Bakkt Holdings Inc., a crypto-focused software company, has filed a shelf registration with the U.S. Securities and Exchange Commission (SEC), revealing plans to potentially raise up to $1 billion through a variety of financial instruments. The move could pave the way for the company to invest directly in Bitcoin and other digital assets.
The firm, which is backed by the Intercontinental Exchange—the parent company of the New York Stock Exchange—submitted a Form S-3 on Thursday outlining its intent to offer a mix of securities. These may include common shares, preferred shares, debt instruments, warrants, or any combination thereof.
Earlier this month, Bakkt revised its investment policy to allow for the allocation of funds into crypto assets, aligning with a broader strategic shift in its treasury management. Although no purchases have been made yet, the filing indicates that the company is open to acquiring Bitcoin using available cash or proceeds from future capital raises.
Bakkt noted, “We may use funds from equity or debt offerings, excess cash, or other financial resources to invest in Bitcoin or other cryptocurrencies.”
The shelf offering gives Bakkt flexibility to tap into capital markets when conditions are favorable—an important option for a firm that continues to struggle with profitability and financial stability.
Ongoing Financial Uncertainty
Established in 2018, Bakkt acknowledged in its filing that it has had a short track record and has consistently operated at a loss. The document included a cautionary note, stating that current financial conditions “raise substantial doubt about our ability to continue as a going concern.”
Any potential crypto acquisitions, the company emphasized, would depend heavily on broader market trends, investor interest, operational performance, and long-term strategic goals.
Market Reaction and Share Performance
Shares of Bakkt, listed on the NYSE, climbed 3% on Thursday, hitting $13.33, according to Google Finance. Despite the bump, the stock has lost nearly half its value since the beginning of the year.
In March, the company’s stock took a steep 30% dive following announcements that major partners Bank of America and Webull would not be renewing their contracts.
Optimism Around Crypto Market Trends
Bakkt recently commented on social platform X about the increasing number of crypto firms pursuing IPOs, including Circle, eToro, and Gemini. The company called these developments “a sign of growing momentum in the digital asset space.”
“These IPOs bring greater visibility and legitimacy to the crypto sector,” Bakkt added.
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