Bakkt Holdings Inc., a crypto software firm owned by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange has announced plans to raise up to $1 billion through a shelf registration, according to a recent filing with the US Securities and Exchange Commission (SEC). This move could pave the way for the firm to start buying Bitcoin and other cryptocurrencies as part of its updated treasury strategy.

What is Bakkt’s $1B Shelf Registration?

A shelf registration allows a company to register a large number of securities in advance, which it can then sell over time without having to file separate paperwork for each offering. This gives companies quick access to capital markets when market conditions are favourable.

Bakkt’s filing reveals it could issue up to $1 billion worth of a mix of:

• Class A common stock

• Preferred stock

• Debt securities

• Warrants

• Or combinations of these instruments

Importantly, the filing also confirmed Bakkt has updated its investment policy to allow the purchase of Bitcoin and other digital assets as part of its corporate and treasury strategy. However, as of now, the company has not made any actual crypto purchases.

An excerpt of Bakkt’s regulatory filing. Source: SEC

“We may acquire Bitcoin or other digital assets using excess cash, proceeds from future equity or debt financings, or other capital sources,” the company stated in its filing.

Bitcoin Buys – A Strategic Shift

This filing marks a significant shift in Bakkt’s approach. Originally launched in 2018, the company focused on building infrastructure for digital asset payments and custody. Now, it seems Bakkt is leaning more into holding crypto assets themselves, similar to how companies like MicroStrategy and Tesla added Bitcoin to their balance sheets.

The updated investment policy allows Bakkt to make such purchases when the timing is right. However, the firm clarified that any Bitcoin or crypto buys will depend on:

• Market conditions

• Business performance

• Capital availability

• Strategic opportunities

This flexibility could allow Bakkt to move swiftly during bullish market periods or when digital asset prices dip.

Financial Struggles and ‘Going Concern’ Warning

Despite this bold move, Bakkt is facing serious financial headwinds.

In its SEC filing, Bakkt openly admitted to a “limited operating history” and a “history of operating losses.” More concerning, it also flagged “substantial doubt” about its ability to continue operating as a “going concern” an accounting term indicating a risk that the company may not be able to meet its financial obligations in the near future.

Bakkt’s recent troubles have included the loss of key clients. In March, its stock fell over 30% after announcing that Bank of America and Webull would not renew their commercial agreements with the firm.

Market Reaction and Bakkt’s Outlook

After the announcement of the shelf offering, Bakkt’s share price saw a small 3% rise, closing at $13.33. However, the stock remains down 46% year-to-date, highlighting ongoing investor concern over the firm’s future performance.

BKKT price year-to-date. Source: Google Finance

Despite these challenges, Bakkt remains bullish on the broader crypto market. In a recent post on X (formerly Twitter), the firm responded positively to the growing number of crypto IPOs, including those from Circle, eToro, and Gemini.

“These developments bring validation, visibility, and maturity to the market,” Bakkt said, hinting that the crypto industry is once again gaining real momentum.

Bakkt’s $1 billion shelf offering signals a renewed focus on crypto assets, potentially aligning the firm with other major companies that have diversified into digital assets. While this could be a strategic opportunity to ride the next crypto bull run, investors should remain cautious given the company’s financial instability and the uncertainty around its operations.

The next few months will be crucial. Whether Bakkt becomes a new corporate Bitcoin holder or continues to struggle financially may depend on market sentiment, successful capital raising, and clear execution of its updated strategy.

Entrepreneur Anthony Pompliano has announced a groundbreaking $1 billion deal to establish ProCap Financial, marking a historic milestone in Bitcoin treasury management. This merger combines ProCap BTC with Columbus Circle Capital I, creating the largest Bitcoin-focused treasury powerhouse to date.

The deal includes $500 million in equity and $250 million in convertible notes, reflecting a growing trend of institutional adoption. This approach builds on the model set by MicroStrategy, which currently holds over $63 billion in Bitcoin, showcasing how firms are leveraging Bitcoin to hedge against inflation and diversify reserves.

ProCap’s Innovative Revenue Model

Unlike traditional treasury management companies, ProCap Financial aims to generate profits beyond Bitcoin appreciation. The company plans to use its Bitcoin holdings for lending, derivatives, and financial services, providing diversified revenue streams while mitigating market volatility.

“Our objective is to develop a platform that will not only acquire Bitcoin for our balance sheet but will also implement risk-mitigated solutions to generate sustainable revenue and profits from our Bitcoin holdings,” said Pompliano.

