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Investing.com -- Bakkt Holdings (NYSE:BKKT) stock rose 9% on Monday after the company announced it has redeemed its outstanding convertible debenture, eliminating all remaining long-term debt.
The crypto infrastructure platform said it has redeemed its 0.00% convertible debenture that was due June 18, 2026. Following this redemption, all obligations under the debenture, which was originally issued in June 2024, have been satisfied in full.
Bakkt now has no outstanding long-term debt obligations, which the company says strengthens its financial position and provides balance sheet flexibility.
"Retiring the debenture eliminates a major overhang while further simplifying our capital structure," said Akshay Naheta, CEO of Bakkt. "With a clean balance sheet and full flexibility, we can sharpen our focus on executing our strategy and delivering long-term value as a leading crypto infrastructure platform."
The move comes as part of the company’s efforts to streamline its financial structure. With the debt elimination, Bakkt appears to be positioning itself for more strategic flexibility in the competitive crypto infrastructure space.
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