Bakkt, once touted as Bitcoin’s ‘savior,’ is running low on cash

The institutional digital asset trading platform unveiled in 2018 amid huge fanfare has just disclosed it “might not be able to continue as a going concern.”
Crypto company Bakkt, backed by the Intercontinental Exchange (ICE) and launched in 2019 — has just warned it may not have enough cash to stay in business over the next 12 months.
On Feb. 7, Bakkt filed an amendment to its quarterly report with the Securities and Exchange Commission, with one section on risk factors containing a warning that it may “not be able to continue as a going concern.”
The company was founded in 2018 amid a lot of hype by Intercontinental Exchange, which owns the NYSE. At the time, Bakkt was seen as opening Bitcoin’s doors to institutional investors amid a deepening bear market.
Bitcoin investor "juthica" asked her 16,000 X followers how Bakkt had managed to bungle things when crypto markets had increased so much.
Bakkt, however, says it now no longer believes its cash and restricted cash are sufficient to fund its operations over the next 12 months.

“There is significant uncertainty associated with our expansion to new markets and the growth of our revenue base given the rapidly evolving environment associated with crypto assets.”

It also warns it has been unable to generate sustainable operating profit and sufficient cash flows, it said its future success will depend on its ability to raise capital. 
We "cannot conclude it is probable we will be able to increase revenues substantially beyond levels that we have attained in the past in order to generate sustainable operating profit and sufficient cash flows to continue doing business without raising additional capital in the near future," it said. 
Bakkt says it’s now looking to potentially raise additional capital by issuing its registered securities in the public markets to “fund our long-term vision.”
A newly filed amended Form S-3, once effective, will allow the firm to “issue up to $150 million in registered securities in the public markets to raise additional capital,” it said in a now-deleted post on X.
The firm did not specify what the proceeds of the sale would be for, stating “We will retain broad discretion over the use of the net proceeds to us from the sale of our securities,” before adding “We currently expect to use the net proceeds that we receive from this offering for working capital and other general corporate purposes.”
Bakkt is a digital asset platform and payments app that enables institutions to buy, sell, store, and spend crypto assets. It has made several strategic partnerships including Starbucks and AWS to enable digital asset transactions and services. 
Bakkt went public in 2021 when share prices spiked to over $40. However, its stock traded down 7.6% in after-hours trading on Wednesday, falling to $1.34, which is now down 37% since the beginning of this year.