Overview
- Bakkt completed the sale of its loyalty business for $11 million on July 28 as part of its shift to a pure-play crypto infrastructure model.
- The company filed a shelf registration with the SEC to offer up to $1 billion of Class A shares and pre-funded warrants.
- Underwriters have a 30-day option to purchase up to an additional 15% of the offered shares to cover potential over-allotments.
- An initial $75 million tranche was priced at $10 per share and $9.9999 per warrant, triggering a premarket drop of over 40%.
- Proceeds are earmarked primarily for large-scale Bitcoin and other digital-asset acquisitions alongside general corporate purposes.