Bakkt, a cryptocurrency trading platform affiliated with the New York Stock Exchange, has successfully completed a registered direct offering, raising $48.125 million. The offering includes 3,024,799 shares of Class A common stock and pre-funded warrants, each warrant exercisable for up to 2,475,201 shares of Class A common stock. Priced at $8.75 per share and $8.7499 per pre-funded warrant, the transaction is anticipated to close by March 2, 2026, pending customary closing conditions.