Bakkt Eyes $1B Crypto Push—Could Overtake Coinbase in Bitcoin Holdings

Key Takeaways:

Bakkt registers $1B shelf offering to fund a major digital asset strategy shift.
If fully deployed, Bakkt could acquire over 9,300 BTC, surpassing Coinbase in BTC reserves.
This move positions Bakkt among top-tier institutional Bitcoin holders, aligning with MicroStrategy and Tesla.

Bakkt Holdings, Inc. has officially filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion in a sweeping move that could redefine its place in the crypto industry. The firm, which previously pivoted from Bitcoin futures to broader digital asset solutions, is now doubling down on crypto—potentially using the proceeds to acquire a significant amount of Bitcoin.

This strategic pivot aligns with its June 2025 investment policy update, which permits allocating capital into Bitcoin and other crypto assets as part of its corporate treasury strategy.

Bakkt’s Billion-Dollar Strategy: Aiming for the Big Leagues

Bakkt’s new SEC filing outlines a shelf registration, allowing the company to issue a range of securities—Class A common stock, preferred shares, warrants, and debt instruments—on a delayed or continuous basis under Rule 415 of the Securities Act. This flexible mechanism gives the company the ability to raise funds in multiple phases without filing new forms each time.

Notably, Bakkt has not committed to a specific allocation yet. However, based on current market prices, a full $1B allocation toward Bitcoin at around $106,800 per BTC would equate to an acquisition of roughly 9,364 BTC.

That number puts Bakkt in rare company. If executed, this move would:

Rank Bakkt above Coinbase (which currently holds 9,267 BTC),
Place it ninth among all public Bitcoin-holding companies,
Position it just below Tesla and Hut 8 Mining Corp, and
Firmly align it with the likes of MicroStrategy, Marathon Digital, and Galaxy Digital.

A Strategic Shift from Rewards to Blockchain Infrastructure

The crypto-native pivot comes amid major internal realignments. In March 2025, Bakkt announced it was evaluating strategic alternatives for its loyalty business, signaling a broader intent to become a pure-play digital asset infrastructure provider. That announcement coincided with a Cooperation Agreement with Distributed Technologies Research Global Ltd. (DTR), led by Akshay Naheta—now Bakkt’s Co-CEO.

Under the agreement, DTR is supplying Bakkt with exclusive global payment processing infrastructure, APIs, and backend technology to enhance the company’s crypto integration capabilities.

Bakkt’s digital evolution isn’t just technological—it’s financial. The June 2025 investment policy update greenlights the company to deploy excess cash, capital from securities sales, or debt financing toward the acquisition of Bitcoin and digital assets.

As of the SEC filing date, Bakkt had not yet executed any Bitcoin purchases under this policy. But the filing suggests the door would remain wide open, with flexibility based on market timing, liquidity requirements and capital market conditions.

Crypto Treasury Play: Following the Institutional Trend

What Bakkt did is part of a larger institutional trend: public companies integrating Bitcoin as a strategic treasury asset. This movement, formalized by MicroStrategy’s Michael Saylor, has become a point of interest for companies looking to hedge against inflation, diversify their reserve leger and solidify their crypto brand.

Here’s where Bakkt might fit in in the landscape, then, of public BTC holders as they stand today (based on estimates for 2025):

Company Bitcoin Holdings Approx. USD Value MicroStrategy 592,345 BTC ~$63.3B Marathon Digital 49,678 BTC ~$5.3B Tesla ~10,725 BTC ~$1.14B Coinbase 9,267 BTC ~$990M Bakkt (projected) 9,364 BTC ~$1B

Bakkt’s soon-to-be membership into this exclusive circle could change the optics of the company in the eyes of investors, partners, and regulators. Most importantly, it would represent a major turnaround for a platform that has been fighting for relevance since it went public through a SPAC combination in 2021.

Risks, Volatility, and Caution from the Filing

The headlines suggest ambition, but the S.E.C. filing’s plain language is all about risks and uncertainties associated with the strategy.

Among the most significant are:

BTC volatility: The price of Bitcoin is known for being volatile. A $1B investment can swing greatly from short-term market movements.
Liquidity risks: Sudden BTC price drops could compromise liquidity, especially if the company needs to access capital for operations.
Fair value accounting: US GAAP requires crypto assets to be reported at fair value – which could result in a roller-coaster of quarterly reports.
Regulatory uncertainty: With crypto regulations still evolving around the world, there is risk in compliance, custody, and cross-border asset management.

Additionally, the company admits there’s internal work to be done, such as, among other things:

A client exit that will materially impact revenue
Limited operating history and ongoing net losses
Reliance on strategic partnerships, including the pending commercial agreement with DTR

A Rebranded Crypto Vision Under New Leadership

At the heart of this transformation is Akshay Naheta, who previously worked for SoftBank and founded DTR. As both a Bakkt Co-CEO and the solitary shareholder of DTR it makes him the man to implement this transformation.

In public comments, Naheta made a point of” the “vision” of transforming Bakkt into a “pure-play crypto infrastructure company.” His remarks highlight a vision for Bakkt as a bridge for global digital payments backed by an on-chain treasury approach.

This is a bold attempt to rewrite the Bakkt story—one that began in 2018 with ambitious plans for regulated Bitcoin futures and struggled to gain market traction in its early years.

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