Crypto software firm BAKKT Holdings Inc. is looking to raise up to $ 1 billion through different types of security offerings, which can be used to fund Bitcoin purchases.
The company, a subsidiary of Intercontinental Exchange, owned by the New York Stock Exchange, Filed A form S-3 with the US Securities and Exchange Commission on Thursday, announcing its goals to offer common stocks and security.
The firm said it could issue up to $ 1 billion of any Class A combination of standard stock, preferred stock, security security, warrants, or combinations of these possessions.
The filing is already stated Bakkt The investment policy was updated earlier this month “to enable us to provide capital in Bitcoin and other digital ownership as part of our broader ark and corporate approach,” but it has not yet made its first purchase.
“We can get bitcoin or other digital assets that use excess cash, proceeds from future equity or financings, or other capital resources,” the filing added.
The so-called shelf registration allows BAKKT to quickly access capital markets if the conditions are favorable, particularly important because of their history of losses and going on concern issues.
Bakkt’s remembrance issues
BAKKT, founded in 2018, admitted to filing that it has a “limited operating history and a history of operational losses.”
File also contains a specific warning about future operations as it is “determined conditions and events that have raised a great deal of doubt about our ability to continue as a concern.”
Related: BAKKT names are new co-COO in the middle of re-focusing on crypto offerings
The firm has confirmed that the timing and greatness of any crypto purchases depends on market conditions, market capital reception, business performance, and other strategic considerations.
Bakkt price sharing
The NYSE has seen BAKKT listed the price increase of 3% on Thursday to reach $ 13.33, According to In Google Finance. However, the stock has dropped 46% since the beginning of the year.
Sharing BAKKT Tanked 30% In March after the company revealed that two of its largest clients, Bank of America and Webull, did not renew their commercial agreements.
Bakkt bullish on crypto iPO
The firm Commented to X in the recent slate of Crypto IPO filingsLike those from Circle, Ethoro and Gemini, who say they are “the latest in a string of motions that suggest real momentum is again forming digital property.”
“These developments bring validation, visibility, and maturity to the market,” they added.
Magazine: North Korea Crypto Hackers Tap Chatgpt, Malaysia Road Money Siphoned: Asia Express
