Bakkt Files to Raise $1 Billion for Bitcoin Acquisition

Bakkt Holdings, Inc. has filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion, marking a significant shift in its digital asset strategy. This move could potentially position Bakkt as a major player in the crypto industry, with the possibility of acquiring a substantial amount of Bitcoin. The company's new SEC filing outlines a shelf registration, allowing it to issue a range of securities, including Class A common stock, preferred shares, warrants, and debt instruments, on a delayed or continuous basis. This flexible mechanism enables Bakkt to raise funds in multiple phases without the need for new filings each time.

If Bakkt fully deploys the $1 billion toward Bitcoin at the current market price of around $106,800 per BTC, it could acquire approximately 9,364 BTC. This would place Bakkt above Coinbase, which currently holds 9,267 BTC, and position it ninth among all public Bitcoin-holding companies. Bakkt would be just below Tesla and Hut 8 Mining Corp, aligning it with other major institutional Bitcoin holders such as MicroStrategy, Marathon Digital, and Galaxy Digital.

This strategic pivot comes amid significant internal realignments within Bakkt. In March 2025, the company announced it was evaluating strategic alternatives for its loyalty business, signaling a broader intent to become a pure-play digital asset infrastructure provider. This announcement coincided with a Cooperation Agreement with Distributed Technologies Research Global Ltd. (DTR), led by Akshay Naheta, who is now Bakkt’s Co-CEO. Under this agreement, DTR is supplying Bakkt with exclusive global payment processing infrastructure, APIs, and backend technology to enhance its crypto integration capabilities.

Bakkt’s digital evolution is not just technological but also financial. The company's June 2025 investment policy update allows it to deploy excess cash, capital from securities sales, or debt financing toward the acquisition of Bitcoin and other digital assets. As of the SEC filing date, Bakkt had not yet executed any Bitcoin purchases under this policy. However, the filing suggests that the company will have the flexibility to make such acquisitions based on market timing, liquidity requirements, and capital market conditions.

Bakkt’s move to integrate Bitcoin as a strategic treasury asset is part of a larger institutional trend. Public companies are increasingly adopting Bitcoin to hedge against inflation, diversify their reserve leger, and solidify their crypto brand. This trend, formalized by MicroStrategy’s Michael Saylor, has gained traction among companies looking to leverage the benefits of digital assets. Bakkt’s potential acquisition of 9,364 BTC would place it in an exclusive circle of public BTC holders, which includes MicroStrategy, Marathon Digital, Tesla, and Coinbase.

However, the SEC filing also highlights the risks and uncertainties associated with this strategy. The volatility of Bitcoin prices, liquidity risks, fair value accounting requirements, and regulatory uncertainties are among the significant challenges Bakkt may face. Additionally, the company acknowledges internal work to be done, including the potential impact of a client exit on revenue, limited operating history, ongoing net losses, and reliance on strategic partnerships, such as the pending commercial agreement with DTR.

At the heart of this transformation is Akshay Naheta, who previously worked for SoftBank and founded DTR. As both a Bakkt Co-CEO and the solitary shareholder of DTR, Naheta is spearheading the company's vision to become a pure-play crypto infrastructure company. His remarks highlight a vision for Bakkt as a bridge for global digital payments backed by an on-chain treasury approach. This bold attempt to rewrite the Bakkt story, which began in 2018 with ambitious plans for regulated Bitcoin futures, aims to position the company as a leading player in the digital asset landscape.