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

Rhea-AI Filing Summary

Bakkt Holdings, Inc. (BKKT) – Form 4 insider filing shows director Gordon Watson received 20,679 restricted stock units (RSUs) on 17 Jun 2025. The RSUs carry an exercise price of $0 and convert 1-for-1 into Class A shares, subject to full vesting on 17 Jun 2026, provided continued service.

Following the grant, Watson’s total beneficial ownership rises to 46,910 Class A shares, of which 20,679 remain unvested. No dispositions or cash transactions were reported. The filing was signed on 20 Jun 2025 by attorney-in-fact Marc D’Annunzio.

Positive

• 20,679 RSU grant increases insider ownership, enhancing alignment between the director and shareholders.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine RSU grant aligns director incentives; limited immediate market impact.

The one-time award adds 20,679 RSUs to Watson’s holdings, doubling his stake to 46,910 shares. Such director equity grants are standard practice and reinforce long-term alignment with shareholders by vesting over 12 months. Because no cash outlay or sale occurred, the filing neither signals liquidity needs nor insider optimism beyond normal compensation policy. Materiality is low given Bakkt’s public float.

Portfolio Manager

TL;DR: Neutral—small incremental ownership, no buy/sell signal.

The grant represents less than 0.1% of Bakkt’s shares outstanding, offering minimal dilution and negligible valuation effect. Investors should view this as ordinary board compensation rather than a directional trade. With a 12-month cliff, any potential share issuance impact is deferred. Overall, I classify the event as informational but not immediately actionable for portfolio positioning.

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^*

Watson Gordon

(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		20,679(1)	A	$0(1)	46,910(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 20,679 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

	Marc D'Annunzio Attorney-in-Fact for Gordon Watson	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 Bakkt (BKKT) shares did Gordon Watson acquire?

He received 20,679 RSUs, each convertible into one Class A share.

When will Watson's newly granted RSUs vest?

All RSUs vest on 17 Jun 2026, contingent on continued service.

What is Watson's total share ownership after this filing?

He now beneficially owns 46,910 Class A shares (including unvested RSUs).

Was there any cash consideration or sale involved?

No. The RSU grant was priced at $0, and no shares were sold.