Overview

• Bakkt’s offering is filed under an SEC shelf registration and may include Class A common shares, pre-funded warrants and other securities.
• Clear Street LLC and Cohen & Company Capital Markets are acting as joint book-running managers, with underwriters granted a 30-day option to buy up to 15 percent more shares.
• Most of the proceeds will be used to purchase bitcoin and other digital assets, with a portion set aside for general corporate purposes.
• The offering’s completion is contingent on market conditions and there are no guarantees on its timing, size or terms.
• The financing follows Bakkt’s 2024 going-concern warning and a 30 percent stock drop in early 2025 after several major clients parted ways.