Bakkt Don File $1B SEC Shelf for Bitcoin Purchase Amid Losses and Stock Wahala
Bakkt Holdings don file Form S-3 shelf registration wit SEC on June 26 to fit raise up to $1 billion through flexible offer of common and preferred stock, debt securities, an warrants. Di board don approve to use excess cash plus future proceeds to buy Bitcoin an other digital assets, but dem never do any buy yet. Di announcement make BKKT shares climb 3.09% to $13.30 before dem drop 0.60% for after-hours. Bakkt still dey incur operating losses an lose one big client, wey cause 35.6% drop for share since beginning of di year. If dem carry out di Bitcoin investments, e go align Bakkt with other ones wey dey diversify treasury into digital assets, fit add big demand for markets. Traders gats watch di timing for buying, market appetite plus Bitcoin price trends.
Neutral
Di tori tok say Bakkt fit get institutional demand for Bitcoin but dem never buy asset sharp sharp. Dem get shelf registration and board approval wey fit make big big buys happen, e dey support long-term better market feeling. But since dem dey lose money for operation, lose clients and their shares don drop by 35.6% this year, e show say things fit hard for execution. Price no go change well for now until dem start to buy Bitcoin, so market dey neutral.