Weiss Asset holds 3.4% Bakkt (NYSE: BKKT) stake in Schedule 13G/A

Rhea-AI Filing Summary

Weiss Asset Management and related parties report a passive ownership stake in Bakkt, Inc. The filing shows beneficial ownership of 812,640 shares of Bakkt Class A common stock, representing 3.4% of the class, as of an event date of December 31, 2025.

The shares are held with shared voting and dispositive power and no sole voting or dispositive power. The ownership percentage is calculated against 24,038,434 Class A shares outstanding as of November 6, 2025, as reported in Bakkt’s Form 10-Q. The reporting persons certify the position is held in the ordinary course and not for the purpose of changing or influencing control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Bakkt, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

05759B305

(CUSIP Number)

12/31/2025

(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

Weiss Asset Management LP

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 0.00
6	Shared Voting Power 812,640.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 812,640.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

812,640.00

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)

3.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 05759B305

1

Names of Reporting Persons

WAM GP 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 0.00
6	Shared Voting Power 812,640.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 812,640.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

812,640.00

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)

3.4 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 05759B305

1

Names of Reporting Persons

WEISS ANDREW M

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 812,640.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 812,640.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

812,640.00

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)

3.4 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Bakkt, Inc.
(b)	Address of issuer's principal executive offices: ONE LIBERTY PLAZA, ONE LIBERTY PLAZA, NEW YORK, NEW YORK, 10006.
Item 2.
(a)	Name of person filing: (i) Weiss Asset Management LP ("Weiss Asset Management"). (ii) WAM GP LLC ("WAM GP"). (iii) Andrew M. Weiss, Ph.D. ("Andrew Weiss").
(b)	Address or principal business office or, if none, residence: Weiss Asset Management, WAM GP, and Andrew Weiss have a business address of 222 Berkeley St., 16th Floor, Boston, Massachusetts 02116.
(c)	Citizenship: (i) Weiss Asset Management is a Delaware limited partnership. (ii) WAM GP is a Delaware limited liability company. (iii) Andrew Weiss is a United States citizen.
(d)	Title of class of securities: Class A Common Stock, par value $0.0001 per share
(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: 812,640 Weiss Asset Management is the sole investment manager to a private investment partnership, (the "Partnership") and private investment funds ("Funds"). WAM GP is the sole general partner of Weiss Asset Management. Andrew Weiss is the managing member of WAM GP. Shares reported for WAM GP, Andrew Weiss and Weiss Asset Management include shares beneficially owned by the Partnership and the Funds. Each of WAM GP, Weiss Asset Management, and Andrew Weiss disclaims beneficial ownership of the shares reported herein as beneficially owned by each except to the extent of their respective pecuniary interest therein. The percent of class computations are based on 24,038,434 shares of Class A Common Stock, par value $0.0001 per share, as of November 6, 2025, as reported in the Form 10-Q of the Issuer, which was filed with the SEC on November 12, 2025.
(b)	Percent of class: 3.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 812,640
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 812,640
Item 5.	Ownership of 5 Percent or Less of a Class.
	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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Item 4.
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.

Weiss Asset Management LP

Signature:	Mary Merrigan
Name/Title:	Authorized Signatory
Date:	02/17/2026

WAM GP LLC

Signature:	Mary Merrigan
Name/Title:	Authorized Signatory
Date:	02/17/2026

WEISS ANDREW M

Signature:	Mary Merrigan
Name/Title:	Attorney-in-Fact for Andrew M. Weiss***
Date:	02/17/2026

Comments accompanying signature: ***Duly authorized under Power of Attorney incorporated herein by reference to the exhibit to the Form 13G/A filed by Weiss Asset Management LP on February 3, 2023 in respect of its holding in DEEP MEDICINE ACQUISITION CORP.

Exhibit Information

Joint Filing Agreement

FAQ

What Bakkt (BKKT) ownership does this Schedule 13G/A report for Weiss Asset Management?

The filing reports beneficial ownership of 812,640 Bakkt Class A shares, equal to 3.4% of the class. This percentage is based on 24,038,434 shares outstanding as of November 6, 2025, as disclosed in Bakkt’s Form 10-Q filed on November 12, 2025.

Who are the reporting persons in Bakkt (BKKT) Schedule 13G/A Amendment No. 1?

The reporting persons are Weiss Asset Management LP, GP LLC, and Andrew M. Weiss, Ph.D. Weiss Asset Management is the investment manager, GP LLC is its general partner, and Andrew Weiss is the managing member of GP, with each disclaiming beneficial ownership except for any pecuniary interest.

How much voting and dispositive power do the Weiss entities have over Bakkt (BKKT) shares?

The reporting persons report no sole voting or dispositive power over Bakkt shares. They report shared voting power over 812,640 shares and shared dispositive power over the same 812,640 shares, reflecting their role managing a private partnership and funds that hold the stock.

Is the Weiss position in Bakkt (BKKT) intended to influence control of the company?

The reporting persons state the Bakkt shares were acquired and are held in the ordinary course of business, not to change or influence control. They also state the holdings are not in connection with any control-related transaction, other than activities solely tied to a nomination under Rule 14a-11.

What percentage threshold is highlighted in this Bakkt (BKKT) ownership filing?

The Schedule 13G/A notes ownership of 5 percent or less of the class and specifies a 3.4% stake. This percentage is calculated using 24,038,434 Bakkt Class A shares outstanding as of November 6, 2025, as reported in the company’s Form 10-Q.

Who actually holds the Bakkt (BKKT) shares reported by Weiss Asset Management?

The filing explains Weiss Asset Management is investment manager to a private partnership and funds that beneficially own the Bakkt shares. GP LLC is Weiss Asset Management’s general partner, and Andrew Weiss manages GP. Each party disclaims beneficial ownership beyond their pecuniary interest in those vehicles.