Bakkt – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Sat, 28 Jun 2025 02:24:27 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 Bakkt – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 $1 Billion Filing by Bakkt Hints at Bitcoin Treasury Ambitions https://earlybirdsinvest.com/1-billion-filing-by-bakkt-hints-at-bitcoin-treasury-ambitions/ https://earlybirdsinvest.com/1-billion-filing-by-bakkt-hints-at-bitcoin-treasury-ambitions/#respond Sat, 28 Jun 2025 02:24:27 +0000 https://earlybirdsinvest.com/1-billion-filing-by-bakkt-hints-at-bitcoin-treasury-ambitions/

Bakkt Holdings has filed a shelf registration with the US Securities and Exchange Commission (SEC) to raise up to $1 billion through a variety of securities offerings while considering Bitcoin purchases for its corporate treasury.

The digital asset platform, backed by Intercontinental Exchange, outlined in its Form S-3 filing that it could issue common and preferred stock, debt instruments, warrants, or bundled securities depending on market conditions.

Bakkt’s Bitcoin Treasury Strategy

While Bakkt has yet to acquire Bitcoin, the filing aligns with a recent update to its investment policy, allowing the firm to allocate capital toward BTC and other digital assets under its broader treasury strategy.

The company stated the timing and scale of any potential crypto purchases would be influenced by several factors, such as capital market receptivity, operational performance, and strategic factors. The filing also acknowledges Bakkt’s history of operating losses and limited track record, and notes that it has identified factors that cast doubt on its ability to continue as a going concern, making the flexibility to tap into capital markets critical for the firm’s operational plans.

The $1 billion shelf registration would allow Bakkt to access funds swiftly if market conditions turn favorable, and provide optionality for the company amid its ongoing efforts to stabilize its financial footing while seeking opportunities in digital assets.

Bakkt On Crypto IPO Wave

The latest effort to secure capital and explore Bitcoin purchases comes as momentum builds in the crypto sector, which is evidenced by new IPO activity from firms like Circle and eToro, along with Gemini’s recent filing.

The NYSE-listed firm said that these milestones are “fostering a new kind of public participation in technology that’s reshaping the future of finance.” It went on to add,

“At Bakkt, we know what it means to run a public company in this space. These developments bring validation, visibility, and maturity to the market – but they also raise the bar for resilience, compliance, and transparency. That magnifies the importance of infrastructure.”

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]]> https://earlybirdsinvest.com/1-billion-filing-by-bakkt-hints-at-bitcoin-treasury-ambitions/feed/ 0 44535 Bakkt stock tumbles nearly 30% after losing Bank of America and Webull https://earlybirdsinvest.com/bakkt-stock-tumbles-nearly-30-after-losing-bank-of-america-and-webull/ https://earlybirdsinvest.com/bakkt-stock-tumbles-nearly-30-after-losing-bank-of-america-and-webull/#respond Wed, 19 Mar 2025 06:15:11 +0000 https://earlybirdsinvest.com/bakkt-stock-tumbles-nearly-30-after-losing-bank-of-america-and-webull/

Crypto firm Bakkt’s share price has closed March 18 trading down over 27% after it disclosed that two of it biggest clients, the Bank of America and Webull, won’t renew commercial agreements. 

In a March 17 regulatory filing, Bakkt said it had received notice of Bank of America not renewing its commercial agreement when the deal expires on April 22. It also disclosed that the brokerage platform Webull had also decided not to renew its agreement when it ends on June 14. 

Bank of America represented 17% of Bakkt’s loyalty services revenue in the nine months ending Sept. 30, 2024, according to the filing. Webull represented 74% of the company’s crypto services revenue across the same period. 

Stocks in Bakkt (BKKT) tumbled on March 18 after the filing, and its share price closed the day down 27.28% at $9.33. BKKT saw a further decline of 2.25% to $9.12 after the bell, according to Google Finance. 

Bank of America and Webull won’t renew agreements with Bakkt, which saw its stock sell-off. Source: Google Finance

Overall, the stock is down over 96% from its all-time high of $1063, which it hit on Oct. 29, 2021. 

Bakkt has also postponed its previously announced earnings conference twice, with the latest rescheduling slating the call for March 19. 

Bakkt was founded in 2018 by the Intercontinental Exchange, which holds a 55% stake and also owns the New York Stock Exchange (NYSE).

Related: Bakkt declares $780M full-year revenue in 2023 earnings report

At least one law firm, the Law Offices of Howard G. Smith, announced a possible class action against Bakkt, alleging federal securities violations. The potential lawsuit claims that the terminated agreements with Bank of America and Webull, combined with the rescheduled earnings call, caused Bakkt’s stock price to fall, “thereby injuring investors.” 

Bakkt, Bank of America and Webull didn’t immediately respond to requests for comment. 

In November last year, Bakkt’s share price jumped over 162% to $29.71 and continued to climb 16.4% to $34.59 after a report claimed Donald Trump’s media company was in advanced talks to acquire the firm. 

Before that, Bakkt’s parent company considered selling it or breaking the firm into smaller entities in June, according to a Bloomberg report. 

It also received a notification from the NYSE in March that it wasn’t in compliance with the stock exchange’s listing rules after its stock spent 30 days closing below $1 on average.

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