Bitcoin

Just a week after expressing worries about its financial situation, the crypto custody and trading platform Bakkt has been given the green light to raise up to $150 million by selling its securities. This approval comes as Bakkt seeks to address its cash shortage.Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Screenshot_5.png?fit&#61;1276%2C681&amp;ssl&#61;1" />On February 14, the company announced that it had obtained approval for a “shelf registration,” also referred to as a shelf offering. This process involves registering a new batch of securities with the Securities and Exchange Commission. It allows the company to gradually <a href="https://cryptosheadlines.com/arthur-hayes-forecasts-optimal-bitcoin-selling-time-in-breakthrough-prediction/" rel="noopener noreferrer nofollow">sell these securities over time</a> without requiring separate approval for each sale.<h2 id="header-0">Bakkt Gains Approval for $150 Million Capital Raise</h2><blockquote>Bakkt has announced that it has <a href="https://cryptosheadlines.com/sygnum-singapore-receives-approval-to-provide-crypto-services/" rel="noopener noreferrer nofollow">received approval</a> to raise up to $150 million in capital over a period of three years through one or more offerings. This approval, granted through a shelf registration on Form S-3, is expected to provide the company with significant flexibility in raising funds in the future.</blockquote>Despite initially being seen as a potential savior during the 2018 bear market, Bakkt recently disclosed financial concerns, indicating a shortage of cash and uncertainty about its ability to continue operations. In response, the company expressed intentions to potentially raise additional capital by issuing registered securities in the public markets to support its long-term goals.Since its public listing in October 2021, Bakkt has <a href="https://cryptosheadlines.com/shiba-inu-shib-alert-investor-losses-reported/" rel="noopener noreferrer nofollow">reported eight consecutive quarters of net losses</a>. Financial records reveal losses of $44.9 million, $50.5 million, and $51.7 million in the first three quarters of 2023, despite a market rebound following a challenging 2022. Although net losses narrowed in 2023, they were preceded by significant losses of $1.59 billion and $323.9 million in the third and fourth quarters of 2022. In total, Bakkt has recorded $2.26 billion in net losses since the fourth quarter of 2021.<h2 id="header-1">Bakkt: Facilitating Institutional Digital Asset Trading</h2>Bakkt <a href="https://cryptosheadlines.com/abu-dhabi-grants-operational-license-to-m2-digital-asset-firm/" rel="noopener noreferrer nofollow">operates a digital asset</a> trading platform catering to institutional clients. It has established strategic partnerships with major companies like Starbucks and Amazon Web Services to facilitate digital asset transactions and services. <a href="https://cryptosheadlines.com/dubai-crypto-regulator-formally-reprimands-opnx-exchange-founded-by-3ac-founders/" rel="noopener noreferrer nofollow">Founded in 2018 by Intercontinental Exchange</a>, the firm behind the New York Stock Exchange, Bakkt has been instrumental in enabling the integration of digital assets into traditional financial systems.<a href="https://cryptosheadlines.com/elon-musk-likes-shiba-inu-fans-react-strongly/" rel="noopener noreferrer nofollow">Also Read: Elon Musk Likes Shiba Inu, Fans React Strongly</a>Prior to the recent announcement, Bakkt’s (BKKT) share price experienced a 7.8% increase to $1.03, according to Google Finance. Despite this uptick, the stock remains down by over 51% since the beginning of 2024.Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On <a href="https://cryptosheadlinestoken.com/index.php/tokenomics/" rel="noopener noreferrer nofollow">CryptosHeadlinesToken.com</a><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Screenshot_5.png?fit&#61;1276%2C681&amp;ssl&#61;1" /><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/cryptosheadlines008-2.webp?resize&#61;640%2C354&amp;ssl&#61;1" />BKKT’s change in share price in 2024. Source: Google FinanceBKKT reached a peak of $42 on October 29, 2021. However, it experienced a sharp decline to $3.61 the following January, and has since been on a downward trajectory.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Bakkt Approved for $150M Securities Sale to Stop Losing Money

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