Bakkt Plans $1 Billion Crypto Buying Spree — Can the Stock Stage a Comeback?

TradingKey – Bakkt Holdings (NYSE: BKKT) is making headlines with a bold plan to raise $1 billion to purchase Bitcoin (BTC), Ethereum (ETH) , and other major digital assets. The move could mark a turning point for the company’s struggling stock.

According to a June 27 report by Bitcoin Magazine, Bakkt has filed a shelf registration with the SEC, allowing it to issue a mix of securities — including common stock, preferred shares, debt instruments, and warrants — to fund its crypto acquisition strategy.

Earlier this month, Bakkt’s board approved the investment plan. Co-CEO Akshay Naheta stated, “This initiative supports our transformation into a pure-play crypto infrastructure company and enables us to strategically add Bitcoin and other digital assets to our balance sheet.”

Despite being a crypto exchange, Bakkt has significantly underperformed peers like Coinbase (COIN). Since peaking above $1,200 during the 2021 bull market, its stock has plunged to a low of $8, with a modest rebound to around $13 in recent weeks. The new investment strategy could inject fresh momentum into the stock, especially if executed during favorable market conditions.

Bakkt Stock Price Chart – Source: TradingView.