This revolutionary approach could set a precedent for how companies manage crypto assets, highlighting Bitcoin’s potential as both a store of value and a tool for active financial growth.

Institutional Backing Signals Confidence

The merger has garnered significant institutional support, with contributions from leading financial players such as Citadel, Susquehanna, Jane Street, and Magnetar. Crypto-focused firms including Off the Chain Capital, Pantera, Coinfund, Parafi, Blockchain.com, and FalconX have also backed the deal.

This diverse support underscores a strong confidence in Bitcoin’s role within institutional finance, particularly as traditional financial systems grapple with inflationary pressures and regulatory uncertainties.

Strategic Timing Amid Policy Shifts

The merger comes at a pivotal moment as President Trump explores cryptocurrency policy reforms, including the establishment of a strategic Bitcoin reserve. This aligns with a broader acceptance of Bitcoin treasury management among traditional institutions, addressing previous regulatory concerns.

Bitcoin treasury market growth chart – Source: Bitcointreasuries.net

ProCap Financial’s active management model and sustainable revenue strategy may inspire similar mergers, paving the way for corporations to explore Bitcoin as a key component of their financial strategies.

A New Standard in Crypto Treasury Management

This $1 billion transaction represents a significant step toward mainstream adoption of Bitcoin treasury solutions. ProCap Financial’s innovative approach and robust institutional backing could accelerate the integration of crypto assets into corporate finance, setting new benchmarks for the industry.

As inflation concerns and economic uncertainties persist, Bitcoin’s role as a financial asset continues to evolve, offering companies a compelling blend of stability and growth potential. ProCap’s success may signal the beginning of a new era for Bitcoin in institutional finance.

Bitcoin ASIC producer Canaan has completed its first pilot production run in the United States, signaling a strategic pivot in its operations. This move mirrors its Malaysian manufacturing model and comes as the company sharpens its focus on crypto infrastructure by exiting the artificial intelligence (AI) hardware sector.

“Our core strength lies in crypto infrastructure and Bitcoin mining,” said Canaan CEO Nangeng Zhang. “Doubling down on these areas is the most strategic path forward for us.”

Canaan CEO Nangeng Zhang

While acknowledging higher production costs in the US, Canaan views this initiative as a strategic hedge against tariffs and a long-term investment in resilience.

A Strategic Realignment for Growth

Canaan’s decision to exit the AI chip business underscores a commitment to focusing on its primary market—Bitcoin mining. By realigning its resources, the company aims to strengthen its position as a leading ASIC manufacturer.

Canaan controls 2.1% of the Bitcoin mining ASIC market. Source: Cambridge Digital Mining Industry Report

Producing closer to North America enables Canaan to reduce delivery times, better meet local demand, and navigate geopolitical or regulatory challenges. This approach also aligns with industry trends, as competitors like Bitmain and MicroBT are expanding their production capacities in the US.

Navigating US Tariffs and Compliance

Canaan’s US expansion is driven partly by the complex tariff environment. Currently, ASICs produced in Malaysia are subject to a 10% tariff when shipped to the US. Tariff uncertainty on components and raw materials further complicates cost planning.

To ensure long-term commercial viability, Canaan plans to optimise its cost structure, manage production expenses, and respond to evolving customer demand. The company also emphasised its commitment to aligning with US technology and security standards, addressing concerns over national security compliance.

This comes in the wake of incidents like the US Customs and Border Protection Agency halting Bitmain ASIC deliveries in 2024 due to alleged ties between a Chinese supplier and a US-sanctioned firm.

A Long-Term Vision for US Operations

Canaan sees its US pilot production as a stepping stone toward establishing a more robust North American presence. “This is not just a hedge against tariffs,” a company representative said, “but also a strategic investment in building resilience and responding to future market shifts.”

The company aims to refine its US operations, ensuring sustainable production costs and scalability. As geopolitical uncertainties persist, Canaan’s efforts to diversify its production base could position it as a leader in the Bitcoin mining hardware industry.

Focused on the Future

Canaan’s pivot to core crypto operations and expansion into US production highlights its commitment to long-term growth and resilience. By addressing regulatory challenges and refining its cost structure, the company is poised to strengthen its position in the competitive Bitcoin ASIC market while adapting to the evolving global landscape.

