Bakkt, a publicly traded crypto custody and rewards platform, has filed a $1 billion shelf registration with the U.S. Securities and Exchange Commission to support its newly updated Bitcoin strategy. The June 26 filing enables Bakkt to offer a mix of equity and debt securities, though the firm has yet to purchase any digital assets as part of this plan.
The shelf registration allows Bakkt to sell securities such as Class A common stock, preferred stock, warrants, and debt instruments at various times, with terms and prices determined during each offering. This move reflects Bakkt’s ongoing shift toward a stronger focus on digital assets and blockchain-related infrastructure.
Flexible offering through shelf registration
Through the shelf registration, Bakkt aims to raise up to $1 billion without immediate execution. The SEC filing outlines that the company may issue securities in separate offerings as market conditions allow. While no specific schedule or allocation has been confirmed, the filing includes information on pricing and expected proceeds as required by SEC rules.
This filing came shortly after Bakkt revised its investment policy on June 10 to allow allocation into Bitcoin and other digital assets as part of its broader treasury and corporate strategy. The firm views this move as a step toward deepening its involvement in the digital asset economy.
Strategic shift toward crypto infrastructure
Founded in 2018, Bakkt initially focused on physically-settled Bitcoin futures and later explored tokenized loyalty points and crypto custody services. Despite early backing from Intercontinental Exchange, the parent of the New York Stock Exchange, its initial products failed to gain widespread traction. Bakkt went public in 2021 and has since shifted its priorities toward serving institutional clients in the digital asset sector.
Recent developments highlight this transformation, including speculation last year about a potential acquisition by Truth Social, the social media company linked to Donald Trump. While that deal did not materialize, the renewed investment strategy underscores the firm’s pivot toward core crypto infrastructure.
Leadership statements reinforce long-term vision
Akshay Naheta, Co-CEO of Bakkt, stressed that the new investment approach can be an indication of a desire to create a company focused on digital asset infrastructure. He observed that the step is in line with this company wishing to become a champion in the world by promoting the use of programmable money. As Co-Chief Executive Officer and President Andy Main added, the revision of the policy also indicates that there is an optimism towards the long-term growth of digital assets. He also alluded to the plan of the firm to enter global payment and remittance services through stablecoins, which made Bakkt as a key actor in the emerging digital economy.