On June 26, 2025, Bakkt Holdings Inc., a prominent crypto software firm, submitted a shelf registration statement to the U.S. Securities and Exchange Commission (SEC), authorizing the company to issue up to $1 billion in securities.

The filing covers potential future offerings of stocks, bonds, or warrants. This standard corporate financing tool allows gradual capital raising without repeated regulatory filings. Companies typically use shelf registrations to maintain funding flexibility. The structure enables timely responses to market conditions. Bakkt can now access capital markets efficiently when opportunities arise.

New Filing Allows Flexible Capital Raising as Updated Policy Opens Door to Crypto Investments

Earlier this month, on June 10, Bakkt announced a revised investment policy that permits the allocation of excess cash or future capital proceeds toward Bitcoin and other digital assets.

While the company has not yet made any cryptocurrency purchases, it clarified that future investments will depend on market conditions, business performance, and strategic timing.

The shelf registration filing enables Bakkt to secure funds for various operational needs, including working capital and general corporate expenses.

With board approval, a portion of these funds could also be directed toward cryptocurrency acquisitions.

However, this forward-looking strategy comes amid ongoing financial instability.
Bakkt has reported consecutive quarterly losses, raising questions about its path to profitability. Recent developments have compounded these difficulties.

The expiration of partnerships with Bank of America and Webull resulted in the loss of significant revenue streams. This loss particularly impacts Bakkt, given its concentrated client base.

Rising Institutional Bitcoin Holdings Signal Shift Toward Centralization, Sparking Debate

Bakkt’s potential entry into Bitcoin investment aligns with a broader trend of institutional adoption.

On June 23, 2025, Anthony Pompliano launched ProCap Financial, a new investment firm created through a $1 billion merger. By the end of 2025, ProCap plans to hold $1 billion worth of Bitcoin on its corporate balance sheet.

Similarly, in May 2025, The Blockchain Group (TBG), based in Paris, raised €63.3 million ($72 million) in a convertible bond sale and allocated approximately €60 million to purchase 590 Bitcoins, adding to the growing number of large EU companies betting on crypto.

Meanwhile, data from Gemini shows that centralized entities, including public companies, governments, and ETFs, now hold 30.9% of Bitcoin’s circulating supply.

This increasing institutional dominance has sparked debate within the crypto community.

Proponents argue that institutional involvement validates Bitcoin as a mature financial asset, while critics warn that it undermines the cryptocurrency’s original vision of decentralization.

Bitcoin was conceived in 2009 as a peer-to-peer electronic cash system, designed to operate independently of traditional financial institutions. But 17 years later, the vision has changed. While Bitcoin adoption is growing, those who hold the keys are starting to look very different.

Bakkt’s shelf registration and policy shift show that the firm is preparing for this new chapter. Whether it proceeds with a Bitcoin allocation will depend on its financial recovery, market timing, and ability to manage the added risks. For now, it has created the structural capacity to take that step.