Update: Bakkt Shares Plunge After $75 Million Stock Offering
14:15:13 PM ET, 07/29/2025 - MT Newswires
02:15 PM EDT, 07/29/2025 (MT Newswires) -- (Updates with stock price movement in the headline and the first paragraph.)
Bakkt Holdings (BKKT) shares fell more than 42% in recent trading on Tuesday, a day after the company priced its public offering of 6.8 million class A shares and pre-funded warrants.
The company is selling up to 746,373 shares in the offering at $10 per share and $9.9999 per warrant, respectively.
Underwriters also have a 30-day option to purchase up to 1.1 million additional shares or warrants.
Gross proceeds from the offering, expected to close on Wednesday, will be about $75 million.
Bakkt said it plans to use the funds to buy Bitcoin and other digital assets, support working capital, and cover general corporate expenses.
Price: 9.94, Change: -7.23, Percent Change: -42.11
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