Bakkt, the publicly traded crypto custody and loyalty rewards company, is looking to raise up to $1 billion through equity and debt offerings to fund a Bitcoin acquisition strategy, according to a prospectus filed with the U.S. Securities and Exchange Commission on Thursday. The shelf offering could include sales of Bakkt’s Class A common stock, preferred stock, warrants, and debt securities.
On June 10, Bakkt announced an updated investment policy “to allocate capital into Bitcoin and other digital assets as part of its broader treasury and corporate strategy.” The firm has not yet made any crypto purchases, according to the SEC filing.
“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,” Akshay Naheta, co-CEO of Bakkt, said at the time. “We believe this multi-pronged approach reflects our conviction in the future of digital assets and our vision for Bakkt’s expansion internationally and as a leader in the world of programmable money.”
Bakkt, founded in 2018, is joining a growing roster of so-called crypto treasury firms that offer investors a leveraged play on assets like Bitcoin, ETH, and SOL by funding digital asset purchases through traditional capital markets.
The move would represent Bakkt’s latest strategic shift. The Atlanta-based firm, launched with support from NYSE operator Intercontinental Exchange, initially offered an institutional-grade trading platform for daily physically-settled Bitcoin futures — a product that struggled to get off the ground — before taking a swing at tokenizing rewards points and crypto custody. Bakkt went public in 2021.
Bakkt’s first CEO, Kelly Loeffler, stepped down in 2019 to briefly become a Republican U.S. senator in Georgia under the first Trump administration.
President Donald Trump’s social media company Truth Social was reportedly in “advanced talks” to acquire Bakkt last November.
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