[Form 3] Bakkt Holdings, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Bakkt Holdings, Inc. (BKKT) Form 3: Michael Alfred, a company director, reported ownership on an event dated 09/17/2025. He holds 15,469 restricted stock units that convert to Class A common shares and vest 100% on June 17, 2026 if he remains in service. He also reports 40,000 Class A shares held indirectly through Alpine Fox LP, over which he has control but disclaims beneficial ownership except for his pecuniary interest. Form signed by Paul Simmons as attorney-in-fact on 09/26/2025.

Positive

• Clear disclosure of director holdings, including exact counts for RSUs and indirect shares
• RSU vesting date provided (June 17, 2026), giving transparency on when additional shares may be issued
• Indirect ownership explained with disclaimer regarding pecuniary interest in Alpine Fox LP shares

Negative

• None.

Insights

Financial Analyst

TL;DR: Director disclosed modest equity and time‑based RSUs, a routine insider ownership update with limited immediate market impact.

The filing reports 15,469 RSUs vesting fully on June 17, 2026 and 40,000 Class A shares held via Alpine Fox LP. These holdings represent direct economic exposure and a deferred equity stake tied to continued service. There are no derivative instruments or unusual transactions disclosed. From a capital‑markets perspective, the disclosure is standard Section 16 reporting and is unlikely to materially affect BKKT valuation.

Corporate Governance Expert

TL;DR: Standard initial insider filing showing director compensation structure and indirect holdings; governance disclosure appears complete.

The Form 3 identifies role as a director and clarifies the nature of indirect ownership through Alpine Fox LP, including a disclaimer of beneficial ownership beyond pecuniary interest. The RSU vesting schedule is explicit, aligning incentive alignment with continued service. No pledges, transfers, or related‑party transactions are disclosed in this form.

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)

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	15,469(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	09/26/2025
	** 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 did Michael Alfred report on Form 3 for BKKT?

He reported 15,469 restricted stock units of Class A common stock (RSUs) and 40,000 Class A shares held indirectly through Alpine Fox LP.

When do the RSUs held by Michael Alfred vest?

The filing states the RSUs vest 100% on June 17, 2026 provided he continues to provide service through that date.

What is the reporting date for the Form 3 event?

The Date of Event Requiring Statement is 09/17/2025, and the form was signed on 09/26/2025.

Does Michael Alfred directly own the 40,000 Class A shares?

No; the 40,000 shares are held through Alpine Fox LP, over which he has control but he disclaims beneficial ownership except to the extent of his pecuniary interest.

Was any derivative security or option disclosed in the Form 3?

No derivative securities or options are reported in Table II of this Form 3.