U.S. President Donald Trump has reignited his feud with Federal Reserve Chair Jerome Powell, calling him “stupid” and accusing the Fed of hindering economic growth. Speaking from the South Lawn of the White House, Trump criticised the Fed’s reluctance to lower interest rates, claiming it is costing the U.S. economy billions.

“He’s a political guy who’s not a smart person, but he’s costing the country a fortune,” Trump remarked, asserting that interest rates should be two percentage points lower. The Fed has maintained rates between 4.25% and 4.50%, while Europe has implemented multiple rate cuts.

Interest chances of getting cut today | Source: CME FedWatch

Despite Trump’s frustrations, market experts predict no immediate rate adjustments. The CME FedWatch tool suggests a 99.9% chance the Fed will hold rates steady in today’s meeting.

Inflation Worries and Policy Gridlock

Trump dismissed inflation concerns raised by Powell, arguing that inflation is not currently a threat. “If he’s worried about inflation, that’s OK. I understand that. I don’t think there’s going to be any. So far, there hasn’t,” he said.

However, Powell’s cautious approach reflects the Fed’s intent to avoid potential inflation spikes. Trump hinted that Powell’s decisions may be politically motivated, even joking about replacing him after his term ends in May next year. “I’d do a much better job than these people,” the President quipped.

Bitcoin Stagnates Ahead of Fed Announcement

Amid the political drama, Bitcoin has remained relatively stable. After briefly dipping below $104,000 yesterday, the cryptocurrency attempted to recover to $105,000 but fell back to $104,873 as of now. Market participants appear to be in a holding pattern, awaiting the Fed’s decision and guidance on future monetary policy.

If the Fed signals a hawkish stance to curb inflation, Bitcoin could experience a significant downturn, potentially dropping below $100,000. Conversely, hints of rate cuts later this year could reignite bullish momentum, pushing Bitcoin past $110,000.

What’s Next for Crypto Markets?

The Fed’s policy decisions are closely watched by cryptocurrency investors, as interest rates indirectly influence liquidity and risk appetite in financial markets. A prolonged high-rate environment could suppress Bitcoin’s growth, while lower rates might drive renewed interest in speculative assets like cryptocurrencies.

For now, Bitcoin holders and traders are eyeing today’s Fed meeting with cautious optimism. The balance between inflation control and economic growth will shape both traditional and crypto market trajectories in the months ahead.

Bitcoin surged close to a fresh yearly high, driven by renewed hopes that the United States and China are on the verge of finalising their long-awaited trade agreement. The leading cryptocurrency peaked just under $110,300 before retracing slightly to $109,560, as per TradingView data. The price action reflects investor optimism following comments from US President Donald Trump, who claimed the deal is “done, subject to final approval” between himself and Chinese President Xi Jinping.

Trump’s Tariff Statement Boosts Market Sentiment

In a post on Truth Social, Trump said the US is set to impose 55% tariffs while China will apply 10%, declaring the trade relationship “excellent.” This comes after months of tension marked by reciprocal tariff threats that rocked global markets, including crypto. Analysts suggest the announcement has temporarily calmed fears, leading to a bounce in both Bitcoin and broader market sentiment.

Source: Donald J. Trump

Iliya Kalchev of Nexo noted, however, that Wall Street futures saw a minor dip, indicating some skepticism about the substance of the agreement. “While tensions over rare earth exports may be easing, concrete policy shifts remain to be seen,” he said.

China Confirms Trade Framework Progress

On the Chinese side, Vice Commerce Minister Li Chenggang confirmed that the two nations had reached an “in-principle agreement” to settle trade disputes through cooperative measures. Speaking to Chinadaily, Chenggang said the discussions in London were “candid and in-depth,” indicating both sides are serious about resolving outstanding issues.

This progress may bring much-needed stability to global markets, particularly crypto, which has been sensitive to geopolitical and macroeconomic disruptions.

Crypto Markets Recover from Tariff Shock

Earlier in April, Bitcoin had plunged to a year-to-date low of $74,434 after Trump announced new import tariffs. The news wiped out over $5 trillion from the S&P 500 and triggered a sharp drop in investor sentiment. Venture capital activity in the crypto space also slowed, with only 62 VC rounds recorded in May, a 2025 monthly low, according to Cointelegraph.

BTC/USD, 1-day chart. Source: TradingView

Aurelie Barthere of Nansen attributed the slowdown to a “combination of market prices and sentiment,” which had deteriorated amid heightened tariff tensions.

