Bakkt Secures Approval for $150 Million Securities Sale

5:25 am
February 16, 2024

Bakkt, a crypto firm, has been granted approval by the US Securities and Exchange Commission (SEC) for its shelf registration application, allowing it to raise $150 million through securities sales over the next three years. The news comes as a significant development for the company, which has been facing financial challenges.

Details of the Approval

The approval of Bakkt’s “universal shelf” registration means that the company can now seek new capital through securities sales without the need for fresh SEC approval each time. This could provide the much-needed financial boost for the firm.

Bakkt emphasized that it can raise up to $150 million through one or more offerings as long as the registration remains effective. The company also highlighted the flexibility this approval provides for future offerings, stating that specific details for any future offering will be described in a prospectus supplement filed with the SEC.

This development follows Bakkt’s recent disclosure of substantial net losses, amounting to $2.26 billion since the fourth quarter of 2021. The company expressed concerns about its financial viability in a statement regarding amendments to its Form 10-Q for the third quarter of 2023.

The approval of Bakkt’s securities sale could serve as a crucial turning point for the company as it aims to overcome its financial challenges and build a more robust financial foundation for its operations in the cryptocurrency market.

FAQ

What is a shelf registration?

A shelf registration allows a company to register a new security issue without having to sell the entire issue at once. It offers flexibility in the timing of the offerings and in the amount to be raised.

Why is the approval of securities sale significant for Bakkt?

Securing approval for the $150 million securities sale provides Bakkt with a lifeline to address its financial struggles and potential cash flow issues. The company can now raise capital over the next three years without the need for repeated SEC approval, offering a degree of financial stability.

How does the approval impact Bakkt’s future operations?

The approval of the securities sale could enable Bakkt to strengthen its financial position, invest in its operations, and pursue growth opportunities within the cryptocurrency market, potentially leading to a more sustainable and resilient business model.


Share:

More in this category ...

7:31 pm April 20, 2024

Fourth Bitcoin Halving Completed – Here Are The Implications

Featured image for “Fourth Bitcoin Halving Completed – Here Are The Implications”
7:29 pm April 20, 2024

TRON traders making an allowance for TON and Bitbot amid SEC lawsuit towards Justin Sun

Featured image for “TRON traders making an allowance for TON and Bitbot amid SEC lawsuit towards Justin Sun”
2:42 pm April 20, 2024

Probable Root Cause: Accelerating incident remediation with causal Computational Intelligence 

Featured image for “Probable Root Cause: Accelerating incident remediation with causal Computational Intelligence ”
12:15 pm April 20, 2024

Telegram to tokenize emojis and stickers as NFTs on TON blockchain

Featured image for “Telegram to tokenize emojis and stickers as NFTs on TON blockchain”
7:31 am April 20, 2024

Relay Chain Replacement And 10M DOT Prize Incentive

Featured image for “Relay Chain Replacement And 10M DOT Prize Incentive”
5:03 am April 20, 2024

Hedgey Protocol loses $44.7M in twin cyber assaults

Featured image for “Hedgey Protocol loses $44.7M in twin cyber assaults”
3:03 am April 20, 2024

The adventure to a mature asset control machine

Featured image for “The adventure to a mature asset control machine”
7:28 pm April 19, 2024

320 Million USDT Inflow Could Ignite Price Surge

Featured image for “320 Million USDT Inflow Could Ignite Price Surge”
3:24 pm April 19, 2024

Live from TOKEN2049: Telos broadcasts Ethereum Layer 2 partnership with Ponos Technology

Featured image for “Live from TOKEN2049: Telos broadcasts Ethereum Layer 2 partnership with Ponos Technology”
2:39 pm April 19, 2024

JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ regardless of JPMorgan’s involvement in Bitcoin ETFs

Featured image for “JPMorgan CEO calls Bitcoin a ‘Ponzi Scheme’ regardless of JPMorgan’s involvement in Bitcoin ETFs”
7:30 am April 19, 2024

BNB Price May Have Another Chance For A Bullish Streak: Here’s How

Featured image for “BNB Price May Have Another Chance For A Bullish Streak: Here’s How”
3:44 am April 19, 2024

Getting in a position for synthetic common intelligence with examples

Featured image for “Getting in a position for synthetic common intelligence with examples”
12:15 am April 19, 2024

Injective and Jambo companion to deliver mobile-based DeFi to tens of millions in rising markets

Featured image for “Injective and Jambo companion to deliver mobile-based DeFi to tens of millions in rising markets”
7:29 pm April 18, 2024

Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’

Featured image for “Successful Beta Service release of SOMESING, ‘My Hand-Carry Studio Karaoke App’”
4:05 pm April 18, 2024

Release date showed for brand spanking new augmented fact move-to-earn recreation, SpaceCatch

Featured image for “Release date showed for brand spanking new augmented fact move-to-earn recreation, SpaceCatch”
9:51 am April 18, 2024

NEAR Protocol positive aspects as KangaMoon approaches presale shut

Featured image for “NEAR Protocol positive aspects as KangaMoon approaches presale shut”
7:31 am April 18, 2024

LINK Price Eyes Recovery If It’s Able to Hold One Crucial Level

Featured image for “LINK Price Eyes Recovery If It’s Able to Hold One Crucial Level”
4:25 am April 18, 2024

Understanding glue data and Dedicated DNS

Featured image for “Understanding glue data and Dedicated DNS”
2:39 am April 18, 2024

Worldcoin to release a brand new Ethereum L2 community dubbed “World Chain”

Featured image for “Worldcoin to release a brand new Ethereum L2 community dubbed “World Chain””
7:34 pm April 17, 2024

Crypto Exchanges Bitcoin Supply Can Only Last For 9 Months, ByBit Report

Featured image for “Crypto Exchanges Bitcoin Supply Can Only Last For 9 Months, ByBit Report”
7:27 pm April 17, 2024

SUI spikes 11% as BTC, ETH slide: Here’s why Sui value is surging?

Featured image for “SUI spikes 11% as BTC, ETH slide: Here’s why Sui value is surging?”
4:46 pm April 17, 2024

Using dig +hint to know DNS solution from begin to end

Featured image for “Using dig +hint to know DNS solution from begin to end”
12:15 pm April 17, 2024

Puffer Finance raises $18 million in new investment spherical

Featured image for “Puffer Finance raises $18 million in new investment spherical”
7:37 am April 17, 2024

XRP Price Recovery Could Soon Fade, These Are Key Levels To Watch

Featured image for “XRP Price Recovery Could Soon Fade, These Are Key Levels To Watch”
5:06 am April 17, 2024

IBM and TechD companion to safely percentage knowledge and gear insights with gen AI

Featured image for “IBM and TechD companion to safely percentage knowledge and gear insights with gen AI”
5:03 am April 17, 2024

WOO unveils innovation hub thinking about Bitcoin’s ecosystem

Featured image for “WOO unveils innovation hub thinking about Bitcoin’s ecosystem”
9:51 pm April 16, 2024

OKX launches public mainnet for its ZK-powered L2 community “X Layer”

Featured image for “OKX launches public mainnet for its ZK-powered L2 community “X Layer””
7:40 pm April 16, 2024

Arkham Releases Top 5 Crypto Rich List

Featured image for “Arkham Releases Top 5 Crypto Rich List”
5:27 pm April 16, 2024

Ankr and Brevis coChain associate to reinforce web3 networks with ZK

Featured image for “Ankr and Brevis coChain associate to reinforce web3 networks with ZK”
5:48 am April 16, 2024

4 techniques generative Machine Intelligence addresses production demanding situations

Featured image for “4 techniques generative Machine Intelligence addresses production demanding situations”