Bakkt Eyes $1B Bitcoin Buy, Could Secure 9,364 BTC to Enter Top 10 Holders

Bakkt is about to make a big change in its corporate strategy. The company has filed with the U.S. Securities and Exchange Commission (SEC).

Written by: Arslan Butt • Friday, June 27, 2025 • 2 min read

• Last updated: Friday, June 27, 2025

Quick overview

Bakkt is seeking to raise up to $1 billion for Bitcoin accumulation and digital asset investment, potentially acquiring 9,364 BTC.
This move could position Bakkt among the top 10 public companies holding Bitcoin, surpassing Coinbase's current holdings.
The financing strategy includes using cash reserves and various capital market instruments to fund digital asset purchases.
Bakkt aims to transition from a futures-focused company to a dedicated crypto infrastructure provider.

Bakkt is about to make a big change in its corporate strategy. The company has filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $1 billion for Bitcoin accumulation and broader digital asset investment. If fully executed, this would put Bakkt in the top 10 public companies holding Bitcoin with a potential purchase of 9,364 BTC at current prices.

This financing is part of Bakkt’s updated investment policy which allows the use of cash reserves and capital market instruments – such as Class A stock, preferred stock, debt securities and warrants – to fund digital asset purchases. The shelf registration allows Bakkt to issue these securities in phases and deploy capital strategically based on market conditions.

Bakkt has not bought any Bitcoin yet but has clearly signaled intent. This puts Bakkt in the growing list of corporate players that are holding Bitcoin as a treasury asset, following MicroStrategy, Tesla and Marathon Digital.

Bitcoin Holdings Could Surpass Coinbase

At $106,800 BTC, Bakkt’s $1 billion plan would be 9,364 BTC. That would put it ahead of Coinbase which holds 9,267 BTC and make Bakkt one of the crypto heavyweights.

The top public Bitcoin holders are:

MicroStrategy: 592,345 BTC
Marathon Digital: 49,678 BTC
XXI: 37,230 BTC
Riot Platforms: 19,225 BTC
Galaxy Digital: 12,830 BTC
Tesla: ~10,725 BTC
Hut 8 Mining Corp: ~9,370 BTC

If Bakkt goes full tilt, it would be 9th on this list and solidify its institutional presence in the crypto space.

From Futures to Crypto Infrastructure

Launched in 2018 by Intercontinental Exchange, Bakkt initially focused on physically settled Bitcoin futures – a niche product that didn’t take off. But the company evolved to offer crypto custody, rewards and trading services.

Going public via a SPAC in 2021, Bakkt has had a rough market but is now refocusing to become a “pure-play crypto infrastructure provider” as per Co-CEO Akshay Naheta. He said this transformation allows Bakkt to actively manage its crypto treasury and take advantage of digital asset opportunities.More.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.