The Company Trump Was Rumored to Buy Is Now Buying Bitcoin

Bakkt, a crypto exchange, is preparing to raise $75 million to fund new Bitcoin purchases. Last November, reports suggested that Trump Media was planning to buy out the company, but this evidently fell through.

Additionally, firms around the world continue to invest in BTC and altcoin stockpiles. Jordan Fried was named as the incoming CEO of a corporate Bitcoin buyer, but he’s simultaneously the Chairman of an HBAR treasury firm.

Bakkt Bets on Bitcoin

Corporate Bitcoin acquisition is becoming a worldwide trend, with new companies making partial investments or full pivots on a daily basis.

Bakkt, a centralized exchange with a marginal presence in the industry, is the latest firm to bet big on Bitcoin. Specifically, according to a press release, Bakkt plans to offer over 6.7 million shares of company stock to raise funds:

“The gross proceeds from the offering, before deducting underwriter discounts and commissions and other estimated offering expenses, are expected to be approximately $75 million. Bakkt intends to use the net proceeds from the offering to purchase Bitcoin and other digital assets in accordance with its investment policy,” Bakkt’s statement read.

Bakkt’s switch from the exchange business to Bitcoin custody makes a lot of sense. After a dicey market performance last year, the firm attempted to win a buyout from Trump Media.

Evidently, however, this deal fell through. Instead, last month, it filed to create massive new stock offerings, exploring a potential BTC pivot. Today’s offering may be the first step of this plan.

Additionally, Bakkt isn’t the only company making massive Bitcoin commitments today. Antelope Enterprise Holdings Limited announced a $50 million investment thanks to a new securities purchase agreement.

It’s unclear if this represents a limited entry into the crypto sector or a full-fledged turn towards the treasury strategy.

Although firms like Bakkt and Antelope Enterprise specialize in Bitcoin, some individuals are on both sides of the fence. Altcoin treasury strategies are rising around the world, with new assets receiving corporate cash.

Yesterday, Immutable announced an HBAR reserve strategy, which its Chairman, Jordan Fried, commented on.

Today, however, Jordan Fried was named in a Bitcoin-specific treasury plan. ZOOZ Power, an EV infrastructure firm, announced a $180 million private placement to fund BTC purchases.

“The company intends to leverage every resource available to a dual-listed entity to scale its Bitcoin holdings, while signaling crypto-native and innovation-focused stakeholders that we are forward-thinking. We see our treasury evolving into a strategic asset that drives growth, stability, and differentiation,” Fried claimed.

In other words, Bakkt and other firms are bullish on Bitcoin, but there are other options. Neither of Fried’s associated companies is preparing a diversified strategy yet, taking a maximalist position on different assets.

Moving forward, the comparative performance of these two tactics could provide valuable data for corporate investors.