Alpine Fox LP buys 585K Bakkt Class A shares

Bakkt, Inc. director Michael Alfred reported indirect open-market purchases of a total of 585,000 shares of Class A Common Stock through Alpine Fox LP at weighted-average prices of about $8.20 and $8.34 per share on May 15 and May 18, 2026.

Rhea-AI Filing Summary

Bakkt, Inc. director Michael Alfred reported indirect open-market purchases of a total of 585,000 shares of Class A Common Stock through Alpine Fox LP at weighted-average prices of about $8.20 and $8.34 per share on May 15 and May 18, 2026. Following these transactions, Alpine Fox LP holds 625,000 shares indirectly, and Alfred also has 28,476 directly held shares subject to RSUs that remain subject to vesting.

Insider Trade Summary

Net Buyer: 585,000 shares

Net Buy 3 txns

Insider ALFRED MICHAEL

Role Director

Bought 585,000 shs ($4.85M)

Type	Security	Shares	Price	Value
Purchase	Class A Common Stock	220,000	$8.20	$1.80M
Purchase	Class A Common Stock	365,000	$8.34	$3.04M
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 625,000 shares (Indirect, By Alpine Fox LP); Class A Common Stock — 28,476 shares (Direct)

Footnotes (4)

1. F1. Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $7.91 to $8.63, inclusive.
2. F2. Represents shares of the issuer's Class A Common Stock held through Alpine Fox LP, over which the reporting person has control.
3. F3. Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $7.98 to $8.93, inclusive.
4. F4. Includes 28,476 shares of Class A Common Stock subject to RSUs that remains subject to vesting, provided that the reporting person continues to provide service to the issuer.

Key Figures

Open-market purchase 1: 220,000 shares at $8.20 Open-market purchase 2: 365,000 shares at $8.34 Total shares bought: 585,000 shares +2 more

5 metrics

Open-market purchase 1 220,000 shares at $8.20 Indirect Class A Common Stock buy on May 18, 2026

Open-market purchase 2 365,000 shares at $8.34 Indirect Class A Common Stock buy on May 15, 2026

Total shares bought 585,000 shares Net open-market purchases reported in this Form 4

Indirect holdings after trades 625,000 shares Class A Common Stock held through Alpine Fox LP after transactions

Direct RSU-linked shares 28,476 shares Class A Common Stock subject to RSUs that remain subject to vesting

Key Terms

Class A Common Stock, open-market purchase, RSUs, indirect ownership, +1 more

5 terms

Class A Common Stock financial

"Reports transactions in Bakkt, Inc. Class A Common Stock, including indirect holdings."

Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.

open-market purchase financial

"The transactions are characterized as open-market purchase of Class A Common Stock."

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

RSUs financial

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

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

indirect ownership financial

"Shares are held indirectly through Alpine Fox LP, reflecting indirect ownership."

weighted-average price financial

"Footnotes describe a weighted-average price across multiple transactions within stated ranges."

Weighted-average price is the average of multiple prices where each price is counted according to its size or importance—larger trades carry more weight than smaller ones, like averaging course grades by credit hours. It matters to investors because it gives a more realistic picture of the true price paid or received, helping assess trade execution, compare performance, calculate cost basis, and value positions more accurately than a simple average.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Bakkt (BKKT) director Michael Alfred report in this Form 4?

Michael Alfred reported indirect open-market purchases of Bakkt Class A Common Stock through Alpine Fox LP. The filing shows recent buying activity rather than sales, with detailed share counts, prices, and resulting ownership positions disclosed for transparency.

How many Bakkt (BKKT) shares were bought in the reported transactions?

The filing shows 585,000 shares of Bakkt Class A Common Stock were purchased indirectly through Alpine Fox LP. These consist of 220,000 shares at about $8.20 each and 365,000 shares at about $8.34 each in separate open-market transactions.

At what prices were the Bakkt (BKKT) shares purchased by Alpine Fox LP?

Alpine Fox LP purchased Bakkt Class A shares at weighted-average prices of approximately $8.20 and $8.34 per share. Footnotes explain these were executed in multiple trades within price ranges around those averages on the reported dates.

What are Michael Alfred’s Bakkt (BKKT) holdings after these transactions?

After the reported purchases, Alpine Fox LP holds 625,000 shares of Bakkt Class A Common Stock indirectly controlled by Michael Alfred. He also has 28,476 shares directly, subject to RSUs that continue to vest based on ongoing service to the company.

Were the Bakkt (BKKT) transactions direct or through an entity?

The purchases were made indirectly through Alpine Fox LP, which holds the Bakkt Class A shares. A footnote states these shares are held through Alpine Fox LP, over which Michael Alfred has control, distinguishing entity-held from directly held shares.

What does the Form 4 say about Bakkt (BKKT) RSUs held by Michael Alfred?

The Form 4 notes that 28,476 shares of Class A Common Stock are subject to RSUs. These RSUs remain subject to vesting conditions that require Michael Alfred to continue providing service to Bakkt for the shares to fully vest.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/18/2026 - 06:37 PM Learn about SEC filing dates

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^*

ALFRED MICHAEL

(Last) (First) (Middle)

3280 PEACHTREE ROAD NE

7TH FLOOR

(Street)

ATLANTA GEORGIA 30305

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Bakkt, Inc. [ BKKT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	05/15/2026		P		365,000	A	$8.34(1)	405,000	I	By Alpine Fox LP(2)
Class A Common Stock	05/18/2026		P		220,000	A	$8.2(3)	625,000	I	By Alpine Fox LP(2)
Class A Common Stock								28,476(4)	D(4)

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. Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $7.91 to $8.63, inclusive.

2. Represents shares of the issuer's Class A Common Stock held through Alpine Fox LP, over which the reporting person has control.

3. Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $7.98 to $8.93, inclusive.

4. Includes 28,476 shares of Class A Common Stock subject to RSUs that remains subject to vesting, provided that the reporting person continues to provide service to the issuer.

Remarks:

	/s/ Michael Alfred	05/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)