Bakkt, a crypto platform that was launched in 2018 with great enthusiasm by the owner of the New York Stock Exchange, issued a warning on February 7, 2024, stating that it may not be able to continue operating as a going concern.

In a filing with the U.S. Securities and Exchange Commission, the company stated, "We might not be able to continue as a going concern. We do not believe that our cash and restricted cash are sufficient to fund our operations for the 12 months following the date of" the filing.

To date, Bakkt has raised $482 million over two funding rounds from 26 investors. However, as of March 8, 2024, the company's market capitalization stands at approximately $200 million, with shares trading at $0.60, a significant drop from its 52-week high of $2.75.

On February 7, the firm submitted an amended Form S-3 to the SEC, requesting permission to issue up to $150 million in registered securities in the public markets. Upon receiving approval, Bakkt proceeded to sell $40 million in equity and warrants to institutional investors, including affiliates of ICE, their primary backer and former parent company.