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

Rhea-AI Filing Summary

Karen Alexander, Chief Financial Officer of Bakkt Holdings, Inc. (BKKT), reported a Form 4 disclosing a transaction dated 08/28/2025. The filing shows 483 shares of Class A Common Stock were disposed of under code F at a reported price of $8.89 per share. The filing states these shares were withheld to satisfy tax withholding obligations arising from the vesting of restricted stock units (RSUs) on 08/26/2025, with the withholding amount based on the closing price that day. After the transaction, the reporting person beneficially owns 69,285 shares, which includes 50,229 shares that remain subject to vesting as RSUs and performance stock units. The Form 4 was signed by an attorney-in-fact on 08/29/2025.

Positive

• Full disclosure provided of the withholding transaction and remaining beneficial ownership
• Reporting person retains 69,285 shares after the withholding, maintaining alignment with shareholders
• 50,229 shares remain subject to vesting as RSUs and performance stock units, indicating future alignment incentives

Negative

• 483 shares disposed via withholding to satisfy tax obligations
• Tax withholding reduced the number of shares issued upon RSU vesting

Insights

Securities Analyst

TL;DR: Routine RSU vesting triggered tax-withholding share disposition; reporting person retains meaningful beneficial ownership.

The reported disposition of 483 shares at $8.89 reflects a common administrative withholding to cover taxes when RSUs vest. Such withholdings are typically not voluntary sales but an issuer-side settlement method and therefore are generally neutral for near-term market impact. The filing confirms the CFO still beneficially owns 69,285 shares, with 50,229 shares tied to unvested RSUs/PSUs, which preserves executive alignment with shareholders while indicating future vesting-related stock issuances.

Corporate Governance Expert

TL;DR: Disclosure is standard and procedurally compliant; no unusual compensation or trading behavior is evident.

The Form 4 documents a standard tax withholding mechanism following RSU vesting on 08/26/2025. The explicit disclosure of remaining unvested equity (50,229 shares) and total beneficial ownership (69,285 shares) supports transparency around executive compensation. The attorney-in-fact signature on 08/29/2025 indicates timely filing. No material governance issues or atypical insider transactions are identified within the filing.

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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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.

10000 AVALON BOULEVARD, SUITE 1000

(Street)

ALPHARETTE 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/28/2025

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	08/28/2025		F		483(1)	D	$8.89(1)	69,285(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. In connection with the vesting of restricted stock units ("RSUs") on August 26, 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 August 26, 2025.

2. Includes 50,229 shares of Class A Common Stock subject to RSUs and performance stock units that remain subject to vesting.

	/s/ Marc D'Annunzio Attorney-in-Fact for Karen Alexander	08/29/2025
	** 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 transaction did Karen Alexander report on Form 4 for BKKT?

The Form 4 reports a disposition of 483 shares of Class A Common Stock on 08/28/2025 at a price of $8.89 per share.

Why were the 483 shares disposed according to the filing?

The filing states the shares were withheld to satisfy tax withholding obligations arising from RSUs that vested on 08/26/2025.

How many Bakkt (BKKT) shares does the reporting person beneficially own after the transaction?

Following the reported transaction, the reporting person beneficially owns 69,285 shares.

How many shares remain subject to vesting according to the Form 4?

The Form 4 indicates 50,229 shares of Class A Common Stock are subject to RSUs and performance stock units that remain unvested.

When did the RSUs vest that triggered the withholding?

The RSUs vested on 08/26/2025, and the withheld number of shares was determined using the closing price on that date.