Bakkt's stock has declined 47% in 2025 but saw a 3% increase to $13.33 following the treasury announcement. The company faces challenges after losing major clients, yet it points to recent crypto IPOs as evidence of renewed momentum in the digital asset market.
Bakkt acknowledged its limited operating history and losses, stating that cryptocurrency purchases will depend on market conditions and business performance.