Bakkt (BKKT) Form 4: Jill Simeone Receives Equity Grant

Rhea-AI Filing Summary

Bakkt Holdings, Inc. (BKKT) filed a Form 4 reporting that director Jill Simeone received 16,543 restricted stock units (RSUs) of Class A common stock on 17 June 2025 at a grant price of $0. The RSUs are subject to a single-cliff vesting schedule: 100% of the units vest on 17 June 2026, provided the director remains in service. After the award, Simeone now beneficially owns 37,806 shares, of which 16,543 are still unvested RSUs. No open-market purchases, sales, or derivative transactions were disclosed, indicating that this is a routine equity compensation grant rather than a signal of active trading activity.

Positive

• Director’s beneficial ownership increases to 37,806 shares, enhancing insider alignment with shareholder interests.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine RSU grant boosts director holdings by 78%; neutral signal, modest alignment benefit.

This Form 4 shows a standard board compensation event rather than an open-market buy. The 16,543 RSUs represent roughly a 78% increase over Simeone’s pre-grant stake (≈21,263 shares), bringing total ownership to 37,806 shares. Because the grant vests in one year and was issued at no cost, it does not immediately reflect the director’s cash commitment, but it does increase long-term alignment. No sales or option exercises appear, so dilution impact is immaterial. Overall investor takeaway: neutral to mildly positive governance signal, limited market impact.

Corporate Governance Expert

TL;DR: One-year cliff RSU award follows typical practice; governance posture unchanged.

The single-year vesting term is shorter than the multi-year schedules many peers use, offering quicker liquidity but still requiring continued service. Absence of 10b5-1 designation suggests discretion over future sales, yet no immediate disposition risk exists because shares are unvested. From a governance standpoint, the equity mix favors stock over cash, reinforcing shareholder alignment. Materiality is low: no control implications and no change to board composition. I therefore classify the filing as operationally routine.

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
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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^*

Simeone Jill

(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)	37,806(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 Jill Simeone	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

How many shares did BKKT director Jill Simeone acquire in the Form 4 filing?

16,543 restricted stock units (RSUs) were granted on 17 June 2025.

What is the vesting schedule for the new BKKT RSUs?

The RSUs vest 100% on 17 June 2026, contingent upon continued service.

Did the director buy BKKT shares in the open market?

No. The filing reports a grant at $0; there were no open-market purchases or sales.

What is Jill Simeone’s total beneficial ownership after the transaction?

Her holdings rose to 37,806 BKKT shares, including unvested RSUs.

Does the Form 4 mention any derivative securities or option exercises?

No derivative securities or option exercises were reported in this filing.