Bakkt announces public offering of class A common stock and warrants

ALPHARETTA, Ga. - Bakkt Holdings, Inc. (NYSE:BKKT) announced Monday its plans to conduct an underwritten public offering of Class A common stock and/or pre-funded warrants. The cryptocurrency platform company, currently valued at $243.55 million, intends to use the proceeds to purchase Bitcoin and other digital assets, as well as for working capital and general corporate purposes. The announcement comes as InvestingPro data shows the stock has declined over 24% in the past week, highlighting the volatile nature of cryptocurrency-related investments.

The company will grant underwriters a 30-day option to purchase up to an additional 15% of shares or warrants to cover potential over-allotments. Clear Street LLC and Cohen & Company Capital Markets are serving as joint book-running managers for the offering.

Bakkt’s offering will be made through a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on July 3, 2025. A preliminary prospectus supplement related to the offering will be filed with the SEC.

Founded in 2018, Bakkt provides institutional-grade trading and onramp capabilities for clients participating in the cryptocurrency economy. The company is headquartered in Alpharetta, Georgia.

The announcement comes after Bakkt updated its investment policy last month, as disclosed in an SEC filing on June 10, 2025. The completion of the offering remains subject to market conditions, with no assurance regarding its timing, size, or terms, according to the company’s press release statement.

The securities will be offered only through a written prospectus forming part of the effective registration statement, which will be available through the SEC’s website and the joint book-running managers.

In other recent news, Bakkt Holdings Inc. announced its first-quarter 2025 earnings, reporting a notable increase in net income, although total revenues saw a decline. The company is actively working on transforming its infrastructure to cater to the growing stablecoin payments market and expanding its global presence. Additionally, Bakkt Holdings has adjourned its 2025 Annual Meeting of Stockholders to June 17. This adjournment is to allow stockholders more time to review updated investment policies, which include potential capital allocation into Bitcoin and other digital assets. These developments were filed with the Securities and Exchange Commission on the same day as the meeting. Meanwhile, cryptocurrency-exposed stocks have been on the rise, as Bitcoin recently surged past $118,000. This marks a significant milestone for the largest cryptocurrency, which experienced a 7% increase to $118,761.3. These recent developments are crucial for investors keeping an eye on Bakkt Holdings and the broader cryptocurrency market.

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