Bakkt prices $48.1 million registered direct offering at $8.75 per share

Bakkt Inc. (NYSE: BKKT) announced the pricing of a registered direct offering totaling $48.125 million. The offering includes 3,024,799 shares of Class A common stock and pre-funded warrants to purchase up to 2,475,201 shares at $8.75 per share and $8.7499 per pre-funded warrant, respectively.

The offering involves a single institutional investor and is expected to close on or around March 2, 2026, subject to customary closing conditions. Cohen & Company Capital Markets serves as the sole placement agent for the transaction.

The company stated it intends to use the net proceeds for working capital, general corporate purposes and strategic initiatives. The offering is being conducted under a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on July 3, 2025.

The pre-funded warrants are priced at the per-share price of the common stock minus the $0.0001 exercise price per warrant. Gross proceeds are expected to reach $48.125 million before deducting placement agent fees and other offering expenses.

Founded in 2018, Bakkt provides digital asset infrastructure solutions for institutional participation in digital asset markets, including Bitcoin services, tokenization, stablecoin payments, and AI-driven finance solutions. The New York-based company operates in the digital asset economy sector.

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