Bakkt, Inc. filings document the regulatory record of a public financial technology company focused on digital asset and programmable finance infrastructure. Its SEC disclosures cover operating and financial results, Regulation FD materials, shareholder letters, material-event reports, and securities registered for trading, including Class A common stock and warrants.
Bakkt’s proxy and 8-K filings also address governance matters, executive compensation, shareholder voting items, share-issuance approvals, material agreements, and capital-structure actions such as an at-the-market equity program. The filing record includes notices related to annual-report timing and formal disclosures tied to special meetings, securities issuance mechanics, and public-company reporting obligations.
Bakkt Holdings, Inc. (BKKT) reported insider equity activity by its CEO and President, Akshay Sudhir Naheta. On 11/12/2025, he exercised stock options and acquired 33,557 shares of Class A common stock at an exercise price of $10 per share, increasing his directly held position to 294,716 shares, which includes 11,426 restricted stock units scheduled to vest on March 21, 2026, subject to continued employment.
He also holds performance stock units covering 1,607,717 shares of Class A common stock. These PSUs may vest over a three-year performance period following March 21, 2025, based on the company’s stock price performance versus a $9.33 reference price, with specific tranches tied to 100% appreciation and additional 25% steps, and continued employment requirements. In addition, he holds options to purchase shares at $10 per share under a structure that commits him to exercise a portion each quarter over eight quarters, with detailed quarterly and lock-up conditions on early exercises.
Bakkt Holdings, Inc. (BKKT) reported that its General Counsel and Secretary, Marc D'Annunzio, exercised 1,677 stock options on 11/12/2025 at an exercise price of $10 per share, acquiring the same number of Class A common shares. Following this transaction, he directly beneficially owns 119,113 shares of Class A common stock, including 50,229 shares subject to restricted stock unit and performance stock unit awards that must still vest.
The filing also shows 132,551 stock options remaining beneficially owned, with an exercise price of $10 and a structured schedule under which one-eighth of the options is tied to quarterly “Committed Options” and related “Optional Exercise Options,” subject to defined exercise periods, forfeiture conditions, and lock-up constraints on certain early-exercised shares.
Bakkt Holdings, Inc. (BKKT) Chief Operating Officer Nicholas Baes reported exercising stock options for 671 shares of Class A common stock at an exercise price of $10 per share on November 12, 2025, in a transaction coded "M" (option exercise). After this transaction, he beneficially owned 106,143 shares of Class A common stock, including 96,143 shares subject to restricted stock units that are still vesting.
The exercised options are part of a larger grant of stock options awarded on July 29, 2025, which became effective after shareholder approval on October 31, 2025. Following the reported exercise, 53,020 stock options remain beneficially owned. The option grant has a structured quarterly exercise schedule over eight quarters, with required “Committed Options” each quarter and additional “Optional Exercise Options” that may be exercised over a one-year period, subject to lock-up conditions if exercised early.
Bakkt Holdings, Inc. reported an insider equity transaction by its Chief Financial Officer. On 11/12/2025, the CFO exercised stock options and acquired 335 shares of Class A Common Stock at a price of $10 per share. After this transaction, the reporting person beneficially owned 69,620 shares of Class A Common Stock, which includes 50,229 shares subject to restricted stock units and performance stock units that are still subject to vesting.
The transaction involved stock options granted on July 29, 2025, which became effective following shareholder approval obtained on October 31, 2025. These options are structured as a commitment to exercise a predetermined number of options each quarter over eight quarters, with specific quarterly exercise periods and additional lock-up conditions for certain early exercises.
Bakkt Holdings, Inc. reported two board resignations and changes to its CEO equity award. On November 8, 2025, Michelle Goldberg resigned, and on November 7, 2025, Jill Simeone resigned; both departures were effective immediately and not due to any disagreement with the company. In recognition of service during the current annual cycle, 16,543 of each director’s unvested RSUs vested.
On November 13, 2025, the Compensation Committee amended CEO Akshay Naheta’s performance-based RSUs to vest on the date performance conditions are achieved (the “Achievement Date”), subject to continued employment through that date, regardless of whether it is at least one year from grant. The related amended agreements were executed on November 14, 2025.
Bakkt Holdings (BKKT) received an amended Schedule 13G showing passive ownership by Citadel-affiliated entities and Kenneth Griffin. Kenneth Griffin may be deemed to beneficially own 425,943 Shares (2.7%). Citadel Securities LLC may be deemed to beneficially own 397,678 Shares (2.5%), while Citadel Advisors LLC, Citadel Advisors Holdings LP, and Citadel GP LLC may be deemed to beneficially own 28,265 Shares (0.2%). The percentages are based on 15,962,402 Shares outstanding, comprised of 15,934,137 Shares outstanding as of September 3, 2025 and 28,265 Shares issuable upon conversion of certain warrants. The filing states the securities were not acquired for the purpose of changing or influencing control, and all listed parties report shared voting and dispositive power over their respective amounts.
Highbridge Capital Management, LLC filed Amendment No. 1 to Schedule 13G reporting a passive beneficial ownership position in Bakkt Holdings, Inc. (BKKT). The filing lists 691,442 shares of Class A common stock beneficially owned, issuable upon exercise of warrants, representing 4.2% of the class.
Ownership percentages are based on 15,934,137 shares outstanding as of September 3, 2025, as disclosed in Bakkt’s definitive proxy statement. Highbridge reports sole voting and dispositive power over 691,442 shares and certifies the securities were acquired and are held in the ordinary course, not to change or influence control. The filing indicates ownership of 5% or less of the class.
Bakkt Holdings, Inc. (BKKT) officer Joseph Sean‑Walsh Henderson filed a Form 4 detailing two sales of Class A common stock. On 07/15/2025, he sold 95 shares at $18.75, noted as a sale to cover tax obligations from RSU vesting. On 11/12/2025, he sold 169 shares at $21.50.
Following these transactions, his directly held beneficial ownership changed from 13,566 shares after the July sale to 13,397 shares after the November sale. The filing notes this amount includes 13,397 shares subject to RSU awards that remain subject to vesting.
Bakkt Holdings (BKKT) received a Schedule 13G from four Susquehanna-affiliated entities—G1 Execution Services, Susquehanna Fundamental Investments, Susquehanna Portfolio Strategies, and Susquehanna Securities—reporting beneficial ownership of 948,825 shares of Class A Common Stock, or 6.0%, as of the event date 09/30/2025.
The group reports shared voting and dispositive power over 948,825 shares. The filing notes derivative components: G1’s reported position consists of shares issuable upon exercise of warrants, and Susquehanna Securities’ amount includes options to buy 400,260 shares and 2,613 shares issuable upon exercise of warrants. The company reported 15,934,137 shares outstanding as of 09/03/2025.
The certification states the securities were acquired and are held in the ordinary course and not for the purpose of changing or influencing control.
Weiss Asset Management, together with WAM GP LLC and Andrew M. Weiss, filed a Schedule 13G reporting beneficial ownership of 812,640 shares of Bakkt Holdings (BKKT) Class A common stock, representing 5.1% of the class. The filing lists shared voting and dispositive power over 812,640 shares and no sole voting or dispositive power.
The percentage is based on 15,934,137 shares outstanding as of September 3, 2025, as referenced from Bakkt’s Schedule 14A. The reporting persons disclaim beneficial ownership beyond their pecuniary interest and certify the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.