The cryptocurrency software company Bakkt Holdings Inc. is seeking to raise up to $1 billion through various securities offerings, which may be used to purchase Bitcoin.
The company, a subsidiary of the Intercontinental Exchange, the owner of the New York Stock Exchange, submitted an S-3 form to the U.S. Securities and Exchange Commission on Thursday, disclosing its plans to issue common stock and securities.
The company indicated it may issue up to $1 billion in any combination of securities, including Class A common stock, preferred stock, debt securities, warrants, or a combination of these assets.
The application documents noted that Bakkt updated its investment policy earlier this month, "allowing us to allocate funds to Bitcoin and other digital assets as part of our broader treasury and corporate strategy," but has not yet made its first purchase.
"We may use excess cash, proceeds from future equity or debt financing, or other sources of capital to purchase Bitcoin or other digital assets," the documents further stated.
This so-called shelf registration allows Bakkt to quickly access capital markets when market conditions are favorable, which is particularly important for companies with a history of losses and ongoing operational issues.
Founded in 2018, Bakkt admitted in its application that it has a "limited operating history and a history of operating losses."
The application also included a very specific warning about future operations, stating that it "has identified conditions and events that may raise substantial doubt about our ability to continue as a going concern."
The company confirmed that the timing and scale of any cryptocurrency purchases will depend on market conditions, capital market acceptance, business performance, and other strategic factors.
According to Google Finance data, Bakkt's stock price listed on the NYSE rose 3% on Thursday to $13.33. However, the stock has fallen 46% since the beginning of the year.
In March, after the company disclosed that its two major clients—Bank of America and Webull—would not renew their commercial agreements, Bakkt's stock price plummeted by 30%.
Bakkt commented on the recent series of cryptocurrency IPO applications on the social platform X, such as those from Circle, eToro, and Gemini, stating that these "are just the latest developments in a series of initiatives indicating that the digital asset space is once again gaining real momentum."
"These developments bring validation, visibility, and maturity to the market," they added.
Related: Bitcoin (BTC) price enters a "normal and healthy" support testing phase, with the $108,000 level suppressing bullish momentum.
Original text: “Bakkt Holdings files $1 billion shelf offering, potentially driving Bitcoin (BTC) purchase plans”
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