Schedule 13G/A: Horizon Kinetics holds 2.3% of Bakkt

Rhea-AI Filing Summary

Bakkt Holdings (BKKT): beneficial ownership update. Horizon Kinetics Asset Management LLC filed an amended Schedule 13G reporting beneficial ownership of 328,529 shares of Bakkt common stock, representing 2.3% of the class.

The filer reports sole voting power: 328,529 shares and sole dispositive power: 328,529 shares, with no shared voting or dispositive power. The event date triggering the filing is 09/09/2025.

The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. Filing type: Schedule 13G/A (Amendment No. 3); reporting person classification: Investment Adviser.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Bakkt Holdings, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

05759B305

(CUSIP Number)

09/09/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 05759B305

1

Names of Reporting Persons

HORIZON KINETICS ASSET MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 328,529.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 328,529.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

328,529.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.3 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Bakkt Holdings, Inc.
(b)	Address of issuer's principal executive offices: ONE LIBERTY PLAZA, 1 LIBERTY ST FL 3 STE 305-306, NEW YORK, NEW YORK, 10006.
Item 2.
(a)	Name of person filing: Horizon Kinetics Asset Management LLC
(b)	Address or principal business office or, if none, residence: 470 Park Ave. S, 8th FL S New York, New York 10016
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 05759B305
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 328,529
(b)	Percent of class: 2.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 328,529
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 328,529
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

HORIZON KINETICS ASSET MANAGEMENT LLC

Signature:	/s/Jay Kesslen
Name/Title:	General Counsel
Date:	10/31/2025

FAQ

What ownership did Horizon Kinetics report in BKKT?

They reported beneficial ownership of 328,529 Bakkt common shares, equal to 2.3% of the class.

Does Horizon Kinetics have sole voting and dispositive power?

Yes. Sole voting power: 328,529 shares; sole dispositive power: 328,529 shares; no shared power.

What filing type and amendment is this for BKKT?

A Schedule 13G/A (Amendment No. 3) filed by Horizon Kinetics Asset Management LLC.

Is Horizon Kinetics a passive investor in this filing?

The certification states the shares were acquired and held in the ordinary course of business, not to influence control.

What is the event date associated with this ownership report?

The date of the event requiring the filing is 09/09/2025.

What is Horizon Kinetics’ reporting status?

They are classified as an Investment Adviser (IA) for this report.