Bakkt plans to raise funds for Bitcoin investment

Bakkt, a cryptocurrency trading and custody platform, is planning to raise funds through the issuance of Class A common stock, Unfolded reported via X. The amount of the fundraising was not disclosed, but the funds will be used to buy Bitcoin and fund working capital. Since the news broke, Bakkt’s stock price has fallen more than 30% in after-hours trading. Last month, Bakkt announced plans to pursue a $1 billion shelf offering to finance the purchase of Bitcoin.