Bakkt Holdings Inc. has filed for a $1 billion shelf registration to raise funds through various securities offerings, which may be utilized for purchasing Bitcoin and other cryptocurrencies. As part of its updated investment policy, Bakkt is set to allocate capital into digital assets, although it has not yet made any purchases. The registration will enable Bakkt to quickly access capital markets under favorable conditions, crucial due to its history of losses and operational concerns. In its filing, Bakkt acknowledged significant doubts regarding its viability as a going concern given its limited operating history and ongoing financial challenges. Despite a brief rise in its share price, Bakkt's stock is down 46% for the year following the non-renewal of contracts by major clients like Bank of America and Webull. The firm expressed optimism about the emerging crypto IPO market, suggesting that recent developments indicate growing momentum in digital assets.

Source 🔗