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Bakkt receives green light to raise $150m through its securities sale

Cash-strapped cryptocurrency company Bakkt has been permitted to raise additional funds. According to a Feb. 14 statement from Bakkt, the company has received permission to raise $150 million by selling its securities in one or more offerings over three years. This comes after the firm raised concerns about its balance sheet in a letter to the Securities and Exchange Commission (SEC) last week. At the time, Bakkt said it hoped to potentially raise additional capital by issuing its listed securities on the public markets to fund its long-term vision. Bakkt said last week that if it fails to raise money through debt financing or equity dilution, it will not have enough funds to continue operations.

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