Welcome to our dedicated page for Bakkt SEC filings (Ticker: BKKT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Bakkt Holdings, Inc. (NYSE: BKKT) SEC filings page provides direct access to the company’s regulatory disclosures, along with AI-powered tools to help interpret them. Bakkt is a digital asset infrastructure company founded in 2018 and headquartered in New York, New York, with a focus on Bitcoin, tokenization, stablecoin payments, and AI-driven finance. Its filings with the U.S. Securities and Exchange Commission offer detailed insight into how it structures its business, manages risk, and executes its transformation strategy.
Through its periodic and current reports, investors can review Bakkt’s financial results, segment framing, and commentary on its transition to a pure-play digital asset infrastructure platform. Form 10-Q and 10-K filings describe revenue drivers tied to crypto market activity, operating expenses, and the impact of its digital asset and treasury strategies, while also outlining extensive risk factors related to digital assets, stablecoins, and regulatory developments.
Bakkt’s Form 8-K filings highlight material events such as the completion of its capital structure simplification, the holding company reorganization that created a new Bakkt Holdings, Inc. as successor registrant, and its agreement to acquire Distributed Technologies Research Ltd. Additional 8-Ks detail board and executive changes, earnings call materials, and selective strategic investments, including warrant subscriptions in international counterparties.
On this page, users can also monitor specialized filings, such as Form 12b-25 notifications regarding filing timing and Form 15 filings related to the deregistration of the predecessor entity in connection with the reorganization. AI-powered summaries help explain complex sections of lengthy documents, highlight key changes across reporting periods, and surface information on topics like capital structure, digital asset holdings, and governance. For those researching insider activity and equity-linked instruments, access to filings covering warrants and registration rights agreements provides additional context around Bakkt’s equity and financing arrangements.
Bakkt, Inc. files its annual report describing a major strategic shift toward institutional digital asset infrastructure built around its Bakkt Markets, Bakkt Agent and Bakkt Global platforms. The company divested non-core businesses in 2025, including its Loyalty business and Bakkt Trust, to simplify its structure and focus on core trading and payments services.
Bakkt highlights an internal reorganization that collapsed its prior Up-C structure into a single class of common stock, and details extensive U.S. licensing, including money transmitter licenses and a New York BitLicense. It adopted an investment policy in 2025 that allows use of excess capital and future financings to purchase Bitcoin or other digital assets, but states it has not yet made such purchases.
The report outlines a planned acquisition of Distributed Technologies Research Global Ltd., a stablecoin payments infrastructure provider, to be paid in stock equal to 31.5% of Bakkt’s fully diluted share count at closing, subject to shareholder approval and other conditions. Bakkt also notes a February 2026 registered direct offering that raised approximately $48.125 million in gross proceeds through new common shares and pre-funded warrants, intended for working capital, general corporate purposes and strategic initiatives.
Bakkt, Inc. notified the SEC that it was unable to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025 because it needs additional time to finalize its consolidated financial statements and for its independent registered public accounting firm to complete its first-year independent audit of the consolidated financial statements and internal control over financial reporting.
The notification was signed by Karen Alexander, Chief Financial Officer, on March 17, 2026.
Bakkt, Inc. reported full-year 2025 results showing a business in transition, with GAAP revenue of $2,335.2 million, down 32.1% year-over-year due to lower crypto trading volume.
The company posted a GAAP net loss of $132.2 million, including a $34.6 million loss from discontinued operations tied to the sale of its Loyalty business. Adjusted EBITDA was a loss of $32.7 million, an improvement of 42.9% year-over-year as operating efficiency and other income improved.
Bakkt completed roughly $100 million of strategic capital raises, eliminated long-term debt, simplified its structure by collapsing its Up-C into a single-class common stock, and exited non-core custody and loyalty operations. The company is repositioning around three engines—Bakkt Markets, Bakkt Agent, and Bakkt Global—and has agreed to acquire Distributed Technologies Research to expand stablecoin and programmable finance capabilities.
Bakkt, Inc. insider ownership has been updated following share dilution. Intercontinental Exchange, Inc. and its subsidiary Intercontinental Exchange Holdings, Inc. report beneficial ownership of 8,380,362 shares of Bakkt Class A common stock, representing 27.0% of the class.
