Why is Bitcoin Savior Bakkt Running Out of Cash?

Crypto company Bakkt, backed by Intercontinental Exchange (ICE), has announced that it may not survive the next 12 months due to cash constraints

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The exchange has also filed an amendment to its quarterly report with the SEC, citing significant uncertainty

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Founded in 2018, Bakkt aimed to attract institutional investors to Bitcoin during a bear market

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However, now struggling to fund operations, Bakkt is currently planning to raise capital by issuing up to $150 million in registered securities

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The exchange is currently focusing on custody services and supporting various coins to navigate challenges in the evolving crypto landscape

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