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Crypto software firm Bakkt Holdings aims to raise up to $1 billion through securities offerings as it looks to invest in Bitcoin and other digital assets. The company filed a shelf registration with the US SEC, allowing it to issue Class A stock, preferred stock, debt securities, warrants, or a mix of these. This gives Bakkt the flexibility to tap capital markets quickly when conditions are right.
The firm recently updated its investment policy to enable crypto investments, although no purchases have been made yet. Bakkt said it may acquire Bitcoin using excess cash, proceeds from future equity or debt deals, or other capital sources. It also noted that recent crypto IPOs from Circle, eToro & Gemini show growing momentum in the space.
Bakkt shares rose 3% Thursday to $13.33 but are still down 46% this year. The company warned of ongoing financial issues and doubts about its ability to continue operations after losing key clients like Bank of America & Webull.
