On Monday, crypto software firm Bakkt Holdings (BKKT) announced an ambitious plan to raise up to $1 billion through various securities offerings to boost its own Bitcoin (BTC) treasury reserve, in line with the growing trend among publicly traded companies.
This move comes amid rising Bitcoin prices, which are hovering just below all-time highs, and increased interest in the cryptocurrency market, further fueled by a new wave of regulatory developments in the United States.
Bakkt’s $1 Billion Offering
In its announcement, Bakkt revealed its intention to offer shares of Class A common stock and pre-funded warrants in a public offering.
The company plans to provide underwriters with a 30-day option to purchase an additional 15% of the shares sold, allowing for potential over-allotments. The offering is contingent upon market conditions, and there are no guarantees regarding its timing, size, or terms.
Bakkt has indicated that the proceeds from this offering will primarily be utilized for purchasing Bitcoin and other digital assets, in line with its investment strategy, as well as for working capital and general corporate purposes.
Clear Street LLC and Cohen & Company Capital Markets are acting as joint book-running managers for this offering, which is being made under a shelf registration statement declared effective by the Securities and Exchange Commission (SEC) earlier this month.
From Trump Media Talks To Bitcoin Treasury
This latest initiative follows a tumultuous period for Bakkt. Last year, the company was on the cusp of an acquisition by Donald Trump’s media venture, Trump Media and Technology Group, which operates the social media platform Truth Social.
That announcement resulted in a notable 15% spike in Bakkt’s stock price. However, the anticipated acquisition did not materialize, and Bakkt has since pivoted its focus toward the cryptocurrency market, evidenced by moves like amassing over $2 billion in Bitcoin for its newly established crypto treasury.
The company has faced challenges as well; in March 2025, its stock plummeted by 30% after announcing that two major clients, including Bank of America, would not be renewing their financial agreements.
In the wake of the recent offering announcement, Bakkt’s shares initially surged by approximately 3%, though they ultimately closed the day down 5% at $17 per share.
As of this writing, Bitcoin is trading at $117,960, marking a 10% surge within the monthly timeframe. Since July 13, the market’s leading cryptocurrency has been attempting to consolidate above the $116,000–$120,000 range. It is currently only 4% below the $123,000 record.
However, according to CoinGecko data, there has been a 35% surge in Bitcoin trading volume over the last 24 hours, indicating ongoing interest and demand for the cryptocurrency, which could lead to a new phase of price discovery for BTC.
Featured image from DALL-E, chart from TradingView.com
