Bakkt (BKKT) director Michael Alfred reports 9,000 RSU grant and updated holdings

Rhea-AI Filing Summary

Bakkt Holdings, Inc. director Michael Alfred reported a new equity award on a Form 4. On 11/19/2025, he acquired 9,000 shares of Class A common stock in the form of restricted stock units (RSUs) at a stated price of $0. Each RSU represents a right to receive one share of Class A common stock, and 100% of these RSUs are scheduled to vest on November 9, 2026, if he continues to provide service to the company through that date.

After this grant, Alfred is shown as beneficially owning 28,476 shares of Class A common stock directly, including shares subject to RSUs that are still unvested. He is also reported as indirectly holding 40,000 shares of Class A common stock through Alpine Fox LP, over which he has control, while disclaiming beneficial ownership beyond his economic interest.

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

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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^*

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. 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)
11/19/2025

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	11/19/2025		A		9,000(1)	A	$0	28,476(2)	D
Class A Common Stock								40,000	I	By Alpine Fox LP(3)

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 November 9, 2026, provided that the reporting person continues to provide service to the issuer through such date.

2. Includes 28,476 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

3. 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	12/01/2025
	** 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).
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FAQ

What insider transaction did Bakkt (BKKT) report for Michael Alfred?

Bakkt reported that director Michael Alfred acquired 9,000 RSUs representing shares of Class A common stock on 11/19/2025, as disclosed on a Form 4.

When do Michael Alfred’s new Bakkt (BKKT) RSUs vest?

The filing states that 100% of the 9,000 RSUs will vest on November 9, 2026, provided Alfred continues to provide service to Bakkt through that date.

How many Bakkt (BKKT) shares does Michael Alfred beneficially own after the reported transaction?

Following the reported transaction, Alfred is shown as beneficially owning 28,476 shares of Class A common stock directly, including shares subject to unvested RSUs, and 40,000 shares indirectly through Alpine Fox LP.

What is the nature of the 9,000 Bakkt (BKKT) RSUs reported by Michael Alfred?

The 9,000 units are restricted stock units (RSUs), each representing a contingent right to receive one share of Bakkt’s Class A common stock, subject to vesting conditions.

How does Michael Alfred hold indirect shares of Bakkt (BKKT)?

The filing explains that 40,000 shares of Class A common stock are held through Alpine Fox LP, over which Alfred has control, and he disclaims beneficial ownership except to the extent of his pecuniary interest.

Was the reported Bakkt (BKKT) transaction filed by one or multiple reporting persons?

The Form 4 indicates it was filed by one reporting person, identifying Michael Alfred as a director of Bakkt Holdings, Inc.