Shares of Bakkt Holdings (NYSE: BKKT) plummeted 34% on Thursday after the cryptocurrency platform filed a registration statement for a massive stock sale.
In a filing with the Securities and Exchange Commission (SEC) on Wednesday, Bakkt announced that early investors would be free to sell more than 230 million shares of its stock in the public markets. Prior to the issuance and sale of these shares, Bakkt had only slightly more than 57 million shares outstanding.
Bakkt Holdings shed more than one-third of its value on Thursday. Image source: Getty Images.
Source Fool.com