Crypto software company Bakkt Holdings Inc. hopes to raise up to $1 billion through various types of securities products that can be used to fund Bitcoin purchases.
The company is a subsidiary of the Intercontinental Exchange, which owns the New York Stock Exchange Filed Thursday with the SEC Form S-3, S-3, revealed its intention to provide common stocks and securities.
The company said it could issue up to $1 billion in Class A common stock, preferred stock, debt securities, warrants or any combination of these asset portfolios.
Documentation indicates bakkt Its investment policy was updated earlier this month, “enabling us to allocate capital to Bitcoin and other digital assets as part of our broader fiscal and corporate strategy,” but it hasn’t purchased for the first time.
“We may use excess cash, future equity or debt financing or other sources of capital to obtain Bitcoin or other digital assets,” the document added.
The so-called shelf registration allows for rapid access to the capital market under good conditions, which is especially important, given their loss history and ongoing concerns.
Bakkt’s Continuous Concern
Founded in 2018, Bakkt acknowledged in the document that it has “a history of limited operational history and a history of operating losses.”
The document also contains very specific warnings about future operations because it has “determined conditions and events that create significant doubts about our ability to continue to worry.”
Related: Bakkt repositions new shared CEO names on crypto products
The company confirmed that the timing and magnitude of any crypto purchase will depend on market conditions, capital market acceptance, business performance and other strategic considerations.
Bakkt stock price dilemma
New York Stock Exchange’s Bakkt shares rose 3% to $13.33 on Thursday, according to for Google Finance. However, the stock has fallen 46% since the beginning of the year.
Bakkt Stock 30% The company revealed that its two largest banks and Webull clients did not renew their commercial agreements in March after it revealed.
Bakkt bullish crypto-IPO
company Comment On the recent X Encrypt IPO filesfor example, people from Circle, Etoro and Gemini say they are “just the latest moves in a series of actions, which suggests that the real motivation is built again in digital assets.”
They added: “These developments bring validation, visibility and maturity to the market.”
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