In Brief

• The Intercontinental Exchange-owned crypto platform Bakkt has received approval to raise $150M to fund its long-term vision.
• Bakkt’s move to raise capital indicates possible financial instability, as it struggles to generate sustainable operating profits and sufficient cash flows.
• Despite a recent 7.8% gain, Bakkt’s share prices have plunged over 97% from their all-time high of $40 in October 2021.

The Intercontinental Exchange (ICE) owned institutional crypto platform Bakkt has been approved to raise funds to “fund its long-term vision.” The move signals that not all is well at the once-called savior of the crypto market. 

On February 14, Bakkt announced that its shelf registration statement had been declared effective by the US Securities and Exchange Commission.

Bakkt Crypto Firm Needs to Raise $150M

Bakkt was launched in the bear market of 2018 and launched in 2019 amid huge hype and fanfare. It is owned by the Intercontinental Exchange (ICE), which also owns the New York Stock Exchange. Therefore, the launch was seen as the first key stepping stone for institutional investment into crypto.

The firm filed an amended Form S-3 with the SEC on February 7. It requested permission from the financial regulator to issue up to $150 million in registered securities in the public markets.

That permission has now been granted according to the announcement, which read:

“This registration statement allows Bakkt, so long as it is effective, to raise up to an aggregate of $150 million of capital in one or more offerings over the subsequent three years.”

Bakkt believes the flexibility of a shelf registration will provide the company with significant benefits when raising capital in the future, it added.

Get to know Godleak

Godleak crypto signal is a  service which provide profitable crypto and forex signals for trading. Godleak tried to provide you signals of best crypto vip channels in the world.

It means that you don’t need to buy individual crypto signal vip channels that have expensive prices. We bought all for you and provide you the signals with bot on telegram without even a second of delay.

Godleak crypto leak service have multiple advantages in comparision with other services:

•  Providing signal of +160 best crypto vip channels in the world
• Using high tech bot to forward signals
• Without even a second of delay
• Joining in +160 separated channels on telegram
• 1 month, 3 months , 6 months and yearly plans
• Also we have trial to test our services before you pay for anything

For joining Godleak and get more information about us only need to follow godleak bot on telegram and can have access to our free vip channels. click on link bellow and press start button to see all features

Join for Free

☟☟☟☟☟

https://t.me/Godleakbot

Also you can check the list of available vip signal channels in the bot. by pressing Channels button.

It also stated that there was “significant uncertainty” associated with its expansion to new markets and revenue growth, given how quickly the crypto ecosystem ebbs and flows.

It also warned that it had been unable to generate sustainable operating profit and sufficient cash flows. The future success of the company will depend on its ability to raise capital. On February 8, Bakkt  issued a statement reading:

“Management remains confident about our business and will continue to focus on delivering for our clients, making progress on our primary business objectives, and working efficiently to scale our business and move toward profitability.”

BKKT Share Price Slides

Bakkt share prices (BKKT) rebounded with a 7.8% gain to reach $1.04 in after-hours trading on February 14.

However, its stock has slumped more than 97% from its all-time high of $40 in October 2021. BKKT has even lost 25% in value in just the past two weeks.

The sales of securities or company stock could further dilute BKKT prices over the next three years.

Moreover, the firm now faces stiff competition in the institutional crypto market, especially now that major asset managers are offering spot ETFs.