Bakkt prices public offering of shares and warrants at $10 per share

ALPHARETTA - Bakkt Holdings, Inc. (NYSE:BKKT), currently trading at $17.17 per share with a market capitalization of $243.55 million, announced Tuesday the pricing of its underwritten public offering of 6,753,627 shares of Class A common stock and pre-funded warrants to purchase up to 746,373 shares at $10.00 per share and $9.9999 per warrant, respectively. According to InvestingPro data, the stock has shown significant volatility, with a beta of 5.2.

The cryptocurrency platform expects to raise approximately $75 million in gross proceeds before deducting underwriting discounts and other expenses. The offering is expected to close around Wednesday, subject to customary closing conditions. The timing of this offering is crucial, as InvestingPro analysis indicates the company has been quickly burning through cash, with negative free cash flow of $162.28 million in the last twelve months.

According to the company’s statement, Bakkt plans to use the net proceeds to purchase Bitcoin and other digital assets in accordance with its investment policy, as well as for working capital and general corporate purposes.

The company has granted underwriters a 30-day option to purchase up to an additional 1,125,000 shares of Class A common stock and/or pre-funded warrants at the public offering price, less underwriting discounts.

Clear Street LLC and Cohen & Company Capital Markets are serving as joint book-running managers for the offering, which is being conducted pursuant to a shelf registration statement declared effective by the Securities and Exchange Commission on July 3, 2025.

Bakkt, founded in 2018 and headquartered in Alpharetta, Georgia, builds solutions that enable clients to grow with the cryptocurrency economy through institutional-grade trading and onramp capabilities.

The announcement comes after Bakkt updated its investment policy last month, as referenced in a Form 8-K filed with the SEC on June 10, 2025. The information in this article is based on a press release statement from the company.

In other recent news, Bakkt Holdings Inc. reported significant growth in net income for the first quarter of 2025, despite a decline in total revenues. The company announced a definitive agreement to sell its Loyalty business to Project Labrador Holdco, LLC, with the transaction expected to close in the third quarter of 2025. Additionally, Bakkt plans to conduct an underwritten public offering of Class A common stock and/or pre-funded warrants. The proceeds from this offering are intended for purchasing Bitcoin and other digital assets, as well as for general corporate purposes. The company also adjourned its 2025 Annual Meeting of Stockholders to allow more time for reviewing supplemental materials related to investment policy updates. These updates include potential capital allocation into Bitcoin and other digital assets. Meanwhile, Bakkt continues its transition to a pure-play crypto infrastructure company. Clear Street LLC and Cohen & Company Capital Markets are serving as joint book-running managers for the public offering.

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