Bakkt's stock fell over 40% after a lowball $75 million stock offering, raising concerns about its pivot to a Bitcoin treasury strategy.
Bakkt Holdings’ stock plummeted over 40% after announcing a $75 million stock offering, issuing 6,753,627 shares at $10 each. This move comes as the company fully pivots to a Bitcoin treasury strategy, having sold its loyalty business for $11 million to focus on becoming a pure-play crypto infrastructure firm.