Bakkt Files for $1 Billion Fundraising  

Bakkt Holdings has officially filed with the SEC to raise $1 billion in capital. The company plans to achieve this through the issuance of Class A common stock, preferred stock, debt securities, warrants, or a combination of these securities.  

According to the SEC filing, this method provides Bakkt with flexibility to raise funds gradually based on market conditions. The proceeds will be used not only for Bitcoin purchases but also for crypto treasury initiatives and institutional needs.  

As of June 2025, Bakkt updated its investment policy to allow the use of cash reserves, debt issuance, or securities sales for digital asset acquisitions. However, the company has not yet made any crypto purchases.  

Joining the Institutional Bitcoin Holders  

Bakkt plans to buy approximately 9,364 BTC at an average price of $106,800 per Bitcoin, aiming to enter the top 10 institutional BTC holders. This amount would surpass Coinbase’s reserves and place Bakkt in 9th position.  

Currently, Michael Saylor’s MicroStrategy leads the list with 592,345 BTC, followed by Marathon Digital with 49,678 BTC, XXI with 37,230 BTC, Riot Platforms with 19,225 BTC, and Galaxy Digital with 12,830 BTC. After Tesla and Hut 8 Mining Corp, Bakkt’s potential BTC acquisition will secure it a notable spot.  

CEO Akshay Naheta stated that this move will accelerate Bakkt’s full transformation into a crypto infrastructure company. Founded in 2018 by Intercontinental Exchange, Bakkt initially offered physically settled Bitcoin futures.  

“The goal of this initiative is to support Bakkt’s full transition into a crypto infrastructure firm and strategically add Bitcoin and other digital assets to our treasury.”  

Bakkt previously failed to gain traction in crypto futures but pivoted to crypto custody and loyalty programs. In 2021, it went public via a SPAC merger and focused on digital asset infrastructure. With this move, Bakkt is making direct crypto investments, placing it in the same league as MicroStrategy, Tesla, and Galaxy Digital.  

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Metaplanet Continues to Expand Bitcoin Holdings 

Company continues to grow its Bitcoin portfolio. With the latest purchase of 1,088 BTC, the company reinforces its confidence and interest in digital assets. Despite the volatility in Bitcoin prices, Metaplanet is expanding its portfolio with a focus on risk management. The expectation that Bitcoin will appreciate in value plays a major role in the company’s increasing investment. Despite competition and volatility in the Bitcoin market, the investment firm remains focused on strengthening its holdings. As you may know, the company recently announced a $50 million zero-interest bond issuance to increase its Bitcoin (BTC) assets. 

After adopting its Bitcoin treasury strategy in April 2024, Metaplanet became the largest publicly traded Bitcoin holder in Asia. Through this strategy, it continues to maintain its position among the world’s top holders, with 580,250 BTC under management. 

Market Value and Impact of Bitcoin Holdings 

Investment firm total holdings of 8,888 Bitcoin are worth approximately $930 million at current prices. This substantial amount highlights the company’s strength in the digital asset sector. Additionally, this acquisition brings Metaplanet closer to its year-end goal of reaching 10,000 BTC. While Bitcoin’s volatility causes frequent price changes, Metaplanet remains committed to its long-term growth objective. 

In this context, Bitcoin’s return for 2025 has reached 66.3%, supporting strategic decisions of companies like Metaplanet. The increase in Bitcoin investments contributes to the expansion of the cryptocurrency markets. 

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