Key Takeaways:
- Bakkt filed with the SEC to raise up to $1 billion to support a new Bitcoin and crypto asset investment strategy.
- If fully allocated to Bitcoin, the firm could purchase 9,364 BTC, placing it in the top 10 public holders of BTC.
- The move marks a shift toward becoming a dedicated digital asset infrastructure company, aligning with the broader institutional crypto trend.
Bakkt Holdings has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion in capital. The move signals a major strategic shift as the company embraces Bitcoin and digital assets, aligning itself with a growing trend among institutional investors.
Flexible Capital Raise for Crypto Investment
According to the SEC filing, Bakkt aims to raise funds through a shelf registration, allowing it to issue Class A common stock, preferred stock, debt securities, warrants, or units over time. This flexible mechanism enables the company to time capital raises based on market dynamics and internal requirements.
Proceeds from the fundraising could be used for Bitcoin acquisitions, crypto treasury initiatives, and broader corporate objectives. While Bakkt has not yet purchased any crypto, its updated investment policy now permits the use of excess cash and new capital for such purchases.
Bitcoin Allocation Could Reshape Holdings Landscape
If Bakkt commits the full $1 billion toward Bitcoin at the current market price of around $106,800 per BTC, it could acquire approximately 9,364 BTC. This would make Bakkt one of the top 10 public Bitcoin-holding companies, surpassing Coinbase’s 9,267 BTC.
This strategic positioning would align Bakkt with institutional leaders such as MicroStrategy, which holds over 592,000 BTC, and Marathon Digital, with nearly 50,000 BTC. Bakkt’s potential move would place it just below Tesla and Hut 8 Mining in terms of holdings.
Strategic Shift Toward Digital Asset Infrastructure
Co-CEO Akshay Naheta, appointed in March, emphasized the company’s transformation into a “pure-play crypto infrastructure company.” Founded in 2018 and initially known for physically settled Bitcoin futures, Bakkt struggled in early derivatives markets but successfully diversified into crypto custody and rewards programs.
The $1 billion strategy supports Bakkt’s reorientation toward digital asset infrastructure, positioning the firm to serve institutions and enterprise clients as crypto adoption deepens. Going public in 2021 via a SPAC merger, the company has since aimed to gain relevance across multiple verticals in the crypto economy.
Also Read: Bitcoin Miners Hoard 4,000 BTC as Revenues Drop and Prices Soar
Bakkt’s decision to allocate capital to Bitcoin reflects a larger institutional trend of using crypto as a treasury reserve asset. Other top corporate Bitcoin holders include Galaxy Digital (12,830 BTC), Riot Platforms (19,225 BTC), and financial services firm XXI (37,230 BTC).
By joining this cohort, Bakkt is signaling confidence in long-term crypto growth and seeking to leverage its infrastructure to serve the digital finance ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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