Bakkt, a cryptocurrency company struggling financially, has announced that it has received regulatory approval to raise up to $150 million through the sale of its securities.
This comes just one week after the firm expressed concerns about its balance sheet. The company stated that it has obtained a “shelf registration,” also known as a shelf offering, which allows it to register a new issue of securities with the Securities and Exchange Commission.
This will enable Bakkt to gradually sell these securities over a period of three years without needing separate approval each time.
According to Bakkt, this approval will give them the flexibility to raise capital in the future when needed.
Previously, the company had revealed that it was facing a financial shortfall and was considering issuing its registered securities in the public market to secure additional funding for its long-term goals.
