Bakkt Files $1 Billion Securities Offering to Fund Prospective Bitcoin Purchases
Bakkt Holdings filed with the SEC to sell up to $1 billion in securities to potentially purchase Bitcoin and other digital assets. The company updated its investment policy in June 2025 to allow holding crypto on its balance sheet but hasn’t made any purchases yet. Bakkt is exploring worldwide expansion opportunities, especially in Asian markets like Hong Kong and Singapore. The company has faced financial difficulties with a 46% stock decline this year and going-concern warnings. The shelf registration enables Bakkt to quickly raise capital when market conditions are favorable.
Bakkt Holdings has filed paperwork with the U.S. Securities and Exchange Commission to sell up to $1 billion in securities. The move could provide the digital asset platform with capital to purchase Bitcoin and other cryptocurrencies for its business treasury. The company submitted its S-3 filing on Thursday, establishing a pool of potential securities offerings including common stock, preferred stock, debt securities, warrants, and bundled stock units that can be utilized when market conditions become favorable.
Bakkt, backed by Intercontinental Exchange that owns the New York Stock Exchange, is joining other public companies holding Bitcoin as an alternative asset. The filing states the company may acquire Bitcoin or other digital assets using excess cash, proceeds from future equity or debt fundings, or other capital sources. The registration functions like a pre-approved line of credit for the company, allowing Bakkt to quickly raise funds without seeking regulatory approval each time it needs capital.
The filing follows Bakkt’s June investment policy update that allows allocating funds into Bitcoin and other digital assets. The company has not made any cryptocurrency purchases since the policy change. Bakkt mentioned that the timing and size of any Bitcoin purchases will depend on various factors including market conditions, capital market receptivity, business performance, and other strategic considerations.
Expansion Into Asian Markets
The company’s investment policy update indicates its exploration of international jurisdictions for growth. Market experts see potential for Bakkt’s expansion in Asian crypto markets where regulatory frameworks have evolved. Professionals believe Bakkt’s strategy aligns well with the regulatory clarity, deep liquidity, and mature financial infrastructure in markets like Hong Kong and Singapore.
Financial Challenges and Stock Performance
Bakkt has encountered financial challenges throughout its operating history. Founded in 2018, the company acknowledged in its filing that it has a limited operating history and a record of operating losses. The filing included warnings about the company’s future operations, citing conditions and events that raised significant doubt about its ability to continue as a going concern.
Bakkt’s stock price rose 3% on Thursday to reach $13.33 following the filing announcement. However, the shares have declined 46% since the beginning of 2025, reflecting investor concerns about the company’s financial position. The company’s stock dropped 30% in March after announcing that two major customers would not renew their contracts.
Despite these challenges, Bakkt remains optimistic about the future of the crypto industry. The company recently commented on social media about the wave of crypto IPO filings from companies like Circle, eToro, and Gemini, considering them as validation for the digital asset market. The shelf registration provides Bakkt with flexibility to access capital markets when conditions improve, which could be crucial given its financial challenges and the volatile nature of cryptocurrency markets.
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