Bakkt, a digital asset company with NYSE roots, is grappling with financial instability.

The firm is looking to raise $150 million in securities to mitigate cash flow problems.

Despite initial backing from Microsoft and Starbucks, Bakkt's shares have dropped to $1.36.

In the first nine months of 2023, Bakkt reported substantial losses amounting to $147.1 million.

Parent company ICE has incurred a significant loss on its investment in Bakkt.

Gavin Michael, ex-Citigroup executive, has taken over as CEO from Kelly Loeffler.

The company's troubles reflect wider issues in the volatile cryptocurrency market.