Relief Rally or Temporary Reprieve?

While Bitcoin’s recovery is promising, analysts remain cautious. Raoul Pal, CEO of Global Macro Investor, warned that much of the negotiation process may be “posturing,” with real concessions yet to be confirmed. Investors are now watching closely for formal approval from both nations’ leaders.

If finalised, the US-China trade deal could mark a turning point for global markets and fuel further upside for Bitcoin and digital assets. Until then, the market may continue to fluctuate on headlines, a familiar dynamic for crypto in uncertain times.

As the United States grapples with rising fiscal instability and mounting debt, Bitcoin is emerging as a preferred hedge, with analysts forecasting a meteoric rise in its price. According to Bitwise Asset Management, the world’s largest cryptocurrency could soar to $200,000 by the end of 2025, with its fair market value potentially hitting $230,000. This bullish outlook is backed by a confluence of macroeconomic triggers, surging demand from institutional players, and accelerating adoption of crypto investment products like ETFs.

Below, we break down the key catalysts fuelling Bitcoin’s rally and the broader implications for crypto markets.

US Debt Crisis and BTC Scarcity

The latest Bitwise report, authored by researchers André Dragosch and Ayush Tripathi, outlines how growing structural imbalances in the Bitcoin market are contributing to a supply-demand mismatch. The Bitcoin network produces just 165,000 new BTC annually, while demand from spot Bitcoin ETFs, corporations, and even sovereign entities is rapidly outpacing this supply.

As the U.S. grapples with inflation pressures and a widening federal deficit, Bitcoin’s fixed supply and decentralised structure offer a compelling alternative to traditional fiat-backed assets. Bitwise analysts argue that this scarcity makes Bitcoin uniquely positioned to benefit during periods of fiscal uncertainty.

Technical signals also support this thesis: the Optimized Trend Tracker (OTT), a key technical indicator, recently turned bullish for the first time since mid-2024, potentially signalling the beginning of a major breakout.

Institutional Appetite Accelerates with GameStop and ETFs

Institutional adoption is playing a significant role in Bitcoin’s upward trajectory. A growing number of public companies are now adding Bitcoin to their balance sheets. Bitwise reports that 79 listed firms now hold over $57 billion worth of BTC, a 160% surge year-over-year. This trend is being driven by a desire to hedge against inflation and diversify away from U.S. Treasury holdings.

One notable example is GameStop, which recently acquired nearly 5,000 Bitcoin as part of its strategic pivot into the crypto space. In tandem, Bitwise launched a covered call ETF focused on GameStop (ticker: $GMEY), designed to capitalise on the stock’s volatility while offering income through options strategies.

“Crypto and GameStop share one thing in common volatility,” said Bitwise CIO Matt Hougan. “And the beauty of covered call strategies is that they turn volatility into income.”

This latest ETF adds to Bitwise’s growing suite of innovative products, including those tied to MicroStrategy and Coinbase, with more in the pipeline.

GENIUS Act May Reshape Crypto’s Future

Beyond market dynamics, regulatory clarity is proving equally critical to Bitcoin’s potential rally. The U.S. Senate has recently advanced the GENIUS Act, a bipartisan stablecoin bill that could lay the foundations for comprehensive crypto legislation.

Hougan described the bill as “the most important regulatory development in crypto’s history,” even more impactful than the SEC’s approval of spot Bitcoin ETFs in January 2024. The GENIUS Act aims to formalise how stablecoins are issued and regulated, providing much-needed legal certainty in an industry long governed by patchy executive orders and interpretations.

Moreover, stablecoins have become major purchasers of U.S. government debt, making their regulation not only a matter of crypto market stability but also a national fiscal interest. Hougan believes political momentum is on the bill’s side, especially with growing Treasury dependency on stablecoin liquidity.

Bitcoin in Portfolios: High Reward, Lower Risk

One of the most compelling arguments in favour of Bitcoin’s growth is its evolving role in diversified portfolios. A Bitwise study comparing traditional 60/40 stock-bond portfolios with those that included 5% to 10% Bitcoin revealed a surprising outcome: portfolios with Bitcoin exposure outperformed on a risk-adjusted basis without significantly increasing overall volatility.

“The old days of 60/40 portfolios are over,” said Hougan. “Modern investors need to think in terms of stocks, cash, and crypto, adjusting the risk according to market conditions.”

