Bakkt Files for $1 Billion in Securities Offerings to Acquire Bitcoin

Bakkt Holdings Inc. has filed an updated investment policy with the U.S. Securities and Exchange Commission, allowing for up to $1 billion in securities offerings aimed at potentially acquiring Bitcoin and other digital assets. This move comes after the company hinted at adopting a Bitcoin treasury strategy earlier this month. The proceeds from this offering are intended to fund Bitcoin acquisitions and other digital asset investments, as well as to support general corporate operations.

The shelf registration, which allows for the issuance of various financial instruments including common stock, debt securities, and warrants, provides Bakkt with strategic flexibility. This structure enables the company to raise capital in stages without the need for repeated filings, allowing it to time its capital raises based on market conditions. Bakkt has stated that the funds could be used to acquire Bitcoin, invest in broader crypto treasury initiatives, and support general corporate operations. However, as of now, the company has not made any crypto purchases.

If Bakkt were to invest the full $1 billion into Bitcoin at the current trading price of around $107,320 per coin, it could acquire approximately 9,318 BTC. This would place Bakkt among the top public companies holding Bitcoin, potentially surpassing Coinbase, which currently holds about 9,267 BTC. Other major companies that have adopted Bitcoin as part of their treasury management include MicroStrategy, Marathon Digital, and Tesla. If Bakkt proceeds with this strategy, it would align itself with these industry leaders, potentially ranking just below Tesla and Hut 8 Mining in terms of Bitcoin reserves.

This strategic move highlights Bakkt's intent to become a significant player in the crypto financial ecosystem. By potentially surpassing Coinbase's Bitcoin holdings, Bakkt aims to expand its digital asset portfolio and lead in institutional crypto adoption. The company's updated investment policy, which now permits the allocation of capital into digital assets, underscores its commitment to integrating digital assets into its core business. This shift towards a more crypto-centric enterprise is part of Bakkt's broader strategy to capitalize on the growing interest and investment in digital currencies.

Bakkt’s filing outlines the ability to issue securities totaling no more than $1 billion. The proceeds may be directed toward investments in Bitcoin, in line with Bakkt’s updated digital asset strategy announced in June 2025. The company stated that securities could be sold to the public, through agents, underwriters, or dealers, with all relevant terms detailed in future supplements to the prospectus. The SEC filing noted: “We may issue securities from time to time in one or more offerings, in amounts, at prices and on terms determined at the time of offering.” This provides Bakkt with the flexibility to raise capital incrementally, depending on market conditions and investor demand.

Bakkt’s securities—Class A Common Stock and public warrants—are traded on the New York Stock Exchange under the symbols “BKKT” and “BKKT WS”. The change signals an expanded role for Bakkt within the crypto ecosystem. The firm’s updated prospectus states that each offering will include specific pricing and distribution details. These supplements will also identify any agents or dealers involved and disclose compensation arrangements.

The securities may be issued in different forms, with the offering structure varying as outlined in future supplements. Bakkt emphasized that each offering will present updated terms and disclosures in compliance with regulatory standards. The prospectus confirms that the combined value of the securities sold under this initiative will not exceed $1 billion. The company also retained the right to amend or update the information through further filings. Each supplement will also address whether the issued securities will be listed on any exchange, maintaining transparency with potential investors.