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Bakkt (BKKT) is pivoting into buying and holding Bitcoin (BTC) on its balance sheet as part of an updated investment policy that could also see the embattled crypto firm allocate capital in other
Bakkt's Jump Into Bitcoin As A Treasury Strategy Distracts From Liquidity Angst
Summary
- Bakkt is pushing into the Bitcoin as a treasury for publicly listed companies trend.
- Liquidity continues to drop on a sequential basis with negative free cash flow during the first quarter coming in at $101 million.
- A $23.5 million private placement of convertible debentures post-period has extended BKKT's liquidity profile, but the company remains a sell.
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