Bakkt eliminates all long-term debt with convertible debenture redemption

Bakkt Holdings Inc. (NYSE: BKKT) announced it has redeemed its outstanding 0.00% convertible debenture due June 18, 2026, eliminating all remaining long-term debt obligations.

The company satisfied all obligations under the debenture, which was originally issued in June 2024. The redemption leaves Bakkt with no outstanding long-term debt, according to a company statement.

"Retiring the debenture eliminates a major overhang while further simplifying our capital structure," said Akshay Naheta, CEO of Bakkt. "With a clean balance sheet and full flexibility, we can sharpen our focus on executing our strategy and delivering long-term value as a leading crypto infrastructure platform."

The Atlanta-area based company, founded in 2018, operates as a crypto infrastructure platform providing institutional-grade trading and onramp capabilities for clients in the cryptocurrency economy.

You May Also Be Interested In

• Coinbase CLO Paul Grewal to step down, Ryan Van Grack named Vice Chairman
• Fermi Inc. plans $350M convertible notes offering due 2031
• Delek Logistics Partners, LP (DKL) PT Raised to $54 at Mizuho