Bakkt aims to raise $1 billion to fund its Bitcoin and digital asset financial operations.

Gate News bot news, The Block reported that according to a prospectus submitted to the U.S. Securities and Exchange Commission (SEC) on Thursday, the publicly listed crypto asset custody and loyalty rewards company Bakkt is seeking to raise up to $1 billion through stock and bond issuance to support its Bitcoin acquisition strategy. The postponed issuance may include the sale of Bakkt's Class A common stock, preferred stock, warrants, and debt securities.

On June 10, Bakkt announced an updated investment policy to "allocate funds to Bitcoin and other digital assets as part of its broader financial and corporate strategy."

According to the SEC's documents, the company has not purchased any Crypto Assets.

Bakkt co-CEO Akshay Naheta stated at the time: "This initiative aims to support Bakkt's transformation into a company focused on encryption infrastructure and to strategically incorporate Bitcoin and other digital assets into our asset portfolio. We believe this multifaceted strategy reflects our confidence in the future of digital assets, as well as our vision for Bakkt to expand internationally and become a leader in the programmable currency space."

Bakkt was founded in 2018 and is joining an increasing number of so-called Crypto Assets financial companies that provide funding for digital asset purchases through traditional capital markets, offering investors leveraged investments in assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).

This move will represent Bakkt's latest strategic shift. The Atlanta-based company was established with the support of the Intercontinental Exchange, the operator of the New York Stock Exchange, initially offering an institution-level daily physically-settled Bitcoin futures trading platform—which saw slow growth—before attempting to tokenize rewards points and launch crypto assets custody services. Bakkt went public in 2021.

The first CEO of Bakkt, Kelly Loeffler, stepped down in 2019 and briefly served as a Republican U.S. Senator from Georgia during Trump's first term.

According to reports, President Donald Trump's social media company Truth Social had "extensive negotiations" to acquire Bakkt last November.