Crypto custody, trading, and rewards firm Bakkt saw its shares plummet by more than 40% in pre-market trading on Tuesday, following a pricing announcement for its $75 million public offering late Monday.
Bakkt stock (ticker BKKT) closed down 4.93% at $17.17 on Monday ahead of the pricing announcement, but has since collapsed to around $10.17.
BKKT/USD price chat. Image: TradingView.
Bakkt will offer 6,753,627 shares of its Class A common stock at $10.00 per share, along with pre-funded warrants for up to 746,373 shares at $9.9999 each, according to the statement. The sale is set to close on or around July 30, pending customary closing conditions.
The company estimates that gross proceeds from the offering will total approximately $75 million before deducting underwriting discounts, commissions, and other expenses. Bakkt said it plans to use the proceeds for general corporate purposes, including bitcoin and digital asset purchases, as well as working capital.
The firm has also granted underwriters a 30-day option to buy up to 1,125,000 additional shares or pre-funded warrants at the offering price, minus fees.
Bakkt tapped Clear Street and Cohen & Company Capital Markets as joint book-running managers for the offering.
Bakkt looks to raise $1 billion to fund bitcoin and digital asset treasury play
Last month, Bakkt announced it was 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, including sales of Bakkt’s Class A common stock, preferred stock, warrants, and debt securities.
Bakkt previously announced an updated investment policy “to allocate capital into bitcoin and other digital assets as part of its broader treasury and corporate strategy.” However, the firm has not yet made any crypto purchases.
“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.
Founded in 2018, Bakkt is joining a plethora of crypto treasury firms using traditional capital to gain leveraged exposure to assets like BTC, ETH, and SOL.
President Trump’s Truth Social was reportedly in advanced talks to acquire Bakkt last November.
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