Bakkt Eyes $1B Crypto Push—Might Overtake Coinbase in Bitcoin Holdings

[ad_1] Key Takeaways:

Bakkt registers $1B shelf providing to fund a serious digital asset technique shift. If totally deployed, Bakkt may purchase over 9,300 BTC, surpassing Coinbase in BTC reserves. This transfer positions Bakkt amongst top-tier institutional Bitcoin holders, aligning with MicroStrategy and Tesla. Bakkt Holdings, Inc. has formally filed with the U.S. Securities and Trade Fee (SEC) to boost as much as $1 billion in a sweeping transfer that might redefine its place within the crypto business. The agency, which beforehand pivoted from Bitcoin futures to broader digital asset options, is now doubling down on crypto—probably utilizing the proceeds to accumulate a big quantity of Bitcoin.

This strategic pivot aligns with its June 2025 funding coverage replace , which allows allocating capital into Bitcoin and different crypto belongings as a part of its company treasury technique.

Bakkt’s Billion-Greenback Technique: Aiming for the Huge Leagues Bakkt’s new SEC submitting outlines a shelf registration , permitting the corporate to challenge a variety of securities—Class A standard inventory, most well-liked shares, warrants, and debt devices—on a delayed or steady foundation beneath Rule 415 of the Securities Act. This versatile mechanism provides the corporate the power to boost funds in a number of phases with out submitting new varieties every time.

Notably, Bakkt has not dedicated to a particular allocation but. Nevertheless, primarily based on present market costs , a full $1B allocation towards Bitcoin at round $106,800 per BTC would equate to an acquisition of roughly 9,364 BTC .

That quantity places Bakkt in uncommon firm. If executed, this transfer would:

Rank Bakkt above Coinbase (which at the moment holds 9,267 BTC), Place it ninth amongst all public Bitcoin-holding corporations , Place it slightly below Tesla and Hut 8 Mining Corp , and Firmly align it with the likes of MicroStrategy , Marathon Digital , and Galaxy Digital . A Strategic Shift from Rewards to Blockchain Infrastructure The crypto-native pivot comes amid main inside realignments. In March 2025 , Bakkt introduced it was evaluating strategic alternate options for its loyalty enterprise , signaling a broader intent to turn into a pure-play digital asset infrastructure supplier . That announcement coincided with a Cooperation Settlement with Distributed Applied sciences Analysis World Ltd. (DTR) , led by Akshay Naheta—now Bakkt’s Co-CEO.

Beneath the settlement, DTR is supplying Bakkt with unique world fee processing infrastructure , APIs, and backend know-how to reinforce the corporate’s crypto integration capabilities.

Bakkt’s digital evolution isn’t simply technological—it’s monetary. The June 2025 funding coverage replace greenlights the corporate to deploy extra money , capital from securities gross sales , or debt financing towards the acquisition of Bitcoin and digital belongings .

As of the SEC submitting date, Bakkt had not but executed any Bitcoin purchases beneath this coverage. However the submitting suggests the door would stay extensive open, with flexibility primarily based on market timing, liquidity necessities and capital market situations.

Learn Extra: Galaxy Raises $175M to Supercharge Early-Stage Crypto Startups Amid Market Headwinds

Crypto Treasury Play: Following the Institutional Development What Bakkt did is an element of a bigger institutional development: public corporations integrating Bitcoin as a strategic treasury asset. This motion, formalized by MicroStrategy’s Michael Saylor, has turn into a focal point for corporations seeking to hedge in opposition to inflation, diversify their reserve leger and solidify their crypto model.

Right here’s the place Bakkt would possibly slot in within the panorama, then, of public BTC holders as they stand immediately (primarily based on estimates for 2025):

CompanyBitcoin HoldingsApprox. USD Worth MicroStrategy 592,345 BTC ~$63.3B Marathon Digital 49,678 BTC ~$5.3B Tesla ~10,725 BTC ~$1.14B Coinbase 9,267 BTC ~$990M Bakkt (projected)9,364 BTC~$1B Bakkt’s soon-to-be membership into this unique circle may change the optics of the corporate within the eyes of buyers, companions, and regulators. Most significantly, it will symbolize a serious turnaround for a platform that has been preventing for relevance because it went public by way of a SPAC mixture in 2021.

Learn Extra: $40B Bitcoin Guess: Why Michael Saylor’s Wild Plan Might Push BTC to $1M Sooner Than You Assume

Dangers, Volatility, and Warning from the Submitting The headlines counsel ambition, however the S.E.C. submitting’s plain language is all about dangers and uncertainties related to the technique.

Among the many most important are:

BTC volatility : The value of Bitcoin is thought for being unstable. A $1B funding can swing significantly from short-term market actions. Liquidity dangers : Sudden BTC value drops may compromise liquidity, particularly if the corporate must entry capital for operations. Honest worth accounting : US GAAP requires crypto belongings to be reported at honest worth – which may end in a roller-coaster of quarterly experiences. Regulatory uncertainty : With crypto rules nonetheless evolving all over the world, there may be threat in compliance, custody, and cross-border asset administration. Moreover, the corporate admits there’s inside work to be executed, corresponding to, amongst different issues:

A shopper exit that may materially influence income Restricted working historical past and ongoing web losses Reliance on strategic partnerships, together with the pending business settlement with DTR A Rebranded Crypto Imaginative and prescient Beneath New Management On the coronary heart of this transformation is Akshay Naheta, who beforehand labored for SoftBank and based DTR. As each a Bakkt Co-CEO and the solitary shareholder of DTR it makes him the person to implement this transformation.

In public feedback, Naheta made some extent of” the “imaginative and prescient” of reworking Bakkt right into a “pure-play crypto infrastructure firm.” His remarks spotlight a imaginative and prescient for Bakkt as a bridge for world digital funds backed by an on-chain treasury strategy.

It is a daring try to rewrite the Bakkt story—one which started in 2018 with bold plans for regulated Bitcoin futures and struggled to realize market traction in its early years.