Bakkt (BKKT) COO Baes sells 2,352 shares to cover RSU tax obligations

Rhea-AI Filing Summary

Bakkt, Inc. Chief Operating Officer Nicholas Baes reported a small open-market sale of 2,352 shares of Class A Common Stock at $9.13 per share. The transaction was made to cover tax obligations tied to vesting restricted stock units, according to the footnote.

After this transaction, Baes directly holds 106,266 shares of Class A Common Stock, including 69,988 shares underlying RSU awards that are still subject to vesting conditions.

Insider Trade Summary

Net Seller: 2,352 shares ($21,474)

Net Sell 1 txn

Insider Baes Nicholas

Role Chief Operating Officer

Sold 2,352 shs ($21K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	2,352	$9.13	$21K

Holdings After Transaction: Class A Common Stock — 106,266 shares (Direct, null)

Footnotes (1)

1. Represents sale to cover tax obligations associated with the vesting of restricted stock units. Includes 69,988 shares of Class A Common Stock subject to RSU awards that remain subject to vesting.

Key Figures

Shares sold: 2,352 shares Sale price per share: $9.13 per share Shares held after transaction: 106,266 shares +1 more

4 metrics

Shares sold 2,352 shares Open-market sale on 2026-04-28 to cover RSU taxes

Sale price per share $9.13 per share Price for Class A Common Stock sold on 2026-04-28

Shares held after transaction 106,266 shares Direct Class A Common Stock holdings following the sale

Unvested RSU-linked shares 69,988 shares Class A Common Stock subject to RSU awards still vesting

Key Terms

restricted stock units, RSU awards, Class A Common Stock, open-market sale

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.

RSU awards financial

"Includes 69,988 shares of Class A Common Stock subject to RSU awards that remain subject to vesting."

RSU awards are promises by a company to give employees actual shares of stock (or cash equal to their value) after certain conditions are met, typically continued employment over a set period or hitting performance goals. Think of them like stock paid in installments that become yours over time; they matter to investors because they affect future share count, executive incentives and company expenses, which can dilute existing shareholders and influence management decisions.

Class A Common Stock financial

"Includes 69,988 shares of Class A Common Stock subject to RSU awards that remain subject to vesting."

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 sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

Form 4 Insider Transactions: What Each Field Means →

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^*

Baes Nicholas

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/28/2026

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	04/28/2026		S		2,352(1)	D	$9.13	106,266(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. Represents sale to cover tax obligations associated with the vesting of restricted stock units.

2. Includes 69,988 shares of Class A Common Stock subject to RSU awards that remain subject to vesting.

Remarks:

	/s/ Nicholas Baes	04/29/2026
	** 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)

FAQ

What insider transaction did Bakkt (BKKT) report for Nicholas Baes?

Bakkt reported that COO Nicholas Baes sold 2,352 shares of Class A Common Stock at $9.13 per share. The filing notes this sale was specifically to cover tax obligations from vesting restricted stock units, making it a routine, compensation-related transaction rather than a discretionary share sale.

How many Bakkt (BKKT) shares does Nicholas Baes hold after this Form 4?

After the reported transaction, Nicholas Baes holds 106,266 shares of Bakkt Class A Common Stock directly. This total includes 69,988 shares subject to RSU awards that still must vest, meaning a significant portion of his position remains tied to ongoing service and performance conditions.

Was the Bakkt (BKKT) COO sale a discretionary stock sale or tax-related?

The Form 4 states the 2,352-share sale by COO Nicholas Baes was to cover tax obligations associated with restricted stock unit vesting. This indicates the transaction was driven by tax requirements on equity compensation, not a discretionary decision to reduce his overall investment in Bakkt shares.

At what price were the Bakkt (BKKT) shares sold in Nicholas Baes’ Form 4?

The 2,352 Bakkt Class A Common Stock shares were sold at $9.13 per share. This price reflects the execution level for the tax-related transaction used to satisfy withholding obligations arising from the vesting of Baes’ restricted stock units granted as part of his compensation.

What portion of Nicholas Baes’ Bakkt (BKKT) holdings are still RSUs?

The filing indicates that 69,988 of Nicholas Baes’ 106,266 Bakkt Class A Common Stock shares are tied to RSU awards that remain subject to vesting. These unvested RSUs link a large share of his equity exposure to future service or performance-based vesting milestones.