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Why Crypto-Related Stock Bakkt Is Falling

Bakkt Holdings Inc (NYSE:BKKT) shares are trading lower by 34% to $0.67 during Thursday’s session after the company announced two securities purchase agreements. In the first agreement, Bakkt will sell 46,136,102 shares of its Class A common stock at $0.8670 per share, along with warrants, in a registered direct offering to institutional investors. This offering is set to close on March 4. Simultaneously, Bakkt has entered into a concurrent registered direct offering to an affiliate of Intercontinental Exchange, Inc. (ICE). This offering involves the sale of up to 11,534,025 shares of Class A …