Key Takeaways:
- Bakkt filed a $1 billion shelf registration, enabling it to raise capital through various securities and potentially invest in Bitcoin.
- The firm has updated its investment policy to allow crypto acquisitions, though none have been made yet.
- Despite recent share gains, Bakkt remains financially challenged and warned of “substantial doubt” about its ongoing viability.
Bakkt Holdings Inc., a digital asset firm owned by Intercontinental Exchange, has filed a $1 billion shelf registration with the U.S. SEC, aiming to raise capital through the issuance of various securities including common stock, preferred stock, debt instruments, and warrants.
This move follows a recent investment policy update that now allows Bakkt to allocate capital into Bitcoin and other cryptocurrencies as part of a broader treasury and corporate strategy.
JUST IN: Bakkt Holdings Inc. files investment policy update saying it may buy $1 billion in Bitcoin đź’Ą pic.twitter.com/IbJka4gv9i
— Bitcoin Magazine (@BitcoinMagazine) June 26, 2025
While no crypto purchases have been made yet, Bakkt indicated it may use surplus cash, proceeds from this offering, or other capital sources depending on market conditions, investor appetite, and internal performance metrics.
The shelf registration gives Bakkt flexibility to tap capital markets when favorable – a critical option amid the company’s ongoing financial struggles.
In its filing, Bakkt acknowledged “substantial doubt” about its ability to continue operating due to its limited history and consistent losses.
Bakkt’s shares (BKKT) rose 3% to $13.33 following the news, though the stock remains down 46% year-to-date, including a 30% drop in March after Bank of America and Webull chose not to renew commercial deals.
Still, Bakkt remains optimistic, calling the recent wave of crypto IPOs from Circle, eToro, and Gemini a sign of “validation, visibility, and maturity” for the industry.
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