After a full bitcoin treasury pivot, the stock was plunged into premarket trading due to the Lowball $ 75 million stock of Bakkt Holdings.
Summary
- Bakkt Holdings plans to issue $ 75M shares
- Loball share offering gave nose to its share price
- The firm completely divided by its loyal business
For exclusive-listed companies, Crypto Treasury Pivots are normally designed to invest their stock valuation. However, it does not always do PAN as expected, as is in the case of Bakkt holdings, which is completely related to a bitcoin (BTC) Treasury strategy. On Tuesday, July 29, the company’s stock exceeded 40%, roughly offering its lobol stock.
In particular, the firm announced a plan to raise $ 75 million through the stock offer and pre-funded warrant. The firm has planned to issue pre-funded warrants for 6,753,627 shares and 746,373 shares of Class A Common Stock. Common stock will be priced at $ 10 per share and warrant at $ 9.9999.
The decision came despite the fact that, at the time of the announcement, the company shares were trading at $ 17 per share. Soon after the announcement of the stock offering, the shares of the bakt fell to $ 10.09 due to concerns about their strategic pivot for bitcoins.
Bakkt holdings goes completely on bitcoin
On 28 July, Bakkt Holdings sold their loyalty business, first to a subsidiary of their operations, a subsidiary of Roman DBDR to $ 11 million in cash. For the CEO of the firm, Andy Main, the sale was part of its strategy for “pure-play Crypto Infrastructure Company”.
It is part of its comprehensive strategy to increase $ 1 billion, roughly to release stocks and invest in your bitcoin treasury through both warrant. In addition to its bitcoin trappers, Bakkt plans to invest in digital asset technology. The firm plans to offer bitcoin detention services, convenience stabecoin payment, enabling digital asset business and providing various other services to institutional customers.
