Home Crypto Crypto exchange Bakkt plans public offering to raise funds for Bitcoin purchases

Crypto exchange Bakkt plans public offering to raise funds for Bitcoin purchases

by Alan North


Key Takeaways

  • Bakkt plans to raise funds through a public offering of stock and pre-funded warrants.
  • Proceeds will be used to purchase Bitcoin and other digital assets, as well as for general corporate purposes.

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Digital asset platform Bakkt Holdings announced on Monday that it will launch a public offering of shares and pre-funded warrants aimed at raising capital for Bitcoin investments.

The NYSE-listed crypto company will give underwriters a 30-day option to purchase up to an additional 15% of offered shares to cover potential over-allotments, as noted in the announcement.

Clear Street LLC and Cohen & Company Capital Markets will serve as joint book-running managers for the offering. The offering’s completion depends on market conditions, with no guarantees regarding timing, size, or terms.

In addition to Bitcoin, Bakkt plans to allocate funds toward other digital assets and corporate initiatives, though it has yet to reveal which tokens it might pick up.

The announcement comes after Bakkt filed a shelf registration with the SEC to raise up to $1 billion through securities sales to support its Bitcoin and digital asset acquisitions. The offering could include Class A common stock, preferred stock, debt securities, warrants, or units, introduced in multiple offerings without the need for new registrations each time.

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