This amount includes 7,919,002 outstanding shares plus 461,360 Replacement Warrant Shares underlying warrants that only gain voting power if exercised. The percentage is calculated against 30,562,092 Bakkt Class A shares outstanding as of March 2, 2026. The filing states the change in percentage is due solely to Bakkt issuing additional shares since the prior amendment, and that the reporting persons have not traded Bakkt stock in the past 60 days. ICE has also agreed, under a voting and support agreement, not to transfer certain ICE subject shares until either 120 days after the related purchase agreement date or the Bakkt stockholder meeting to approve the DTR Acquisition.
Bakkt, Inc. has completed a registered direct offering raising approximately $48.125 million from a single institutional investor. The company sold 3,024,799 shares of Class A common stock and pre-funded warrants to purchase 2,475,201 additional shares at $8.75 per share and $8.7499 per pre-funded warrant.
The deal was conducted under an effective Form S-3 shelf registration and closed on or around March 2, 2026. Bakkt plans to use the net proceeds for working capital, general corporate purposes and strategic initiatives. Pre-funded warrants carry a $0.0001 exercise price and include a 9.90% beneficial ownership cap, adjustable at the holder’s election after 61 days. The company, along with its officers and directors, agreed to 45-day lock-ups restricting additional equity sales. Cohen & Company Capital Markets acted as sole placement agent on a reasonable best efforts basis and will receive a 3% fee on gross proceeds.
Bakkt, Inc. General Counsel and Secretary Marc D'Annunzio reported an open-market sale of 785 shares of Class A common stock on February 24, 2026 at a weighted-average price of $10.0947 per share. After this sale, he directly owned 117,833 shares, including 50,229 shares subject to restricted and performance stock units that still need to vest.
The sale was carried out under a pre-established Rule 10b5-1 trading plan adopted on September 10, 2025. Separately, he held stock options covering 132,551 shares, granted on July 29, 2025, which become exercisable in quarterly tranches over eight quarters with complex exercise and forfeiture conditions.
Bakkt, Inc. is offering 3,024,799 shares of Class A common stock and pre-funded warrants to purchase 2,475,201 shares. The offering price is $8.75 per share and $8.7499 per Pre-Funded Warrant, with an exercise price of $0.0001 per share for the Pre-Funded Warrants.
The Securities are being sold to a single investor under a purchase agreement dated February 27, 2026, with delivery expected on or around March 2, 2026. Net proceeds are estimated at approximately $45.4 million and Bakkt intends to use proceeds for working capital, general corporate purposes and strategic initiatives. Shares outstanding after the offering are based on 27,537,293 shares as of February 26, 2026.
Weiss Asset Management and related parties report a passive ownership stake in Bakkt, Inc. The filing shows beneficial ownership of 812,640 shares of Bakkt Class A common stock, representing 3.4% of the class, as of an event date of December 31, 2025.
The shares are held with shared voting and dispositive power and no sole voting or dispositive power. The ownership percentage is calculated against 24,038,434 Class A shares outstanding as of November 6, 2025, as reported in Bakkt’s Form 10-Q. The reporting persons certify the position is held in the ordinary course and not for the purpose of changing or influencing control.
Bakkt, Inc. is asking stockholders to approve issuing new Class A common shares to acquire Distributed Technologies Research Global Ltd. (DTR) in an all‑stock deal. As of the February 10, 2026 record date, 25,761,710 Class A shares were outstanding.
If the issuance is approved, Bakkt expects to issue approximately 9,214,468 new shares as consideration, so that the DTR holders would own about 26.4% of the company’s outstanding voting Class A shares. Additional consideration of up to 725,592 shares may be issued if certain existing warrants are fully exercised for cash.
A special committee of independent directors reviewed and negotiated the transaction, obtained a fairness opinion from Kroll (Duff & Phelps), and unanimously concluded the deal is fair and in the best interests of stockholders other than Akshay Naheta, who is both Bakkt’s CEO and DTR’s principal owner and recused himself from board deliberations.