Bakkt prices $75 million public offering at $10 per share

Bakkt Holdings Inc. (NYSE: BKKT) announced the pricing of its underwritten public offering of 6,753,627 shares of Class A common stock and pre-funded warrants to purchase up to 746,373 shares at $10.00 per share and $9.9999 per pre-funded warrant respectively.

The offering is expected to close on or around July 30, 2025, subject to customary closing conditions. Gross proceeds before underwriter discounts and other expenses are expected to be approximately $75 million.

The company plans to use net proceeds to purchase Bitcoin and other digital assets in accordance with its investment policy, for working capital and general corporate purposes. Bakkt has granted underwriters a 30-day option to purchase up to an additional 1,125,000 shares of Class A common stock and pre-funded warrants at the public offering price, less underwriting discounts.

Clear Street LLC and Cohen & Company Capital Markets are serving as joint book-running managers for the offering.

The offering is being conducted pursuant to a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on July 3, 2025. The securities may only be offered through a written prospectus forming part of the effective registration statement.

Founded in 2018, Bakkt is headquartered in Alpharetta, Georgia, and provides institutional-grade trading and onramp capabilities for clients in the cryptocurrency economy.

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