This perspective aligns with the broader institutional shift toward crypto as a legitimate asset class, not just a speculative play. Bitwise currently offers spot Bitcoin and Ethereum ETFs, with pending applications for Solana, XRP, and Dogecoin ETFs awaiting SEC approval. The growing variety of regulated products gives investors safer and simpler access to digital assets.

A Crypto-Driven Financial Reset?

As fiscal strains mount in the U.S., Bitcoin stands at a critical intersection of macroeconomics, market demand, and regulatory transformation. With Bitwise projecting a $200,000 price target within the next 18 months, the cryptocurrency’s future appears to be tied not just to hype, but to deeper structural shifts in the global financial system.

The crypto market faced a major shakeup as over $1 billion in leveraged positions were wiped out, following a sharp decline in Bitcoin price. This downturn, triggered by a mix of macroeconomic concerns and market-specific events, comes just ahead of a significant crypto options expiry and key US economic data, which could further impact investor sentiment.

Bitcoin Plunges Below $101K Amid Broader Market Decline

Bitcoin (BTC) dropped nearly 5% to a low of $100,372, reflecting mounting pressure from external macroeconomic factors and market liquidations. The fall extends Bitcoin’s decline to more than 10% from its all-time high, dragging down the broader crypto market. A high-profile spat between Elon Musk and Donald Trump also weighed on market confidence, adding to the already volatile sentiment.

Altcoins were not spared in the sell-off, with Ethereum (ETH), Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and newer tokens like HYPE and SUI all posting sharp losses. While Bitcoin has since rebounded slightly to trade above $102,400, the short-term outlook remains clouded by uncertainty.

Over $1 Billion in Crypto Liquidations Rock Market

According to CoinGlass data, the past 24 hours saw crypto liquidations surpassing $1 billion, impacting over 227,000 traders. Long positions bore the brunt, accounting for more than $900 million of the total liquidated value, while short positions made up roughly $100 million.

Crypto Liquidation. Source: CoinGlass

The single largest liquidation order was a $10 million position on BitMEX’s XBTUSD pair. In total, Bitcoin and Ethereum saw net liquidations exceeding $600 million, prompting a sharp market correction.

CoinGlass highlighted that this marks the most significant long liquidation event since 25 February, with high-leverage traders being completely wiped out. Among them, trader James Wynn lost 155.38 BTC worth approximately $16.14 million and has reportedly exited all his long positions.

$3.8B in BTC and ETH Options Set to Expire

Market participants are now eyeing the expiry of Bitcoin and Ethereum options contracts on Deribit, the world’s largest crypto derivatives exchange. Scheduled for 8:00 UTC, the event involves 30,000 BTC options worth $3.21 billion and 242,584 ETH options valued at $588 million.

Ethereum Options Open Interest. Source: Deribit

The put-call ratio for Bitcoin options stands at 0.70, with a max pain point of $105,000 higher than the current BTC price suggesting that many traders may have either exited or been liquidated. Ethereum options reflect a similar sentiment, with a put-call ratio of 0.63 and a max pain point of $2,575.

Despite the downturn, crypto futures markets have shown early signs of stabilisation. Open interest for Bitcoin and Ethereum futures rose 0.80% and 1.74%, respectively, in the past four hours, indicating some buying activity amid the dip.

Focus Turns to US Jobs Report and Fed Policy Outlook

Beyond crypto-specific developments, the broader market is closely monitoring US economic indicators for cues on Federal Reserve policy. The 10-year US Treasury yield hovered at 4.39%, showing signs of stabilisation ahead of the May non-farm payrolls report. Meanwhile, the US Dollar Index (DXY) remains steady at 98.8.

With expectations of just 130,000 new jobs, the lowest gain in three months and unemployment forecasted to stay at 4.2%, the labour data could shape the Fed’s interest rate path. A softer jobs report, especially if paired with a rise in unemployment, may bolster the case for a rate cut as early as September.

CME’s FedWatch Tool currently assigns a 54% probability to a 25 basis point rate cut in September. Former President Donald Trump has continued to call for aggressive rate cuts, but Fed officials remain cautious amid global trade and policy uncertainties.

Cautious Optimism Amid Volatility

While some traders are buying the dip, volatility remains high, and caution is warranted. The combination of macroeconomic uncertainty, a key options expiry, and Fed policy speculation makes the coming days critical for the crypto market’s direction. Should the US jobs data trigger expectations of monetary easing, it may provide short-term relief and support a crypto rebound.