On Monday, tech-focused crypto platform Bakkt Holdings (BKKT) unveiled its strategic aim to generate up to $1 billion through a series of securities offerings. This initiative is part of their plan to enhance their Bitcoin (BTC) treasury reserves, mirroring a rising trend among publicly-listed corporations to invest heavily in digital currencies.
As Bitcoin prices surge, nearing their historical highs, renewed interest within the cryptocurrency sector is palpable, further amplified by emerging regulatory frameworks in the United States.
Bakkt’s Ambitious Offering
In a recent statement, Bakkt disclosed its plans to issue shares of Class A common stock alongside pre-funded warrants aimed at the public market.
The cryptocurrency firm has also outlined a provision allowing underwriters a 30-day window to acquire an additional 15% of the shares sold, accommodating potential over-allotments. The comprehensive success of this offering is dependent on market conditions, and variables such as timing, size, or terms cannot be guaranteed.
Bakkt revealed that it intends to use the proceeds largely for the acquisition of Bitcoin and other digital currencies, aligning with its broader investment strategy, in addition to covering working capital and general operational expenses.
Joint book-running responsibilities for this initiative are shared by Clear Street LLC and Cohen & Company Capital Markets, under a shelf registration statement commissioned this month by the Securities and Exchange Commission (SEC).
Transitioning Focus: From Media Talks to Bitcoin Reserves
This latest venture arrives after a volatile chapter for Bakkt, which last year found itself in discussions regarding an acquisition by Trump Media and Technology Group, associated with the social platform Truth Social.
This prospective acquisition triggered a significant 15% rise in Bakkt’s stock prices. However, as the anticipated deal fell through, Bakkt redirected its mission toward the burgeoning cryptocurrency landscape, underscored by its recent accumulation of over $2 billion in Bitcoin for its dedicated crypto treasury.
The company has encountered hurdles, with its stock experiencing a dramatic 30% decline in March 2025 following the news that significant clients like Bank of America opted not to renew their contracts.
Following the announcement of the recent offering, Bakkt’s shares initially rose by about 3%, only to eventually close the day at $17 per share, reflecting a 5% overall decline.
Currently, Bitcoin is trading around $117,960, demonstrating a 10% increase in the past month. Since July 13, Bitcoin has been making efforts to stabilize between the $116,000 and $120,000 thresholds, sitting just 4% shy of its peak at $123,000.
Moreover, recent data from CoinGecko shows a striking 35% increase in Bitcoin trading volume over the last 24 hours, reflecting sustained interest and demand for the cryptocurrency, which might usher in a new cycle of price changes for BTC.
Featured image from DALL-E, chart from TradingView.com
