Bakkt (BKKT) secures 47.5M Transchem warrants with $9.4M initial payment

Rhea-AI Filing Summary

Bakkt, Inc. disclosed that Transchem Ltd.’s Preferential Issue Committee approved the allotment of 47,500,000 warrants to its subsidiary, Bakkt Opco Holdings, LLC. These warrants entitle the holder to acquire ordinary shares of Transchem in line with the terms of a previously approved preferential allotment.

The company paid $9,409,784 for the warrants, described as 25% of the total subscription amount, reflecting an initial cash outlay tied to this investment in the Indian-listed company Transchem.

Insights

Cross-border investments analyst

Bakkt commits upfront capital for a sizable warrant position in Transchem.

Bakkt has acquired 47,500,000 warrants in Indian-listed Transchem Ltd., paying $9,409,784 as 25% of the total subscription amount. The warrants give the right to acquire ordinary shares, creating potential equity exposure rather than immediate ownership.

This structure staggers cash outlay, with most of the subscription amount due later under the preferential allotment terms. Actual impact will depend on Transchem’s share performance and Bakkt’s decisions on exercising the warrants. Subsequent filings may clarify exercise timing and any strategic linkage.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Transchem warrants allotted: 47,500,000 warrants Initial payment for warrants: $9,409,784 Portion of subscription paid: 25% of total subscription amount

3 metrics

Transchem warrants allotted 47,500,000 warrants Allotted to Bakkt Opco Holdings, LLC on June 3, 2026

Initial payment for warrants $9,409,784 Paid by Bakkt for purchase of Transchem warrants

Portion of subscription paid 25% of total subscription amount Described share of total price for the warrants

Key Terms

preferential allotment, warrants, Emerging growth company, Preferential Issue Committee

4 terms

preferential allotment financial

"pursuant to a preferential allotment approved by Transchem’s board of directors and subsequently approved by Transchem’s shareholders"

warrants financial

"the Company elected to subscribe for a number of warrants to be issued by Transchem Ltd."

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

Emerging growth company regulatory

"Emerging growth company Item 8.01 Other Events."

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

Preferential Issue Committee financial

"the Preferential Issue Committee of Transchem (the "Committee") approved the allotment of 47,500,000 warrants"

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Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

June 3, 2026

Bakkt, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-39544

41-2324812

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

3280 Peachtree Road NE, 7th Floor Atlanta, Georgia						30305
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (332) 203-3017

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

BKKT

The New York Stock Exchange

Warrants to purchase Class A Common Stock

BKKT WS

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐     

Item 8.01 Other Events.

As previously reported, on November 21, 2025, the Company elected to subscribe for a number of warrants to be issued by Transchem Ltd. (“Transchem”), an Indian company listed on BSE Ltd., pursuant to a preferential allotment approved by Transchem’s board of directors and subsequently approved by Transchem’s shareholders.

On June 3, 2026, the Preferential Issue Committee of Transchem (the "Committee") approved the allotment of 47,500,000 warrants to Bakkt Opco Holdings, LLC. The warrants were issued pursuant to the terms of the preferential allotment approved by the Committee and entitle the holder to acquire ordinary shares of Transchem, in accordance with their terms. The Company paid $9,409,784 for the purchase of these warrants, equivalent to 25% of the total subscription amount.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.									Description
104									Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

Dated: June 4, 2026

			BAKKT, INC.
			By:			/s/ Marc D'Annunzio
			Name:			Marc D’Annunzio
			Title:			General Counsel and Secretary

FAQ

What did Bakkt (BKKT) announce regarding Transchem Ltd.?

Bakkt reported that Transchem Ltd.’s Preferential Issue Committee approved the allotment of 47,500,000 warrants to Bakkt Opco Holdings, LLC. These warrants give Bakkt the right to acquire ordinary shares of Transchem under a previously approved preferential allotment structure.

How much did Bakkt (BKKT) pay for the Transchem warrants?

Bakkt paid $9,409,784 for the Transchem warrants. The filing states this amount represents 25% of the total subscription price for the 47,500,000 warrants, reflecting an initial cash commitment under the preferential allotment terms approved at Transchem.

What do the Transchem warrants allow Bakkt (BKKT) to do?

The Transchem warrants entitle Bakkt’s subsidiary to acquire ordinary shares of Transchem Ltd. They were issued under a preferential allotment approved by Transchem’s board, shareholders, and Preferential Issue Committee, giving Bakkt potential future equity exposure to the Indian-listed company.

Who is the counterparty in Bakkt’s new warrant investment?

The counterparty is Transchem Ltd., an Indian company listed on BSE Ltd. Transchem’s board and shareholders approved a preferential allotment, and its Preferential Issue Committee later approved allotment of 47,500,000 warrants to Bakkt Opco Holdings, LLC on June 3, 2026.

Is the Transchem warrant deal already completed for Bakkt (BKKT)?

The allotment of 47,500,000 warrants to Bakkt Opco Holdings, LLC was approved and the company paid $9,409,784, described as 25% of the total subscription amount. Further payments and any warrant exercises would follow the preferential allotment’s terms described by Transchem.

Filing Exhibits & Attachments

4 documents

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.1 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 16.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 28.2 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 16.8 KB