Constantly Changing Mission
Founded in 2018, Bakkt's initial mission aimed at revolutionizing payment methods for major corporations like Starbucks, allowing them to accept crypto. Despite its early success and the introduction of a digital wallet in 2021, the company shifted its strategy in February 2023.
Bakkt announced the discontinuation of its wallet app, pivoting towards business-to-business (B2B) solutions. The move was motivated by a desire to focus on core solutions with product-market fit and rapid scalability. However, recent developments, as indicated in a notice to the SEC, suggest that this strategic shift may not have been successful.
Amended Quarterly Report
Bakkt's amended SEC report highlights temporary financial constraints, sounding a warning about potential closure within the next 12 months. The company expresses significant uncertainty related to its expansion into new markets and the growth of its revenue base in the evolving crypto assets environment.
In response to its financial challenges, Bakkt submits an S-3 form seeking approval to sell up to $150 million in equity, a move that could provide the necessary funds to sustain its operations. The reasons behind the deletion of a now-vanished post on X remain unclear, adding further intrigue to Bakkt's current predicament.