Bakkt Files for $1 Billion Share Sale amid Bitcoin Strategy Push
Digital asset infrastructure company Bakkt Holdings Inc. announced it has filed a new shelf registration statement with the U.S. Securities and Exchange Commission (SEC) seeking authorization to raise up to $1 billion.
The planned securities offering, filed on June 26, could include common stock, preferred shares, debt instruments, and warrants. The funds are earmarked to support Bakkt’s transition into a “pure-play crypto infrastructure company,” particularly for its corporate treasury strategy involving potential Bitcoin holdings.
Shift in Corporate Strategy
CEO Akshay Naheta emphasized the filing as part of Bakkt’s transformation, stating, “This initiative is intended to support Bakkt’s transformation into a pure-play crypto infrastructure company.” The move follows Board approval on June 10 of a revised investment policy allowing the company to include Bitcoin and other digital assets in its treasury management.
“We may acquire Bitcoin or other digital assets using excess cash, proceeds from future equity or debt financings, or other capital sources,” the company disclosed in the filing, outlining potential uses of the raised capital beyond general operations.
Focus on International Expansion
Looking ahead, Bakkt’s leadership highlighted emerging global opportunities, particularly in Asia. The company is preparing a jurisdiction-flexible strategy for international markets where regulatory clarity and liquidity are present.
However, the filing acknowledges Bakkt’s financial challenges, including a “limited operating history” and a history of operating losses. The company recently lost key clients like Bank of America and Webull, raising questions about its path toward viability.
Infrastructure Focus
Bakkt, founded in 2018 and backed by Intercontinental Exchange (parent of NYSE), previously offered physically-settled Bitcoin futures. Akshay Naheta views the new capital framework as essential for evolving the company’s role in the global “digital asset economy,” stating, “We believe this multi-pronged approach reflects our conviction in the future of digital assets and our vision for Bakkt’s expansion internationally and as a leader in the world of programmable money.”
