Bakkt Plans $1 Billion Fundraise for Bitcoin
Bakkt, a prominent crypto custody and loyalty rewards company, plans to raise $1 billion via equity and debt to boost their Bitcoin and digital assets treasury. This move is part of an updated strategy to transform into a leading crypto infrastructure company. Despite not making crypto purchases yet, Bakkt intends to leverage traditional capital markets. Founded in 2018 with NYSE backing, Bakkt initially focused on Bitcoin futures and later shifted to tokenizing rewards and crypto custody. Their evolution continues as they aim to fortify their position in the digital asset arena.
FAQ
❓ What is Bakkt's new strategy?
Bakkt plans to raise $1 billion to fund a Bitcoin and digital asset acquisition, transforming into a crypto-focused company.
❓ Has Bakkt purchased any crypto assets yet?
According to their SEC filing, Bakkt has not yet made any crypto asset purchases.
❓ What was Bakkt's initial focus?
Bakkt initially focused on providing a trading platform for physically-settled Bitcoin futures.