Bakkt Files $1 Billion Shelf Registration, Eyes Bitcoin for Treasury Strategy

Bakkt, a digital asset platform, has submitted a shelf registration statement to the U.S. Securities and Exchange Commission (SEC), seeking to raise up to $1 billion in capital. The move is part of its newly announced plan to potentially invest in Bitcoin and other top-tier cryptocurrencies as part of its corporate treasury strategy.

The filing includes the potential issuance of Class A common stock, preferred stock, warrants, bonds, and other debt instruments. A shelf offering allows companies to raise funds in stages without needing to file a new registration for each transaction, offering maximum flexibility.

According to the filing submitted Thursday, the raised funds will be used for general business operations, with the possibility of allocating some of that capital to cryptocurrency acquisitions. The company stated, “We may choose to purchase Bitcoin or other digital assets using excess cash, future equity or debt proceeds, or other capital sources, in accordance with our investment policy.”

As of now, Bakkt has not made any cryptocurrency purchases. However, it has indicated interest in convertible bonds and other financing mechanisms to support future Bitcoin investments.

Bakkt’s Treasury Diversification Initiative

Earlier this month, on June 10, Bakkt revealed its plan to diversify its treasury by adding Bitcoin and other digital assets. The initiative aligns with its belief in crypto as a long-term store of value.

Founded in 2018, Bakkt is also reviewing regulatory frameworks across different international markets to determine where best to deploy its treasury strategy.

The timing and scale of Bitcoin acquisitions, however, will depend on market conditions, capital availability, and the company’s financial performance, Bakkt said. Co-CEO Akshay Naheta noted that this effort marks a step in transforming Bakkt into a dedicated crypto infrastructure company.

Regulatory Risks and Financial Challenges

The SEC filing also included several risk factors. Bakkt warned about the regulatory uncertainty surrounding cryptocurrencies, including the risk that some digital assets could be classified as securities. It also raised concerns about potential challenges in maintaining banking relationships.

The company acknowledged its limited operating history and ongoing financial difficulties, noting that last year it had questioned its ability to continue operating in 2025 due to insufficient liquidity.

In fact, in March 2025, Bakkt’s shares dropped by 27% after Bank of America and Webull severed business ties. The company’s recent filing reiterated its concern, stating there are “substantial doubts about our ability to continue as a going concern.”

However, investor response to the shelf offering was modestly positive. After the filing, Bakkt shares rose over 3%, reaching $13.33, according to Google Finance.