Crypto infrastructure provider Bakkt has unveiled plans to raise up to $1 billion through a mix of equity and debt securities, according to a recent SEC filing. The proceeds will be earmarked for the purchase of bitcoin and other digital assets, forming the foundation of a new corporate treasury strategy.
The capital raise will involve the sale of Class A common stock, preferred shares, warrants, and bonds. Bakkt has yet to execute its first crypto purchase, but announced the new treasury policy on June 10, 2025, signaling its intent to hold digital assets as a core balance sheet component.
From Loyalty Programs to Bitcoin Treasury: Strategic Shift
Co-CEO Akshay Nahata commented, “This initiative aims to transform Bakkt into a true crypto infrastructure company and positions us to strategically add bitcoin and other digital assets to our corporate reserve.”
Nahata highlighted Bakkt's vision for programmable money and international expansion: “We believe this multi-pronged approach reflects our long-term conviction in the future of digital assets and Bakkt’s role as an industry leader.”
Founded in 2018 with backing from Intercontinental Exchange (ICE), operator of the New York Stock Exchange, Bakkt initially focused on physically settled bitcoin futures. However, limited demand led the company to shift toward tokenized loyalty points and institutional custody services, culminating in a 2021 public listing.
Notably, in November 2024, reports emerged that Truth Social, the social network linked to U.S. President Donald Trump, was in advanced talks to potentially acquire Bakkt.