Bakkt director buys 296K shares at $7.12 each

Bakkt, Inc. (BKKT) director Alfred Michael reported an open-market purchase of 296,567 shares of Class A Common Stock on 2026-08-18.

Rhea-AI Filing Summary

Bakkt, Inc. (BKKT) director Alfred Michael reported an open-market purchase of 296,567 shares of Class A Common Stock on 2026-08-18. The shares were bought indirectly through Alpine Fox LP, over which he has control, at a weighted-average price of $7.12 per share in multiple trades between $6.88 and $7.32. Following this transaction, his indirect holdings through the limited partnership total 1,201,567 shares of Class A Common Stock. The filing’s Rule 10b5-1 box was unchecked, indicating the trade was not reported as made under a 10b5-1 trading plan.

Insider Trade Summary

Net Buyer: 296,567 shares

Net Buy 1 txn

Insider ALFRED MICHAEL

Role Director

Bought 296,567 shs ($2.11M)

Type	Security	Shares	Price	Value
Purchase	Class A Common Stock F1, F2	296,567	$7.12	$2.11M

Holdings After Transaction: Class A Common Stock — 1,201,567 shares (Indirect, By Limited Partnership)

Footnotes (2)

1. F1. Represents a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $6.88 to $7.32, 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.

Key Figures

Shares purchased: 296,567 shares Weighted-average purchase price: $7.12 per share Trade price range: $6.88 to $7.32 per share +2 more

5 metrics

Shares purchased 296,567 shares Class A Common Stock acquired on 2026-08-18 by indirect ownership

Weighted-average purchase price $7.12 per share Weighted-average price for the 296,567 shares purchased, per footnote F1

Trade price range $6.88 to $7.32 per share Range of prices at which the reported shares were bought in multiple transactions

Shares owned after transaction 1,201,567 shares Total indirect holdings of Class A Common Stock through Alpine Fox LP after the purchase

Net buy shares in filing 296,567 shares Net buy volume across all reported transactions in this Form 4

Key Terms

weighted-average price, Class A Common Stock, indirect, Limited Partnership

4 terms

weighted-average price financial

"Represents a weighted-average price. These shares were purchased in multiple transactions"

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.

Class A Common Stock financial

"Represents shares of the issuer's Class A Common Stock held through Alpine Fox LP"

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.

indirect financial

"total_shares_following_transaction marked as indirect with ownership code I"

Limited Partnership financial

"nature_of_ownership field states By Limited Partnership for these holdings"

A limited partnership is a legal business structure with two types of partners: at least one general partner who runs the business and bears full legal responsibility, and one or more limited partners who contribute money, share profits, and have liability capped at their investment. For investors, it matters because it separates control from financial exposure — like putting money into a store without managing it — and affects how returns, risks, taxes and transferability of ownership are handled.

FAQ

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

What insider transaction did Bakkt, Inc. (BKKT) disclose in this Form 4?

Alfred Michael reported buying 296,567 BKKT Class A shares on 2026-08-18. The purchase was made indirectly through Alpine Fox LP at a weighted-average price of $7.12 per share across multiple trades between $6.88 and $7.32.

At what prices did Alfred Michael buy Bakkt (BKKT) shares in this transaction?

The reported weighted-average purchase price was $7.12 per share. According to the filing, individual trades occurred in a range from $6.88 to $7.32 per share, reflecting multiple executions aggregated into the reported weighted-average price.

How many Bakkt (BKKT) shares does Alfred Michael hold after this Form 4 transaction?

After the reported purchase, Alfred Michael indirectly holds 1,201,567 shares of Bakkt Class A Common Stock. These shares are held through Alpine Fox LP, a limited partnership over which he has control, as disclosed in the footnotes to the Form 4.

Was the Bakkt (BKKT) insider trade made under a Rule 10b5-1 trading plan?

The filing indicates the transaction was not reported under a Rule 10b5-1 plan. The document’s Rule 10b5-1 checkbox was explicitly unchecked, and there is no footnote stating that the trades were executed pursuant to a pre-arranged trading plan.

Is Alfred Michael’s ownership in Bakkt (BKKT) direct or indirect after this purchase?

The reported ownership is indirect, coded as “I” on the form. All 1,201,567 shares are held through Alpine Fox LP, described as a limited partnership over which Alfred Michael has control, rather than being held in his name directly.

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

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Accepted by SEC EDGAR 08/19/2026 - 02:22 PM EDT 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)
08/18/2026

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	08/18/2026		P		296,567	A	$7.12(1)	1,201,567	I	By Limited Partnership(2)

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 purchased in multiple transactions at prices ranging from $6.88 to $7.32, inclusive.

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

Remarks:

	/s/ Michael Alfred	08/19/2026
	** 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)