Bakkt plots $1 billion raise to fund its bitcoin treasury play

Bakkt plans to raise up to $1 billion via equity and debt offerings to fund a bitcoin and digital asset treasury strategy, according to a prospectus filed with the SEC.

The move marks the latest pivot for Bakkt as it looks to become a pure-play crypto infrastructure firm under co-CEO Akshay Naheta.

Launched with support from NYSE parent ICE in 2018, Bakkt has cycled through various offerings, including an institutional bitcoin futures trading platform, tokenized rewards, and custody services.

It joins a growing group of public firms using capital markets to gain leveraged exposure to bitcoin and other digital assets — a playbook popularized by Michael Saylor's Strategy.