BKKT Director Alfred Michael Files Form 3/A Showing RSUs and 40,000 Indirect Shares

Rhea-AI Filing Summary

Alfred Michael, identified as a director of Bakkt Holdings, Inc. (BKKT), filed an amended Form 3 reporting beneficial ownership positions. The filing shows 19,337 restricted stock units (RSUs) held directly, each representing a contingent right to one Class A share that will vest 100% on June 17, 2026 if service continues. The filing also reports 40,000 Class A shares held indirectly through Alpine Fox LP, over which Mr. Michael has control but disclaims beneficial ownership except to the extent of his pecuniary interest. The event date is 09/17/2025 and the amendment was signed 09/29/2025.

Positive

• Timely disclosure of director's holdings via an amended Section 16 filing
• Clear vesting schedule for RSUs: 100% vesting on June 17, 2026

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director reports mix of deferred equity and indirect holdings with a clear vesting date, reflecting standard alignment with shareholder interests.

The filing is a routine Section 16 disclosure by a director documenting both direct compensation-related equity (RSUs) and indirect holdings via a vehicle. The RSU vesting date of June 17, 2026 is material for timing of potential share issuance and alignment incentives. The disclaimer regarding Alpine Fox LP is standard; it clarifies control without asserting full beneficial ownership. No derivatives or option positions are reported.

Securities Analyst

TL;DR: No unusual transactions or material changes to ownership; reported positions total 59,337 Class A economic interests (direct+indirect).

From a market-disclosure perspective, this amended Form 3 simply formalizes the initial holdings and the RSU vesting schedule. The combination of 19,337 RSUs and 40,000 indirect shares creates a known near-term potential increase in outstanding shares when RSUs vest. The filing does not disclose sales, option exercises, or any derivative instruments that would indicate immediate liquidity events.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

ALFRED MICHAEL

(Last) (First) (Middle)

C/O BAKKT HOLDINGS, INC.

1 LIBERTY ST FL 3 STE 305-306

(Street)

NEW YORK NY 10006

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/17/2025

3. Issuer Name and Ticker or Trading Symbol
Bakkt Holdings, Inc. [ BKKT ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)
09/26/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	19,337(1)	D
Class A Common Stock	40,000	I	By Alpine Fox LP(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These securities are restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the issuer's Class A Common Stock. 100% of the RSUs shall vest on June 17, 2026, provided that the reporting person continues to provide service to the issuer through such date.

2. Represents shares of the issuer's Class A Common Stock held through Alpine Fox LP, over which the reporting person has control. The reporting person disclaims beneficial ownership of the shares except to the extent of his pecuniary interest therein.

	/s/ Paul Simmons Attorney-in-Fact for Michael Alfred	09/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What holdings did Alfred Michael report on the Form 3/A for BKKT?

The filing reports 19,337 RSUs held directly and 40,000 Class A shares held indirectly through Alpine Fox LP.

When do the reported RSUs vest for Bakkt director Alfred Michael?

The RSUs vest 100% on June 17, 2026, contingent on continued service through that date.

Does Alfred Michael claim full beneficial ownership of the 40,000 shares held through Alpine Fox LP?

No. The filing states he disclaims beneficial ownership of those shares except to the extent of his pecuniary interest.

Did the Form 3/A disclose any derivative securities or option positions for BKKT?

No. The filing contains no entries in Table II for derivative securities, warrants, or options.

What are the relevant dates in the amended Form 3 for BKKT?

The event date is 09/17/2025 and the amendment/signature is dated 09/29/2025.