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3w ago

Bakkt Launches $1 Billion Crypto Offering as Shares Drop 40% in Premarket

Bakkt will use the proceeds to expand its Bitcoin and digital-asset treasury under an SEC shelf registration that includes a 15% over-allotment option.

Crypto exchange Bakkt plans public offering to raise funds for Bitcoin purchases
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Bakkt launches $75m offering to fund bitcoin purchases and crypto expansion
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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.