Digital asset platform Bakkt Holdings has filed an S-3 shelf registration with the U.S. Securities and Exchange Commission (SEC), signaling plans to raise up to $1 billion through a flexible mix of securities. The move, disclosed on June 26, could also pave the way for the company to invest directly in Bitcoin or other digital assets under a newly approved corporate policy.
The filing allows Bakkt to issue a variety of instruments—including Class A common stock, preferred shares, debt securities, warrants, or units—over time, depending on market conditions and business needs. This “shelf” approach gives the company agility to tap capital markets as opportunities arise.
According to the filing, funds raised will be used for general corporate purposes such as working capital. More notably, Bakkt may also allocate capital to purchase digital assets, including Bitcoin, as part of its updated investment strategy. While no such purchases have been made yet, the company’s leadership has signaled openness to using excess cash or future financing to acquire crypto holdings.
“We may acquire Bitcoin or other digital assets using excess cash, proceeds from future equity or debt financings, or other capital sources,” the company noted in the S-3.
It also floated the possibility of issuing convertible notes, bonds, or other instruments to fund such purchases.
This shift aligns Bakkt with a growing cohort of public companies exploring Bitcoin as a treasury asset. Examples include Japan’s Metaplanet, which saw its stock price skyrocket nearly 8,000% following its April 2024 BTC investment. Yet, the broader picture is more nuanced: of 20 public companies that have disclosed Bitcoin purchases, only eight have seen share price increases.
Here are 20 public companies that have announced purchases of $BTC.
— Lookonchain (@lookonchain) June 24, 2025
Together, they currently hold 773,776 $BTC($81.45B).
Since their announcements, 8 companies have seen their stock prices rise, while 12 have declined.
Notably, Metaplanet's stock has soared 7,963% since it… pic.twitter.com/jpocEjUyxU
Bakkt’s announcement comes against a backdrop of financial headwinds. The company acknowledged ongoing losses and highlighted the risk tied to its heavy reliance on a single client—who has opted not to renew their contract.
“The loss of this client will materially and adversely affect our business, financial condition, results of operations, and future prospects,” the filing states.
Despite the cautionary tone, the market responded positively—at least initially. Shares of Bakkt Holdings (NYSE: BKKT) rose 3.09% to close at $13.30 following the news, though they dipped slightly in after-hours trading. Still, the company’s stock is down more than 35% over the past year.
Bakkt Holdings’ $1 billion shelf registration marks a pivotal moment as the company explores digital asset investments to reshape its financial future. While the road ahead is uncertain, the firm’s strategic shift reflects a broader trend of public companies weaving crypto into their corporate playbooks.
