<SEC-DOCUMENT>0001193125-26-083334.txt : 20260227
<SEC-HEADER>0001193125-26-083334.hdr.sgml : 20260227
<ACCEPTANCE-DATETIME>20260227174938
ACCESSION NUMBER:		0001193125-26-083334
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260224
FILED AS OF DATE:		20260227
DATE AS OF CHANGE:		20260227

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			D'Annunzio Marc
		CENTRAL INDEX KEY:			0001871559
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39544
		FILM NUMBER:		26702248

	MAIL ADDRESS:	
		STREET 1:		C/O BAKKT HOLDINGS, INC.
		STREET 2:		10000 AVALON BOULEVARD, SUITE 1000
		CITY:			ALPHARETTA
		STATE:			GA
		ZIP:			30009

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bakkt, Inc.
		CENTRAL INDEX KEY:			0001820302
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				412324812
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE LIBERTY PLAZA
		STREET 2:		1 LIBERTY ST FL 3 STE 305-306
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10006
		BUSINESS PHONE:		678-534-5849

	MAIL ADDRESS:	
		STREET 1:		ONE LIBERTY PLAZA
		STREET 2:		1 LIBERTY ST FL 3 STE 305-306
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10006

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Bakkt Holdings, Inc.
		DATE OF NAME CHANGE:	20211015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VPC Impact Acquisition Holdings
		DATE OF NAME CHANGE:	20200805
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>ownership.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-02-24</periodOfReport>

    <issuer>
        <issuerCik>0001820302</issuerCik>
        <issuerName>Bakkt, Inc.</issuerName>
        <issuerTradingSymbol>BKKT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001871559</rptOwnerCik>
            <rptOwnerName>D'Annunzio Marc</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O BAKKT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>1 LIBERTY ST FL 3 STE 305-306</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10006</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>General Counsel and Secretary</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>true</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2026-02-24</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>false</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>785</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>10.0947</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>117833</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>10</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F4"/>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>132551</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>132551</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Includes 50,229 shares of Class A Common Stock subject to restricted stock units and performance stock units awards that remain subject to vesting.</footnote>
        <footnote id="F2">The sales were effectuated pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 09/10/2025.</footnote>
        <footnote id="F3">Represents a weighted-average price. These shares were sold in multiple transactions at prices ranging from $10.0114 to $10.1200, inclusive. For all transactions reported in this Form 4 utilizing a weighted-average price, the reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.</footnote>
        <footnote id="F4">Represent stock options to purchase shares of the Issuer's Class A Common Stock (&quot;Options&quot;) 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 &quot;Committed Options&quot;) 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 Mr. D'Annunzio 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 &quot;Quarterly Tranche&quot;). [Continued to footnote 5]</footnote>
        <footnote id="F5">[Continued from footnote 4] The Committed Options will be exercisable over a two-day period in the applicable quarter (the &quot;Exercise Period&quot;); 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 Mr. D'Annunzio exercises the Committed Option portion, the remainder of that Quarterly Tranche (the &quot;Optional Exercise Options&quot;) 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 6]</footnote>
        <footnote id="F6">[Continued from footnote 5] Notwithstanding the foregoing exercise schedule, following the first quarter following 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.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Marc D'Annunzio</signatureName>
        <signatureDate>2026-02-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
