Bakkt Plans to Raise $1 Billion in Capital: New Entrant in Bitcoin Treasury Race?

By Marco Piccolo

eToro

Key highlights:

  • Bakkt has filed a $1 billion shelf registration with the SEC, enabling flexible capital raises through securities offerings.
  • Proceeds could be used to purchase Bitcoin and other digital assets as part of its updated treasury strategy.
  • The move aligns Bakkt with a growing list of public companies adopting Bitcoin as a reserve asset.

Digital asset platform Bakkt Holdings has filed a shelf registration with the U.S. Securities and Exchange Commission (SEC), signaling its intent to raise up to $1 billion through the sale of securities. The capital could be used to fund Bitcoin purchases, positioning the company to join the expanding cohort of publicly traded firms adding crypto to their balance sheets.

The shelf registration, filed under Form S-3, would allow Bakkt to issue a mix of securities—including common and preferred stock, debt instruments, and warrants—over time without needing separate SEC approval for each transaction. This flexible financing structure is designed to help the company quickly tap into capital markets based on market demand and strategic needs.

Updated investment policy opens door to Bakkt investments

According to the filing, Bakkt updated its investment policy on June 10 to permit allocating capital into Bitcoin and other digital assets. While no purchases have been made yet, the company confirmed that acquisitions could be financed using excess cash, debt issuance, or proceeds from the new securities offerings.

Bakkt stated that the timing and size of any crypto acquisitions would depend on factors such as market conditions, capital market receptivity, and broader business performance. The company is also exploring global jurisdictions, which could potentially facilitate international expansion aligned with maturing regulatory frameworks. Bakkt co-CEO Akshay Naheta commented:

“This initiative is intended to support Bakkt’s transformation into a pure-play crypto infrastructure company. We believe this multi-pronged approach reflects our conviction in the future of digital assets.”

Bakkt, founded in 2018 by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, initially focused on physically-settled Bitcoin futures and later expanded into crypto custody and loyalty rewards. The firm went public in 2021 but has faced financial headwinds, including a 30% drop in share price earlier this year after the loss of major clients.

Corporate Bitcoin adoption gains momentum

Bakkt’s potential Bitcoin strategy follows several high-profile corporate BTC purchases. ProCap recently acquired 1,208 BTC for $128 million at an average price of $105,977, bringing its total holdings to 4,932 BTC. The firm, which plans to go public through a $1 billion SPAC deal, views Bitcoin as a central financial benchmark and expects to eventually hold up to $1 billion in BTC.

Japan-based Metaplanet also continued its aggressive buying spree, acquiring 1,111 BTC for $117 million. With 11,111 BTC now on its books, Metaplanet is closing in on Tesla’s 11,509 BTC stash and ranks among the top corporate Bitcoin holders globally.

Meanwhile, Michael Saylor’s Strategy, the largest public BTC holder, added 245 BTC worth $26 million last week, maintaining its strategy of accumulating during price pullbacks.

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Source:: Bakkt Plans to Raise $1 Billion in Capital: New Entrant in Bitcoin Treasury Race?

Updated: June 27, 2025 at 2:46 pm
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