Bakkt, Inc. “Bakkt,” or “the Company” announced that it has received the required Indian regulatory approvals in connection with its previously disclosed strategic investment in Transchem Limited (“Transchem”). Following receipt of such approvals, Transchem has completed the allotment of 47,500,000 warrants to Bakkt, for which Bakkt paid approximately $9.4 million, representing 25% of the total subscription amount.

“We believe India represents one of the most compelling opportunities globally at the intersection of financial infrastructure, capital markets, and digital innovation,” said Akshay Naheta, Chief Executive Officer of Bakkt. “India today serves more than 136 million equity investors, continues to add significant numbers of new market participants every day, and has developed one of the world's most advanced fintech ecosystems. As the market continues to mature, we believe the demand for regulated financial infrastructure, brokerage services, and next-generation financial products will continue to grow. We look forward to supporting Transchem as it executes on its strategic vision and pursuing opportunities to create long-term value for shareholders.”

Transchem has previously informed Bakkt that it is evaluating opportunities to expand its presence in India’s financial services sector, including through a potential acquisition of a SEBI-regulated stockbroking and depository participant business. Any such transaction would remain subject to customary regulatory, corporate, and other approvals.

Bakkt expects to provide further updates regarding its investment and related strategic initiatives as additional milestones are achieved.

Additional information regarding the investment is included in the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission today and available on the investor relations section of Bakkt’s website.