Welcome to our dedicated page for Bakkt SEC filings (Ticker: BKKT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
The Bakkt Holdings, Inc. (NYSE: BKKT) SEC filings page provides direct access to the company’s regulatory disclosures, along with AI-powered tools to help interpret them. Bakkt is a digital asset infrastructure company founded in 2018 and headquartered in New York, New York, with a focus on Bitcoin, tokenization, stablecoin payments, and AI-driven finance. Its filings with the U.S. Securities and Exchange Commission offer detailed insight into how it structures its business, manages risk, and executes its transformation strategy.
Through its periodic and current reports, investors can review Bakkt’s financial results, segment framing, and commentary on its transition to a pure-play digital asset infrastructure platform. Form 10-Q and 10-K filings describe revenue drivers tied to crypto market activity, operating expenses, and the impact of its digital asset and treasury strategies, while also outlining extensive risk factors related to digital assets, stablecoins, and regulatory developments.
Bakkt’s Form 8-K filings highlight material events such as the completion of its capital structure simplification, the holding company reorganization that created a new Bakkt Holdings, Inc. as successor registrant, and its agreement to acquire Distributed Technologies Research Ltd. Additional 8-Ks detail board and executive changes, earnings call materials, and selective strategic investments, including warrant subscriptions in international counterparties.
On this page, users can also monitor specialized filings, such as Form 12b-25 notifications regarding filing timing and Form 15 filings related to the deregistration of the predecessor entity in connection with the reorganization. AI-powered summaries help explain complex sections of lengthy documents, highlight key changes across reporting periods, and surface information on topics like capital structure, digital asset holdings, and governance. For those researching insider activity and equity-linked instruments, access to filings covering warrants and registration rights agreements provides additional context around Bakkt’s equity and financing arrangements.
Bakkt Holdings, Inc. insider Nicholas Baes, the company's Chief Operating Officer, reported a Form 4 disclosing a tax-withholding disposition tied to RSU vesting. On 09/25/2025, 810 shares of Class A Common Stock were withheld to satisfy tax withholding obligations related to RSUs that vested on 09/24/2025; the withholding used the closing share price on 09/24/2025. After the withholding, Mr. Baes beneficially owns 105,472 shares, which includes 96,143 shares underlying RSUs that remain subject to vesting. The Form 4 was signed on 09/29/2025 by Paul Simmons as attorney-in-fact.
Bakkt Holdings, Inc. (BKKT) Form 3: Michael Alfred, a company director, reported ownership on an event dated 09/17/2025. He holds 15,469 restricted stock units that convert to Class A common shares and vest 100% on June 17, 2026 if he remains in service. He also reports 40,000 Class A shares held indirectly through Alpine Fox LP, over which he has control but disclaims beneficial ownership except for his pecuniary interest. Form signed by Paul Simmons as attorney-in-fact on 09/26/2025.
Bakkt Holdings, Inc. reported that on September 17, 2025, director De’Ana Dow resigned from the Board and the Audit and Risk Committee, effective immediately. The company stated that her resignation was not due to any disagreement regarding operations, policies, or practices. In recognition of her service in the current director compensation cycle, 10,500 unvested RSUs from that cycle vested on her separation date.
The Board simultaneously appointed Michael Alfred as a Class II director to fill the vacancy. The Board determined that he is independent under New York Stock Exchange rules. He will receive the company’s standard non-employee director compensation, as described in Bakkt’s 2025 proxy statement. Bakkt will also enter into an Indemnification Agreement with Mr. Alfred, based on a previously filed form, to protect him against certain liabilities arising from his Board service.
Bakkt Holdings, Inc. redeemed the remaining principal on its 0.00% convertible debenture due June 18, 2026. On September 15, 2025, the company paid $7,875,000, which covered the outstanding principal of $7,500,000 plus a 5% payment premium, fully retiring the debenture.
The debenture originally had a principal balance of $25 million, sold in a private placement to YA II PN, LTD. Before redemption, the investor had converted $17,500,000 of principal into Bakkt Class A common stock.
Bakkt Holdings, Inc. is soliciting shareholder approval for a one-time grant of stock options to select management (the "Options Proposal") allowing purchase of up to 7,450,000 shares of Class A Common Stock. The Options are structured as quarterly committed exercises over eight quarters at an exercise price of $10.00 per share, which the document states reflects fair market value on the grant date and is higher than the closing trading price on the record date of $8.59. If a grantee fails to exercise committed Options in any quarter, remaining Options are forfeited; grantees must personally fund exercises. The Compensation Committee, with outside valuation input, approved the grant as a means to align management and stockholder interests. The proxy also describes meeting logistics, voting procedures, the Board’s recommendation to vote FOR the Options Proposal and an Adjournment Proposal, and disclosure timing via Form 8-Ks after the Special Meeting.
