BKKT Stock Heads For 5-Month Lows – What Happened?

The company priced a $48 million registered direct offering to a single institutional investor.

Shares of Bakkt, Inc. (BKKT) plunged more than 14% in premarket trading on Wednesday after the company priced a $48 million registered direct offering to a single institutional investor.

If the pre-market levels hold after the opening bell, BKKT stock will fall to its lowest levels since Sept. 16, 2025.

The company is expected to sell a little over 3 million shares of its Class A common stock and pre-funded warrants to purchase up to 2.5 million additional shares. The shares are priced at $8.75 each, while the pre-funded warrants are priced at $8.7499 per warrant.

The offering is expected to close on or around March 2, 2026. The company said it plans to use the net proceeds for working capital, general corporate purposes, and strategic initiatives.

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