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[Form 4] Bakkt Holdings, Inc. Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Bakkt Holdings, Inc. (BKKT) filed a Form 4 for its Chief Financial Officer, Karen Alexander. On 11/14/2025, 121 shares of Class A common stock were withheld at a price of $21.61 to cover tax obligations arising from an option exercise on November 12, 2025. After this transaction, Alexander beneficially owns 69,499 shares of Class A common stock.

The ownership figure includes 50,229 shares subject to restricted stock units and performance stock units that are still subject to vesting. Alexander also holds stock options with an exercise price of $10 per share covering 26,511 shares of Class A common stock. These options were granted on July 29, 2025, became effective after shareholder approval on October 31, 2025, and follow a structured quarterly exercise schedule with specific "committed" and "optional" tranches and related blackout and lock-up provisions.

Positive

  • None.

Negative

  • None.
Insider Alexander Karen
Role Chief Financial Officer
Type Security Shares Price Value
Tax Withholding Class A Common Stock 121 $21.61 $3K
holding Stock Option (right to buy) -- -- --
Holdings After Transaction: Class A Common Stock — 69,499 shares (Direct); Stock Option (right to buy) — 26,511 shares (Direct)
Footnotes (1)
  1. In connection with the exercising of Options on November 12, 2025, the issuer withheld Class A Common Stock that would otherwise have been issued to the reporting person to satisfy such person's tax withholding obligations. The number of shares withheld was determined based on the closing price per share of Class A Common Stock on November 12, 2025. Includes 50,229 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting. Represent stock options to purchase shares of the issuer's Class A Common Stock ("Options") granted on July 29, 2025, contingent on the issuer's shareholder approval, which was obtained on October 31, 2025. The Options are a commitment by the grantee to exercise a predetermined number of Options every quarter for eight quarters (the "Committed Options") at an exercise price per share equal to $10,00, which reflects the fair market value of a share of Class A Common Stock on the grant date. If the reporting person does not exercise the Committed Options in any quarter, then all remaining Options are forfeited. One-eighth of the Options will become exercisable each quarter (each, a "Quarterly Tranche"). [Continued to footnote 4] [Continued from footnote 3] The Committed Options will be exercisable over a two-day period in the applicable quarter (the "Exercise Period"); provided that if the Exercise Period for a Quarterly Tranche occurs during a blackout period, then such Exercise Period shall instead be the next quarterly Exercise Period. If the reporting person exercises the Committed Option portion, the remainder of that Quarterly Tranche (the "Optional Exercise Options") will become exercisable for a period of one year. The Optional Exercise Option portion of any Quarterly Tranche will expire at the end of such one-year period. [Continued to footnote 5] [Continued from footnote 4] Notwithstanding the foregoing exercise schedule, following the first quarter after stockholder approval of the Options, any portion of the Options may be exercised earlier than the applicable quarter, provided that shares of Class A Common Stock acquired on exercise of the Optional Exercise Options will be subject to a lock-up period so that the shares acquired on exercise may not be sold or transferred until the originally-scheduled exercise date.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Alexander Karen
(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. Issuer Name and Ticker or Trading Symbol
Bakkt Holdings, Inc. [ BKKT ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Financial Officer
3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025
4. 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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 11/14/2025 F 121(1) D $21.61(1) 69,499(2) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) $10 (3)(4)(5) (3)(4)(5) Class A Common Stock 26,511 26,511 D
Explanation of Responses:
1. In connection with the exercising of Options on November 12, 2025, the issuer withheld Class A Common Stock that would otherwise have been issued to the reporting person to satisfy such person's tax withholding obligations. The number of shares withheld was determined based on the closing price per share of Class A Common Stock on November 12, 2025.
2. Includes 50,229 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting.
3. Represent stock options to purchase shares of the issuer's Class A Common Stock ("Options") granted on July 29, 2025, contingent on the issuer's shareholder approval, which was obtained on October 31, 2025. The Options are a commitment by the grantee to exercise a predetermined number of Options every quarter for eight quarters (the "Committed Options") at an exercise price per share equal to $10,00, which reflects the fair market value of a share of Class A Common Stock on the grant date. If the reporting person does not exercise the Committed Options in any quarter, then all remaining Options are forfeited. One-eighth of the Options will become exercisable each quarter (each, a "Quarterly Tranche"). [Continued to footnote 4]
4. [Continued from footnote 3] The Committed Options will be exercisable over a two-day period in the applicable quarter (the "Exercise Period"); provided that if the Exercise Period for a Quarterly Tranche occurs during a blackout period, then such Exercise Period shall instead be the next quarterly Exercise Period. If the reporting person exercises the Committed Option portion, the remainder of that Quarterly Tranche (the "Optional Exercise Options") will become exercisable for a period of one year. The Optional Exercise Option portion of any Quarterly Tranche will expire at the end of such one-year period. [Continued to footnote 5]
5. [Continued from footnote 4] Notwithstanding the foregoing exercise schedule, following the first quarter after stockholder approval of the Options, any portion of the Options may be exercised earlier than the applicable quarter, provided that shares of Class A Common Stock acquired on exercise of the Optional Exercise Options will be subject to a lock-up period so that the shares acquired on exercise may not be sold or transferred until the originally-scheduled exercise date.
/s/ Paul Simmons Attorney-in-Fact for Karen Alexander 11/18/2025
** 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 4 (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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Bakkt (BKKT) report in this Form 4?

The Form 4 reports that on 11/14/2025, Bakkt’s CFO Karen Alexander had 121 shares of Class A common stock withheld at a price of $21.61 per share to satisfy tax withholding obligations related to an earlier option exercise.

How many Bakkt (BKKT) shares does the CFO beneficially own after this transaction?

Following the reported transaction, Karen Alexander beneficially owns 69,499 shares of Bakkt Class A common stock, including shares subject to equity awards.

How many restricted and performance stock units does the Bakkt (BKKT) CFO hold?

The ownership total includes 50,229 shares of Class A common stock underlying restricted stock units and performance stock units that remain subject to vesting conditions.

What stock options are reported for the Bakkt (BKKT) CFO and at what price?

Karen Alexander holds stock options to purchase 26,511 shares of Bakkt Class A common stock at an exercise price of $10 per share, subject to a quarterly exercise schedule.

When were the Bakkt (BKKT) stock options granted and approved?

The options covering 26,511 shares were granted on July 29, 2025, contingent on shareholder approval, which was obtained on October 31, 2025.

How do the quarterly tranches and lock-up provisions work for the Bakkt (BKKT) CFO’s options?

One-eighth of the options becomes exercisable each quarter as a "Quarterly Tranche." Committed options are exercisable in a two-day exercise period each quarter, with any additional optional portion exercisable for one year and subject to a lock-up if exercised earlier than the originally scheduled date.