Bakkt announces public offering to fund bitcoin purchases

Bakkt Holdings Inc. (NYSE: BKKT) announced plans for an underwritten public offering of Class A common stock and pre-funded warrants, according to a company statement. The digital asset platform intends to use proceeds to purchase bitcoin and other digital assets under its investment policy, along with working capital and general corporate purposes.

The Alpharetta, Georgia-based company will grant underwriters a 30-day option to purchase up to an additional 15% of shares sold to cover over-allotments. Clear Street LLC and Cohen & Company Capital Markets serve as joint book-running managers for the offering.

The offering operates under a shelf registration statement on Form S-3 that the Securities and Exchange Commission declared effective July 3, 2025. The completion remains subject to market conditions with no assurance regarding timing, size or terms.

Founded in 2018, Bakkt provides institutional-grade trading and cryptocurrency onramp capabilities for clients. The company builds solutions designed for long-term involvement in the crypto economy through its technology platform.

The securities will be offered only through a written prospectus that forms part of the effective registration statement. A preliminary prospectus supplement will be filed with the SEC along with an accompanying base prospectus.

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