Why were Marc D’Annunzio’s Bakkt (BKKT) share sales conducted?

A footnote explains the sales were made to cover tax obligations associated with the vesting of restricted stock units. This indicates the disposition was tied to compensation-related tax liabilities rather than a discretionary liquidation of his broader Bakkt equity position.

Bakkt (NYSE: BKKT) counsel sells 2,919 shares under 10b5-1 tax-plan trades

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Bakkt, Inc. General Counsel & Secretary Marc D’Annunzio reported open-market sales of a total of 2,919 shares of Class A Common Stock on June 25 and June 26, 2026, at weighted-average prices of about $7.93 and $7.71 per share.

Footnotes state these transactions were made to cover tax obligations tied to vesting of restricted stock units and were executed under a pre-arranged Rule 10b5-1 trading plan. After the sales, he directly holds 108,817 shares, including 14,567 shares subject to restricted and performance stock units that remain subject to vesting, indicating only a small portion of his position was sold.

Insider Trade Summary 10b5-1

Net Seller: 2,919 shares ($22,849)

Net Sell 2 txns

Insider D'Annunzio Marc

Role General Counsel & Secretary

Sold 2,919 shs ($23K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	1,357	$7.71	$10K
Sale	Class A Common Stock	1,562	$7.93	$12K

Holdings After Transaction: Class A Common Stock — 108,817 shares (Direct, null)

Footnotes (1)

Represents sale to cover tax obligations associated with the vesting of restricted stock units. Includes 14,576 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting. The sales were effectuated pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 09/10/2025. Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $7.68 to $7.78, inclusive. Includes 14,567 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting.

Key Figures

Shares sold June 25, 2026: 1,562 shares Shares sold June 26, 2026: 1,357 shares Total shares sold: 2,919 shares +3 more

6 metrics

Shares sold June 25, 2026 1,562 shares Class A Common Stock sold in open market at about $7.93

Shares sold June 26, 2026 1,357 shares Class A Common Stock sold in open market at about $7.71

Total shares sold 2,919 shares Net-sell across two open-market transactions

Price range June 26 sale $7.68–$7.78 Weighted-average price range noted in footnote

Shares held after transactions 108,817 shares Directly owned Class A Common Stock following June 2026 sales

Unvested RSUs/PSUs 14,567 shares Class A Common Stock subject to restricted and performance stock units

Key Terms

restricted stock units, performance stock units, Rule 10b5-1 trading plan, weighted-average price

4 terms

restricted stock units financial

"Represents sale to cover tax obligations associated with the vesting of restricted stock units."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

performance stock units financial

"Includes 14,567 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting."

Performance stock units are a type of company award that grants employees shares of stock only if certain performance goals are met. They motivate employees to work toward specific company achievements, aligning their interests with those of shareholders. For investors, they can influence a company's future stock supply and reflect management’s confidence in reaching key targets.

Rule 10b5-1 trading plan financial

"The sales were effectuated pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 09/10/2025."

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted-average price financial

"Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $7.68 to $7.78, inclusive."

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.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/29/2026 - 06:14 PM Accepted by SEC EDGAR 06/29/2026 - 06:13 PM

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^*

D'Annunzio Marc

(Last)

(First)

(Middle)

C/O BAKKT, INC.

3280 PEACHTREE RD 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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	General Counsel & Secretary

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/25/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	06/25/2026		S		1,562⁽¹⁾	D	$7.93	110,174⁽²⁾	D
Class A Common Stock	06/26/2026		S		1,357⁽³⁾	D	$7.71⁽⁴⁾	108,817⁽⁵⁾	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents sale to cover tax obligations associated with the vesting of restricted stock units.

2. Includes 14,576 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting.

3. The sales were effectuated pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 09/10/2025.

4. Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $7.68 to $7.78, inclusive.

5. Includes 14,567 shares of Class A Common Stock subject to restricted stock units and performance stock units that remain subject to vesting.

Remarks:

	/s/ Marc D'Annunzio	06/29/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Bakkt (BKKT) insider Marc D’Annunzio report in this Form 4?

Marc D’Annunzio, Bakkt’s General Counsel & Secretary, reported selling 2,919 shares of Class A Common Stock in two open-market transactions, primarily to cover tax obligations related to restricted stock unit vesting, under a pre-arranged Rule 10b5-1 trading plan.

How many Bakkt (BKKT) shares did Marc D’Annunzio sell and at what prices?

He sold 1,562 shares on June 25, 2026 at about $7.93 per share and 1,357 shares on June 26, 2026 at about $7.71 per share, for a total of 2,919 Class A Common Stock shares in open-market transactions.

Were Marc D’Annunzio’s Bakkt (BKKT) stock sales part of a Rule 10b5-1 plan?

Yes. The filing notes that the sales were effectuated under a Rule 10b5-1 trading plan adopted on September 10, 2025. Such pre-arranged plans automate trades over time, reducing the significance of trade timing as a signal of insider sentiment.

How many Bakkt (BKKT) shares does Marc D’Annunzio hold after these transactions?

Following the June 2026 sales, Marc D’Annunzio holds 108,817 shares of Bakkt Class A Common Stock directly. This total includes 14,567 shares underlying restricted stock units and performance stock units that remain subject to vesting conditions under the company’s equity compensation arrangements.

What restricted and performance stock units does Marc D’Annunzio retain in Bakkt (BKKT)?

The filing states his holdings include 14,567 shares of Class A Common Stock subject to restricted stock units and performance stock units that are still unvested. These awards represent additional potential equity, contingent on meeting vesting or performance conditions over time.