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

Rhea-AI Filing Summary

Bakkt Holdings (BKKT): Form 4 insider update. Chief Financial Officer Karen Alexander reported an equity award effective 10/31/2025. She acquired stock options covering 26,846 shares of Class A common stock at an exercise price of $10 per share and now holds 69,285 Class A shares directly.

The holding includes 50,229 shares subject to RSUs and performance stock units that remain subject to vesting. The options were granted on 07/29/2025, contingent on shareholder approval obtained on 10/31/2025, and are structured in eight quarterly tranches with a required “Committed Options” exercise each quarter, optional portions open for one year, and a lock-up for any early exercises until the originally scheduled date.

Insights

Corporate governance and equity compensation analyst

Routine insider equity grant with structured quarterly exercises.

The CFO of Bakkt Holdings reported acquisition of options for 26,846 shares at an exercise price of $10, tied to shareholder approval on 10/31/2025. This reflects a standard incentive award rather than an open-market purchase.

The award vests via eight quarterly tranches with a mandatory “Committed Options” component each quarter; unexercised commitments cause remaining options to forfeit. Optional portions of each tranche are exercisable for one year, and early exercises face a lock-up until the original date.

Insider ownership now includes 69,285 Class A shares, of which 50,229 are RSUs/PSUs still subject to vesting. Overall, this is an administrative update; actual impact depends on future vesting and exercise activity.

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.

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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/31/2025

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								69,285(1)	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
Stock Option (right to buy)	$10	10/31/2025		A		26,846		(2)(3)(4)	(2)(3)(4)	Class A Common Stock	26,846	$0	26,846	D

Explanation of Responses:

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

2. Represent stock options to purchase shares of the Issuer's Class A Common Stock ("Options") granted on July 29, 2025, contingent on the Issuer's shareholder approval, which was obtained on October 31, 2025. The Options are a commitment by the grantee to exercise a predetermined number of Options every quarter for eight quarters (the "Committed Options") at an exercise price per share equal to $10,00, which reflects the fair market value of a share of Class A Common Stock on the grant date. If the reporting person does not exercise the Committed Options in any quarter, then all remaining Options are forfeited. One-eighth of the Options will become exercisable each quarter (each, a "Quarterly Tranche"). [Continued to footnote 3]

3. [Continued from footnote 2] The Committed Options will be exercisable over a two-day period in the applicable quarter (the "Exercise Period"); provided that if the Exercise Period for a Quarterly Tranche occurs during a blackout period, then such Exercise Period shall instead be the next quarterly Exercise Period. If the reporting person exercises the Committed Option portion, the remainder of that Quarterly Tranche (the "Optional Exercise Options") will become exercisable for a period of one year. The Optional Exercise Option portion of any Quarterly Tranche will expire at the end of such one-year period. [Continued to footnote 4]

4. [Continued from footnote 3] Notwithstanding the foregoing exercise schedule, following the first quarter after stockholder approval of the Options, any portion of the Options may be exercised earlier than the applicable quarter, provided that shares of Class A Common Stock acquired on exercise of the Optional Exercise Options will be subject to a lock-up period so that the shares acquired on exercise may not be sold or transferred until the originally-scheduled exercise date.

	/s/ Paul Simmons Attorney-in-Fact for Karen Alexander	11/04/2025
	** 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 did BKKT’s CFO report on Form 4?

An acquisition of stock options for 26,846 Class A shares at an exercise price of $10 per share, effective 10/31/2025.

How many Bakkt (BKKT) shares does the CFO now hold?

Direct ownership is 69,285 Class A shares, including 50,229 shares subject to RSUs and performance stock units that remain subject to vesting.

What is the exercise structure of the new BKKT options?

Eight quarterly tranches with required “Committed Options” each quarter; optional portions are exercisable for one year, with a lock-up for early exercises until the original date.

When were the options granted and approved?

Granted on 07/29/2025, contingent on shareholder approval obtained on 10/31/2025.

What is the price of the derivative security reported?

The Form 4 lists a derivative price of $0; the exercise price per share is $10.

Is the filing by one or multiple reporting persons?

It is a Form filed by One Reporting Person.