BKKT Form 4: Michelle Goldberg Receives 16.5K RSUs, No Shares Sold

Rhea-AI Filing Summary

Form 4 snapshot: On 06/17/2025 Bakkt Holdings, Inc. (BKKT) granted Director Michelle J. Goldberg 16,543 Class A restricted stock units (RSUs) under a zero-cost equity award (transaction code “A”). Each RSU converts into one share of Class A common stock once vested. The grant represents Goldberg’s only reported transaction for the period and does not involve any open-market purchase or sale of shares.

Post-transaction ownership: Following the award, the director’s total beneficial ownership rises to 37,608 Class A shares. Of this amount, the newly issued 16,543 RSUs remain unvested; they will vest 100 % on 06/17/2026 provided Goldberg continues to serve the company.

• The filing confirms that Goldberg’s ownership is held directly; no indirect or institutional vehicles are disclosed.
• No derivative securities (options, warrants, convertible instruments) were reported.
• The company has indicated that the award was made outside a Rule 10b5-1 trading plan.

Investor take-away: The grant modestly increases insider equity alignment but is immaterial to Bakkt’s share count and does not alter cash flow, earnings, or capital structure. No sales were recorded, so there is no signal of profit-taking or diminished insider confidence. The primary relevance is governance-related—retention and incentive alignment of a board member—rather than a fundamental valuation event.

Positive

• Enhanced insider alignment: 16,543 RSUs granted tighten director–shareholder interests through equity-based compensation.
• No insider selling: Filing shows zero dispositions, reducing concerns about near-term profit-taking signals.

Negative

• Minor dilution risk: Additional shares will enter the float upon vesting, though impact is de-minimis given Bakkt’s total outstanding shares.

Insights

Corporate Governance Analyst

TL;DR: Routine RSU grant boosts director alignment; negligible dilution, neutral valuation impact.

The single Form 4 filing shows Bakkt awarded 16,543 RSUs to Director Michelle J. Goldberg, increasing her stake to 37,608 shares. At today’s float, this represents a fractional percentage, so dilution is statistically insignificant. The one-year cliff vesting keeps the director incentivised during a critical strategic period as Bakkt expands its digital-asset platform. No share disposals signal ongoing confidence, yet the award size is typical for mid-cap board compensation, limiting market impact. Bottom line: governance-positive but financially neutral.

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^*

GOLDBERG MICHELLE J

(Last) (First) (Middle)

C/O BAKKT HOLDINGS, INC.

10000 AVALON BOULEVARD, SUITE 1000

(Street)

ALPHARETTA GA 30009

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

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	06/17/2025		A		16,543(1)	A	$0(1)	37,608(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

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. Includes 16,543 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

	/s/ Marc D'Annunzio Attorney-in-Fact for Michelle J. Goldberg	06/20/2025
	** 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.

FAQ

What did BKKT disclose in the latest Form 4?

Bakkt reported awarding Director Michelle J. Goldberg 16,543 RSUs on 06/17/2025.

How many BKKT shares does Michelle Goldberg now own?

After the grant, she beneficially owns 37,608 Class A shares.

When will the new RSUs vest for BKKT's director?

The RSUs vest 100 % on 06/17/2026, contingent on continued service.

Was there any insider selling in this Form 4?

No. The filing records an acquisition only; no dispositions were reported.

Does the RSU grant affect Bakkt's earnings or cash flow?

The grant is non-cash; it introduces minor dilution upon vesting but has no immediate earnings or cash impact.