Bakkt (BKKT) COO trims stake with 711-share tax-related sale

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Bakkt, Inc. Chief Operating Officer Nicholas Baes reported an open-market sale of 711 shares of Class A Common Stock at $7.56 per share on April 6, 2026. A footnote explains this sale was made to cover tax obligations from vesting restricted stock units.

After the transaction, Baes directly held 101,312 shares of Class A Common Stock, including 77,294 shares subject to RSU awards that are still scheduled to vest over time. This filing reflects a small, tax-related disposition relative to his remaining equity position.

Insider Trade Summary

Net Seller: 711 shares ($5,375)

Net Sell 1 txn

Insider Baes Nicholas

Role Chief Operating Officer

Sold 711 shs ($5K)

Type	Security	Shares	Price	Value
Sale	Class A Common Stock	711	$7.56	$5K

Holdings After Transaction: Class A Common Stock — 101,312 shares (Direct)

Footnotes (1)

Represents sale to cover tax obligations associated with the vesting of restricted stock units. Includes 77,294 shares of Class A Common Stock subject to RSU awards that remain subject to vesting.

Key Figures

Shares sold: 711 shares Sale price: $7.56 per share Shares held after transaction: 101,312 shares +1 more

4 metrics

Shares sold 711 shares Open-market sale on April 6, 2026

Sale price $7.56 per share Price for Class A Common Stock sold

Shares held after transaction 101,312 shares Direct Class A Common Stock ownership after sale

Unvested RSU-linked shares 77,294 shares Class A shares subject to RSU awards that remain subject to vesting

Key Terms

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

3 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.

Class A Common Stock financial

"Includes 77,294 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 →

04/08/2026 - 06:31 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^*

Baes Nicholas

(Last)

(First)

(Middle)

C/O BAKKT, INC.

1 LIBERTY ST FL 3 STE 305-306

(Street)

NEW YORK

10006

(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)
04/06/2026

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	04/06/2026		S		711⁽¹⁾	D	$7.56	101,312⁽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)
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 77,294 shares of Class A Common Stock subject to RSU awards that remain subject to vesting.

	/s/ Nicholas Baes	04/08/2026
	** 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 insider transaction did Bakkt (BKKT) report for Nicholas Baes?

Bakkt reported that COO Nicholas Baes sold 711 shares of Class A Common Stock at $7.56 per share. According to the disclosure, this was an open-market sale made specifically to cover tax obligations arising from the vesting of restricted stock units.

Why did Bakkt COO Nicholas Baes sell 711 BKKT shares?

The filing states the 711-share sale was executed to cover tax obligations related to vesting restricted stock units. Such tax-driven sales are typically mechanical, allowing the executive to satisfy withholding requirements while largely maintaining their underlying equity exposure in the company.

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

Following the 711-share sale, Nicholas Baes directly holds 101,312 shares of Bakkt Class A Common Stock. This total includes 77,294 shares underlying restricted stock unit awards that remain subject to future vesting conditions as disclosed in the Form 4 footnotes.

What are the RSU details disclosed for Bakkt COO Nicholas Baes?

The filing notes that Baes’ holdings include 77,294 shares of Class A Common Stock tied to restricted stock unit awards. These RSUs remain subject to vesting, meaning the underlying shares will deliver over time as specified conditions or service requirements are satisfied.

Is the Bakkt (BKKT) insider sale by Nicholas Baes a large position change?

Based on the disclosure, Baes sold 711 shares while retaining 101,312 shares afterward. This indicates the transaction is small relative to his total direct holdings, and is characterized in the footnote as a tax-related sale linked to RSU vesting rather than a broad reduction in exposure.