Alyeska Group holds 3.05M Bakkt shares; 9.99% cap (BKKT)

Rhea-AI Filing Summary

Bakkt, Inc. ownership disclosure: Alyeska Investment Group and affiliated persons beneficially own 3,053,153 shares of Class A common stock, representing 9.99% of the class as of March 31, 2026. The position comprises 1,023,810 currently held shares and 2,029,343 shares issuable upon exercise of pre-funded warrants constrained by a 9.99% beneficial ownership limitation. The filing cites 30,562,096 shares outstanding per the Form 10-K dated March 19, 2026. The filing states Alyeska Investment Group exercises voting and investment control for Alyeska Master Fund, L.P., and that Anand Parekh may be deemed a beneficial owner (with a disclaimer).

Insights

Securities Counsel

Disclosure explains beneficial ownership, warrant limits, and control relationships.

The statement details a 9.99% beneficial ownership position comprised of direct shares and exercisable pre-funded warrants, and explicitly preserves the beneficial ownership limitation that caps exercise. The filing cites March 19, 2026 for the 30,562,096 share outstanding base.

Key legal points: the 9.99% limitation is a contractual/plan constraint that affects exercisability; attribution language and the joint filing statement follow Rule 13d conventions. Future filings will clarify any exercise activity or changes in ownership.

Investor Relations / Governance Analyst

Position is large but capped; control and attribution are disclosed.

The report shows shared voting and dispositive power over 3,053,153 shares via Alyeska entities and notes that Alyeska Investment Group acts as investment manager for Alyeska Master Fund, L.P. The filing includes an explicit disclaimer by Mr. Parekh.

Practical implications: exercise of additional warrant shares is limited by the 9.99% cap, so near-term dilution from these warrants depends on outstanding share count and any changes to that count.

Key Figures

Beneficial ownership: 3,053,153 shares Percent of class: 9.99% Shares outstanding: 30,562,096 shares +3 more

6 metrics

Beneficial ownership 3,053,153 shares As of March 31, 2026

Percent of class 9.99% Based on shares outstanding cited in filing

Shares outstanding 30,562,096 shares Per Form 10-K dated March 19, 2026

Currently held shares 1,023,810 shares Directly held by the reporting persons

Warrant shares exercisable (permitted) 2,029,343 shares Permitted exercise after 9.99% limitation

Pre-funded warrants outstanding 2,475,201 warrants Total pre-funded warrants held (exercise constrained)

Key Terms

pre-funded warrants, beneficial ownership limitation, Rule 13d-1(k)

3 terms

pre-funded warrants financial

"2,029,343 shares issuable upon exercise of pre-funded warrants"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

beneficial ownership limitation regulatory

"warrants contain a beneficial ownership limitation that prohibits exercise to the extent it would cause the holder's beneficial ownership to exceed 9.99%"

A beneficial ownership limitation is a rule that caps the percentage of a company’s shares an investor can be treated as owning or controlling for voting, regulatory or tax purposes. It matters to investors because it can restrict how many shares a person or group can buy or vote, affect takeover chances, and influence share liquidity and value — like a speed limit that prevents any single driver from taking over the whole road.

Rule 13d-1(k) regulatory

"JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k)"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 04:26 PM Learn about SEC filing dates

FAQ

What stake does Alyeska report in Bakkt (BKKT)?

Alyeska reports beneficial ownership of 3,053,153 shares, equal to 9.99% of Class A common stock as of March 31, 2026. This includes direct shares and shares issuable upon exercise of pre-funded warrants.

How many of the reported shares are currently held versus exercisable warrants?

The filing states 1,023,810 shares are currently held and 2,029,343 shares are exercisable under pre-funded warrants after applying a 9.99% limit from the filing.

What is the beneficial ownership limitation on the warrants?

The pre-funded warrants include a beneficial ownership limitation of 9.99%, which prevents exercise to the extent it would cause ownership to exceed that percentage based on the cited outstanding share count.

What outstanding share count does the filing use to calculate the limit?

The filing references 30,562,096 shares outstanding per the Form 10-K dated March 19, 2026 to compute the number of warrant shares exercisable under the 9.99% cap.

Who controls the voting and investment decisions for the reported shares?

Alyeska Investment Group, L.P. is identified as the investment manager exercising voting and investment control over shares held by Alyeska Master Fund, L.P., per the filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Bakkt, Inc.

(Name of Issuer)

Class A Common Stock, par value $0.0001 per share

(Title of Class of Securities)

05759B305

(CUSIP Number)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 05759B305

1

Names of Reporting Persons

Alyeska Investment Group, L.P.

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 3,053,153.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,053,153.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,053,153.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP Number(s): 05759B305

1

Names of Reporting Persons

Alyeska Fund 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 3,053,153.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,053,153.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,053,153.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP Number(s): 05759B305

1

Names of Reporting Persons

Anand Parekh

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 3,053,153.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,053,153.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,053,153.00

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)

9.99 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Bakkt, Inc.
(b)	Address of issuer's principal executive offices: One Liberty Plaza, One Liberty Street, Floor 3, Suite 305-306, New York, NY 10006
Item 2.
(a)	Name of person filing: (i) Alyeska Investment Group, L.P. (ii) Alyeska Fund GP, LLC (iii) Anand Parekh
(b)	Address or principal business office or, if none, residence: (i) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601 (ii) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601 (iii) 77 West Wacker Drive, 7th Floor, Chicago, IL 60601
(c)	Citizenship: (i) Alyeska Investment Group, L.P. - Delaware (ii) Alyeska Fund GP, LLC - Delaware (iii) Anand Parekh - United States of America
(d)	Title of class of securities: Class A Common Stock, par value $0.0001 per share
(e)	CUSIP Number(s): 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: 3,053,153
(b)	Percent of class: 9.99%
(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: 3,053,153
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 3,053,153
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.

Alyeska Investment Group, L.P.

Signature:	Jason Bragg
Name/Title:	Jason Bragg | Chief Financial Officer
Date:	05/15/2026

Alyeska Fund GP, LLC

Signature:	Jason Bragg
Name/Title:	Jason Bragg | Chief Financial Officer
Date:	05/15/2026

Anand Parekh

Signature:	Anand Parekh
Name/Title:	Anand Parekh | Self
Date:	05/15/2026

Exhibit Information

As of March 31, 2026, the Reporting Persons beneficially own 3,053,153 shares of Class A Common Stock, consisting of (i) 1,023,810 shares of Class A Common Stock and (ii) 2,029,343 shares issuable upon exercise of pre-funded warrants. The Reporting Persons hold pre-funded warrants exercisable for 2,475,201 shares; however, such warrants contain a beneficial ownership limitation that prohibits exercise to the extent it would cause the holder's beneficial ownership to exceed 9.99% of the outstanding Common Stock. Based on 30,562,096 shares of Common Stock outstanding (per the Form 10-K dated March 19, 2026), the 9.99% limitation permits exercise of only 2,029,343 warrant shares after giving effect to the 1,023,810 shares otherwise held. Position held by Alyeska Master Fund, L.P. Alyeska Investment Group, L.P., as investment manager, exercises voting and investment control over the shares held by Alyeska Master Fund, L.P. Anand Parekh, as Chief Executive Officer of Alyeska Investment Group, L.P., may be deemed the beneficial owner of such shares. Mr. Parekh disclaims beneficial ownership of such shares. JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on SCHEDULE 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on SCHEDULE 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.