Bakkt Files to Raise $1 Billion for Bitcoin Investments

Bakkt Holdings Inc., a subsidiary of Intercontinental Exchange, has filed with the United States Securities and Exchange Commission (SEC) to raise up to $1 billion through a mixed securities offering. This move is part of Bakkt's strategy to invest in Bitcoin and other digital assets, as outlined in its updated investment policy disclosed on June 10, 2025. The shelf registration allows Bakkt to issue common stock, preferred stock, debt securities, or warrants, providing the company with the flexibility to raise funds in phases based on market conditions.

The proceeds from this offering are earmarked for Bitcoin acquisitions and other corporate needs. At the current Bitcoin price of $106,800, a full $1 billion investment would secure Bakkt approximately 9,364 BTC. This would position the company among the top 10 public firms holding Bitcoin, surpassing Coinbase and aligning with other major players such as Strategy and Marathon Digital.

Bakkt's Co-CEO Akshay Naheta has stated that the company aims to transform into a "pure-play crypto infrastructure company." Originally launched in 2018 with a focus on Bitcoin futures, Bakkt has since expanded its offerings to include custody and rewards services. This latest move signifies a further pivot towards becoming a significant player in the digital asset landscape.

The filing opens the door for Bakkt to make substantial investments in Bitcoin, potentially signaling a strong vote of confidence in the cryptocurrency from another institutional heavyweight. While Bakkt has not yet made any Bitcoin purchases, the shelf registration provides the necessary framework for the company to engage seriously in the crypto market. This strategic shift could have broader implications for the institutional adoption of Bitcoin and other digital assets, as Bakkt's move may encourage other major players to follow suit.