The cryptocurrency platform Bakkt has submitted a $1 billion shelf registration to the Securities and Exchange Commission (SEC) as part of an effort to raise capital, which may be utilized to enhance its Bitcoin holdings under a revised treasury strategy.
This shelf offering is expected to consist of various financial instruments, including Bakkt’s Class A common stock, preferred stock, bonds, warrants, and debt securities. This approach facilitates a more adaptable capital-raising process without requiring separate registrations for each transaction.
According to the S-3 registration filed on Thursday, the anticipated proceeds from the offering will be directed towards general corporate purposes. Notably, the newly updated investment strategy may allocate a portion of these funds for Bitcoin and other digital assets.
As stated in the filing, “We may acquire Bitcoin or other digital assets using excess cash, proceeds from future equity or debt financings, or other capital sources, subject to the limitation set forth in our investment policy.”
Furthermore, the SEC filing revealed that Bakkt has yet to make any Bitcoin purchases.
In addition, Bakkt is considering other financing avenues, including the issuance of convertible notes and bonds, to facilitate its Bitcoin acquisitions.
Bakkt’s Latest Crypto Treasury Plans
Bakkt recently announced on June 10 its intention to allocate part of its treasury to Bitcoin and other leading cryptocurrencies. This decision underscores its belief in cryptocurrency as a significant store of value with potential for long-term appreciation.
Established in 2018, Bakkt is also actively assessing various global jurisdictions for deploying these innovative strategies.
The timing and scale of any Bitcoin purchases will be contingent upon market conditions, investor receptivity, and overall business performance.
Akshay Naheta, Co-CEO of Bakkt, emphasized that “this initiative is intended to support Bakkt’s transformation into a pure-play crypto infrastructure company and to enable us to strategically add Bitcoin and other digital assets to our treasury.”
Bakkt Warns of Regulatory Uncertainty and Shifting Crypto Regulations
The filing incorporates risk disclosures indicating regulatory uncertainties, potential reclassification of cryptocurrencies, and possible disruptions in banking access.
Bakkt acknowledged its “limited operating history and a history of operating losses,” which raises concerns about its operational sustainability moving forward.
Last year, the company expressed worries about its financial viability by 2025 due to insufficient cash reserves.
ICE-Backed Bakkt Alerts of Possible Closure, Cites Cash Crisis@Bakkt, the cryptocurrency platform backed by the Intercontinental Exchange (ICE), has issued a warning about its financial health.#Finance Newso #news https://t.co/xGlJcXaB9F
— Finance Newso.com (@Finance Newso) February 8, 2024
The filing pointedly addressed concerns regarding its future operations, noting that it has “identified conditions and events that raised substantial doubt about our ability to continue as a going concern.”
In March 2025, Bakkt’s stock fell by 27% following the withdrawal of two significant clients, Bank of America and Webull.
However, after announcing the shelf offering on Thursday, the company saw its shares rise over 3%, with current trading values at $13.33, according to Google Finance.
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