Nicholas Baes - 12 Nov 2025 Form 4 Insider Report for Bakkt Holdings, Inc. (BKKT)

Role: Chief Operating Officer
Signature: /s/ Paul Simmons Attorney-in-Fact for Nicholas Baes
Issuer symbol: BKKT
Transactions as of: 12 Nov 2025
Transactions value $: $6,710
Form type: 4
Filing time: 14 Nov 2025, 21:11:19 UTC
Previous filing: 04 Nov 2025
Next filing: 18 Nov 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Baes Nicholas	Chief Operating Officer	C/O BAKKT HOLDINGS, INC., 1 LIBERTY ST FL 3 STE 305-306, NEW YORK	/s/ Paul Simmons Attorney-in-Fact for Nicholas Baes	14 Nov 2025	0002043681

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BKKT	Class A Common Stock	Options Exercise	$6.71K	+671	+0.64%	$10.00	106K	12 Nov 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BKKT	Stock Option (right to buy)	Options Exercise	$0	-671	-1.25%	$0.00	53K	12 Nov 2025	Class A Common Stock	671	$10.00	Direct	F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes 96,143 shares of Class A Common Stock subject to restricted stock units that remain subject to vesting.
F2	Represents stock options to purchase shares of the Issuer's Class A Common Stock ("Options") granted on July 29, 2025, contingent on the Issuer's shareholder approval, which was obtained on October 31, 2025. The Options are a commitment by the grantee to exercise a predetermined number of Options every quarter for eight quarters (the "Committed Options") at an exercise price per share equal to $10,00, which reflects the fair market value of a share of Class A Common Stock on the grant date. If the reporting person does not exercise the Committed Options in any quarter, then all remaining Options are forfeited. One-eighth of the Options will become exercisable each quarter (each, a "Quarterly Tranche"). [Continued to footnote 3]
F3	[Continued from footnote 2] The Committed Options will be exercisable over a two-day period in the applicable quarter (the "Exercise Period"); provided that if the Exercise Period for a Quarterly Tranche occurs during a blackout period, then such Exercise Period shall instead be the next quarterly Exercise Period. If the reporting person exercises the Committed Option portion, the remainder of that Quarterly Tranche (the "Optional Exercise Options") will become exercisable for a period of one year. The Optional Exercise Option portion of any Quarterly Tranche will expire at the end of such one-year period. [Continued to footnote 4]
F4	[Continued from footnote 3] Notwithstanding the foregoing exercise schedule, following the first quarter after stockholder approval of the Options, any portion of the Options may be exercised earlier than the applicable quarter, provided that shares of Class A Common Stock acquired on exercise of the Optional Exercise Options will be subject to a lock-up period so that the shares acquired on exercise may not be sold or transferred until the originally-scheduled exercise date.