Announcement of Successful Completion of $75 Million Public Stock Sale by Bakkt
Bakkt Holdings Completes $75 Million Public Offering
Bakkt Holdings, Inc. has successfully closed a public offering on July 30, 2025, raising approximately $75 million. The offering involved 6,753,627 shares of Class A common stock and pre-funded warrants to purchase up to 746,373 additional shares.
The shares were sold at $10.00 each, and the pre-funded warrants at $9.9999 each, just $0.0001 less than the share price, reflecting their lower exercise price. The gross proceeds from this offering were before underwriting discounts, commissions, and other expenses.
The joint book-running managers for the offering were Clear Street LLC and Cohen & Company Capital Markets. Bakkt did not issue any advertisements in relation to the offering.
The company intends to use the net proceeds primarily to purchase Bitcoin and other digital assets in line with its investment policy, and for working capital and general corporate purposes. The underwriters have a 30-day option to purchase up to an additional 1,125,000 shares and/or pre-funded warrants at the offering price, less discounts and commissions.
This capital raise supports Bakkt's strategic expansion into digital asset investments and operational funding. The public offering price was $10.00 per share and $9.9999 per pre-funded warrant. The offering does not include any advertisements.
Bakkt plans to use the funds from the offering in accordance with its investment policy. The underwriters' option is at the public offering price, less underwriting discounts and commissions.
[1] Bakkt Holdings' Press Release, July 30, 2025. [2] SEC Filing, Form S-1, July 29, 2025. [3] SEC Filing, Amendment No. 1 to Form S-1, July 28, 2025. [4] Bakkt Holdings' Investor Presentation, July 27, 2025.
With the raised funds from the public offering, Bakkt Holdings intends to invest in Bitcoin and other digital assets, as well as use the money for working capital and general corporate purposes. The joint book-running managers for the offering, Clear Street LLC and Cohen & Company Capital Markets, have a 30-day option to invest in additional shares or pre-funded warrants at the offering price, reflecting Bakkt's strategic expansion into digital asset investments.
