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

Rhea-AI Filing Summary

Bakkt Holdings, Inc. (BKKT) – Form 4 Insider Transaction

Director Sean Roberts Collins was granted 30,191 restricted stock units (RSUs) of Class A common stock on 17 June 2025. Each RSU converts into one share upon vesting. The award vests 100% on 17 June 2026, contingent on continued service. No cash was paid (reported price $0). Following the grant, Collins’ total beneficial ownership rose to 63,431 shares, all held directly, of which the newly issued 30,191 shares remain unvested.

No shares were sold and no derivative securities were reported. The filing signals routine board compensation rather than an open-market purchase or sale, therefore the immediate financial impact on Bakkt’s share supply and insider-sentiment indicators is limited.

Positive

• Director’s ownership increases by 30,191 shares, marginally enhancing insider alignment with shareholders.

Negative

• All newly reported shares remain unvested until June 2026, so immediate insider exposure is unchanged.

Insights

Financial Analyst

TL;DR – Routine RSU grant; adds 30k shares to director’s stake, no cash, negligible company impact.

The Form 4 documents a standard board compensation event. Collins received 30,191 RSUs that fully vest in one year. Because there was no purchase price, the transaction does not reflect a market valuation call by the insider. Post-grant ownership stands at 63,431 shares, equal to roughly 0.04% of Bakkt’s ~165 million shares outstanding, a de minimis dilution. While additional insider holdings can align incentives, the single-year vest accelerates liquidity next June. Overall, the event neither alters the company’s capital structure nor signals directional sentiment. I classify the filing as neutral for investors.

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^*

Collins Sean Roberts

(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		30,191(1)	A	$0(1)	63,431(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 30,191 shares of Class A Common Stock subject to RSUs that remain subject to vesting.

	/s/ Marc D'Annunzio Attorney-in-Fact for Sean Roberts Collins	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 Director Collins acquire on 17-Jun-2025?

He received 30,191 RSUs, each convertible into one Class A share upon vesting.

Did the insider pay anything for the new BKKT shares?

No. The RSUs were granted at a reported price of $0 as part of board compensation.

When will the 30,191 RSUs granted to Collins vest?

The award vests 100% on 17 June 2026, contingent on continued service.

What is Collins’ total beneficial ownership after the transaction?

His reported stake is 63,431 shares of Class A common stock, including unvested RSUs.

Was any Bakkt stock sold in this Form 4 filing?

No. The filing reports only an acquisition via RSU grant; no sales were disclosed.