Bakkt Files $1 Billion Offering for Crypto Treasury Allocations

Bakkt Holdings, a publicly traded digital asset platform, has filed a $1 billion shelf offering with the United States Securities and Exchange Commission (SEC). This move signifies a strategic shift towards cryptocurrency treasury allocations, allowing the company to sell a variety of securities, including Class A common stock, preferred stock, debt instruments, and warrants in future offerings. The filing, submitted on June 26, 2025, grants Bakkt the flexibility to raise capital through multiple avenues, which could be used to fund its crypto acquisitions.

The shelf offering comes on the heels of a policy revision earlier this month, which permits Bakkt to invest directly in Bitcoin and other digital assets. Although the company has not yet disclosed any specific purchases, the prospectus indicates that Bakkt may acquire Bitcoin or other digital assets using excess cash, proceeds from future equity or debt financings, or other capital sources. This strategic pivot is part of a broader effort to transform Bakkt into a pure-play crypto infrastructure company, as described by Co-CEO Akshay Naheta.

Bakkt, a subsidiary of Intercontinental Exchange, has faced significant challenges in recent months. In March 2025, the company announced the loss of major clients, which led to a decline in its share price. Additionally, Bakkt disclosed in the filing that its loyalty services segment may be divested as the company focuses more on its crypto infrastructure offerings. Despite these headwinds, Bakkt's strategic repositioning includes partnerships aimed at enhancing its crypto payment-processing capabilities.

The SEC filing highlights several risk factors, with regulatory uncertainty being a primary concern. Bakkt cautioned that evolving legal frameworks, potential classification of digital assets as securities, and disruptions to banking services could impact its operations. The company also noted cybersecurity threats and the operational complexities of integrating new digital assets. If Bakkt proceeds with a Bitcoin allocation, it would join other public firms that have added crypto to their balance sheets. At Bitcoin’s current price of $106,800, a full $1 billion investment would secure approximately 9,364 BTC, positioning Bakkt just ahead of Coinbase on the list of top publicly traded Bitcoin holders.

Following the announcement of the shelf offering, Bakkt’s Class A shares rose 3% to $13.33 on Thursday. However, the stock remains down year-to-date, reflecting the broader challenges and market volatility the company has faced. This strategic move by Bakkt underscores the growing interest in cryptocurrency among traditional financial institutions and highlights the potential for digital assets to play a significant role in corporate treasury management.