Karen Alexander, Chief Financial Officer of Bakkt Holdings, Inc. (BKKT), reported a Form 4 disclosing a transaction dated 08/28/2025. The filing shows 483 shares of Class A Common Stock were disposed of under code F at a reported price of $8.89 per share. The filing states these shares were withheld to satisfy tax withholding obligations arising from the vesting of restricted stock units (RSUs) on 08/26/2025, with the withholding amount based on the closing price that day. After the transaction, the reporting person beneficially owns 69,285 shares, which includes 50,229 shares that remain subject to vesting as RSUs and performance stock units. The Form 4 was signed by an attorney-in-fact on 08/29/2025.
Bakkt Holdings outlines several steps in its shift to a pure-play crypto infrastructure business. It highlights its previously announced acquisition of approximately 30% of Marusho Hotta in Japan, where a shareholder meeting expected in October 2025 will consider changing MHT’s corporate purpose and issuing preferred stock and warrants.
On August 26, 2025, Bakkt was notified that platform partner Public Platform LLC will begin offboarding customers, targeting October 31, 2025; Public accounted for 9.4% of crypto services revenue in 2024 and 14.5% for the six months ended June 30, 2025. Bakkt also reiterates progress toward selling its loyalty and travel redemption business to DTR in the third quarter of 2025.
Lastly, Bakkt signed a nonbinding letter of intent with ICE Digital Trust for custody of digital assets in its corporate treasury and to potentially resell IDT’s custody services to third parties, subject to regulatory approval.
Insider purchases and equity awards at Bakkt Holdings, Inc. (BKKT) — The reporting person, Akshay Naheta (CEO and President and director), purchased a total of 180,000 shares in open-market transactions on 08/21/2025 and 08/22/2025 at weighted-average prices of $8.1815, $7.9973, and $8.5463, bringing his direct beneficial ownership to 191,426 Class A shares (including 11,426 RSUs).
The filing also discloses an inducement grant of 1,607,717 performance stock units (PSUs) exercisable for Class A shares, vesting over a three-year performance period beginning 03/21/2025 and contingent on achieving specified rolling 90-day VWAP stock-price targets, including a 100% increase above a $9.33 reference price for initial vesting.
Bakkt Holdings, Inc. (BKKT) proposes a one-time grant of stock options to select members of management to purchase up to 7,450,000 shares of Class A Common Stock, subject to stockholder approval. The Options are structured as periodic, committed exercises over eight quarters where each grantee must exercise a predetermined number of options each quarter or forfeit remaining Options. The exercise price is set at $10.00 per share, which the document states reflects fair market value on the grant date and is higher than the closing trading price reported for August 22, 2025 ($8.92). The Compensation Committee reviewed the terms with management and an independent valuation consultant and concluded the grant would strengthen alignment between management and stockholders. The filing also describes procedural items for the Special Meeting, quorum and voting effects of non-votes and broker non-votes, Form 8-K reporting of preliminary and final results, and tax withholding responsibilities of grantees.
Bakkt Holdings, Inc. delivered higher revenue but remained loss-making in Q2 2025. Total revenue for the quarter was $577.9 million, up from $509.9 million a year earlier, driven by growth in crypto services revenue to $568.1 million. The company recorded a consolidated net loss of $30.2 million for the quarter, with a net loss attributable to Bakkt Holdings, Inc. of $14.7 million, and operating loss narrowed to $18.5 million from $22.0 million the prior year period.
Balance sheet and liquidity shifted during the period: total assets declined to $190.1 million from $269.4 million, cash and cash equivalents were $43.5 million, and aggregate cash, restricted cash and customer funds ended at $84.4 million versus $153.7 million at the period start. Management completed the sale of Bakkt Trust to ICE and closed a $25.0 million convertible debenture private placement in June 2025 and reported a subsequent $75.0 million equity/pre-funded warrant raise on July 30, 2025. The filing discloses the non-renewal by its largest crypto client, Webull, which materially reduced historical crypto revenue and was a triggering event the company addressed through cost reductions and financing actions. Management states available liquidity and recent financings should fund operations for 12 months from issuance.