Bakkt Holdings Inc reported the pricing of a registered direct offering that is projected to raise approximately $48.1 million in gross proceeds, a move that coincided with a 5.8% decline in the companys stock on Friday.
The firm set the price for 3,024,799 shares of Class A common stock and also issued pre-funded warrants that, collectively, can be converted into up to 2,475,201 shares. The per-share price for the Class A common stock was set at $8.75, while each pre-funded warrant was priced at $8.7499. All securities in the placement were sold to a single institutional investor.
According to the company, the transaction is expected to close on or around March 2, 2026, but completion remains subject to customary closing conditions. Bakkt indicated that net proceeds from the offering will be applied to working capital, general corporate purposes and strategic initiatives.
Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, is acting as the sole placement agent for the offering.
Founded in 2018, Bakkt provides infrastructure and services designed to support institutional participation in the digital asset economy. The companys product and service areas include Bitcoin-related solutions, tokenization, stablecoin payments and applications of AI-driven finance.
The transaction structure - a registered direct sale to a single institutional investor consisting of both common stock and pre-funded warrants - establishes a pathway for immediate capital inflow while creating potential future share issuance if warrants are exercised. The expectation of closing on or around March 2, 2026, aligns the companys near-term funding plan with customary financing timelines, but remains contingent on closing conditions.
Investors and market participants will watch execution of the offering and the deployment of net proceeds toward the stated uses. The stock move on the announcement reflects market sensitivity to equity offerings and potential dilution, even when proceeds are designated for operational and strategic purposes.