Crypto Infrastructure Firm Bakkt Raises $32.4 Million After Warning of Cash Crunch

Bakkt, a crypto infrastructure firm, has completed two securities purchase agreements worth $32.4 million after warning investors of a cash crunch last month. The first transaction involved the issuance of approximately 35 million shares of Bakkt’s Class A common stock and pre-funded warrants at about 87 cents per share in a registered direct offering to undisclosed institutional investors. Bakkt has also issued and sold 2.8 million shares to its former parent and owner of the New York Stock Exchange, Intercontinental Exchange (ICE). The company has struggled to lock onto a viable product offering in a series of strategy shifts ranging from bitcoin futures to a crypto super app, and recently warned stockholders that it might not survive.