Bakkt Holdings Inc. aims to raise up to $1 billion through various securities offerings, potentially to fund Bitcoin purchases.
Plans for Raising Capital
Bakkt, a subsidiary of Intercontinental Exchange, has filed a Form S-3 with the US Securities and Exchange Commission indicating intentions to offer stock, debt securities, warrants, and combinations thereof, potentially issuing up to $1 billion in assets.
Business Reliability Issues
In its filing, Bakkt acknowledged its 'limited operating history and history of operating losses,' including warnings about conditions that raise substantial doubt about its ability to continue operations.
Bakkt's Stock Market Performance
Bakkt shares rose 3% to $13.33 on the New York Stock Exchange on Thursday, but the stock is down 46% year-to-date. The share price dropped 30% in March after revelations that major clients, Bank of America and Webull, would not renew agreements.
Bakkt Holdings continues to explore avenues for increasing its assets within the cryptocurrency market, despite existing funding and stock price challenges.
