Bakkt Holdings, Inc. just made a bold move, filing for a $1 billion mixed securities shelf offering that could set the stage for future bitcoin buys.
The crypto platform’s Form S-3, filed with the U.S. Securities and Exchange Commission (SEC) on June 26, 2025, gives the company flexibility to raise capital over time through the sale of Class A common stock, preferred stock, debt securities, warrants, or units—without needing to submit a new SEC filing each time.
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According to the prospectus, proceeds from these future offerings may be used for working capital and general corporate purposes. Notably, this could include buying bitcoin or other digital assets, thanks to Bakkt’s updated investment policy.
That policy, released earlier this month on June 10, 2025, explicitly allows the use of cash reserves or financing proceeds to acquire BTC and similar assets. It’s part of Bakkt’s push to align its treasury strategy more closely with the crypto markets. So far, though, no digital assets have been purchased.
Still, this pivot comes as Bakkt faces a number of challenges. The company flagged issues like client concentration risks and the non-renewal of a key contract in the SEC filing. There’s also a potential divestiture of its loyalty business, signaling a sharper focus on its core crypto services.
In March 2025, Bakkt entered into a cooperation agreement with Distributed Technologies Research Global Ltd., with plans to integrate new payment-processing technology into its platform.
But it’s not all smooth sailing—regulatory risk looms large in the filing. Bakkt acknowledged the ongoing uncertainty around crypto regulation, including the potential for digital assets to be classified as securities. The company also warned about challenges with banking access, cybersecurity threats, and complications in onboarding new digital assets.
While there’s no set timeline for selling any of the $1 billion in securities, the crypto crowd is definitely watching. If Bakkt does end up using some of that capital to add bitcoin to its balance sheet, it’ll join a growing list of companies using crypto as a treasury asset.
Its Class A shares (NYSE: BKKT) and public warrants (BKKT WS) remain actively listed. Any actual offerings will be detailed in future prospectus supplements, laying out the terms for each batch of securities sold.
