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    Amendment: SEC Form SCHEDULE 13D/A filed by Bakkt Holdings Inc.

    10/20/25 6:48:54 PM ET
    $BKKT
    Finance: Consumer Services
    Finance
    Get the next $BKKT alert in real time by email



    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549


    SCHEDULE 13D

    Under the Securities Exchange Act of 1934

    (Amendment No. 9)


    Bakkt Holdings, Inc.

    (Name of Issuer)


    Class A Common Stock

    (Title of Class of Securities)


    05759B107

    (CUSIP Number)


    Andrew J. Surdykowski
    Intercontinental Exchange, Inc., 5660 New Northside Drive
    Atlanta, GA, 30328
    770-857-4700


    Rory O'Halloran & Cody Wright
    Allen Overy Shearman Sterling US LLP,, 599 Lexington Avenue
    New York, NY, 10022
    212-848-4000

    (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
    10/16/2025

    (Date of Event Which Requires Filing of This Statement)


    If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Checkbox not checked

    The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






    SCHEDULE 13D

    CUSIP No.
    05759B107


    1 Name of reporting person

    INTERCONTINENTAL EXCHANGE, INC.
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    WC, OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    DELAWARE
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    7,914,472.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    7,914,472.00
    11Aggregate amount beneficially owned by each reporting person

    7,914,472.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox checked
    13Percent of class represented by amount in Row (11)

    33.6 %
    14Type of Reporting Person (See Instructions)

    CO

    Comment for Type of Reporting Person:
    The amount listed in Rows 8, 10 and 11 includes (i) 1,111,294 shares of Class A common stock, par value $0.0001 per share ("Class A Common Stock"), of Bakkt Holdings, Inc. (the "Issuer") and (ii) 6,803,178 shares of Class V common stock, par value $0.0001 per share ("Class V Common Stock", and together with the Class A Common Stock, the "Common Stock"), of the Issuer beneficially owned by the Reporting Person as of the date hereof. This amount includes 461,360 shares of Class A Common Stock (the "Warrant Shares") underlying the Acquired Warrants (as defined in Item 6 of the Amended Schedule 13D) that became exercisable on September 4, 2024, as described further in Item 6 of the Amended Schedule 13D. The Reporting Persons will not have the power to vote the Warrant Shares unless, and to the extent, Intercontinental Exchange Holdings, Inc. ("ICEH"), a wholly owned subsidiary of Intercontinental Exchange, Inc. ("ICE"), exercises its right to acquire Warrant Shares in accordance with the terms of the Acquired Warrants. The percentage calculated in Row 13 is based on a total of 23,111,213 shares of Common Stock, consisting of 15,934,137 shares of Class A Common Stock and 7,177,076 shares of Class V Common Stock outstanding as of September 3, 2025, as reported in the Issuer's Definitive Proxy Statement filed with the Securities and Exchange Commission (the "SEC") on September 9, 2025. As of the date hereof, the Reporting Person beneficially owns 6.8% of the outstanding shares of Class A Common Stock (including the Warrant Shares but excluding any shares of Class V Common Stock).


    SCHEDULE 13D

    CUSIP No.
    05759B107


    1 Name of reporting person

    Intercontinental Exchange Holdings, Inc.
    2Check the appropriate box if a member of a Group (See Instructions)

    Checkbox not checked  (a)
    Checkbox checked  (b)
    3SEC use only
    4 Source of funds (See Instructions)

    WC, OO
    5 Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

    Checkbox not checked
    6Citizenship or place of organization

    DELAWARE
    Number of Shares Beneficially Owned by Each Reporting Person With:
    7Sole Voting Power

    0.00
    8Shared Voting Power

    7,914,472.00
    9Sole Dispositive Power

    0.00
    10Shared Dispositive Power

    7,914,472.00
    11Aggregate amount beneficially owned by each reporting person

    7,914,472.00
    12Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

    Checkbox checked
    13Percent of class represented by amount in Row (11)

    33.6 %
    14Type of Reporting Person (See Instructions)

    CO

    Comment for Type of Reporting Person:
    The amount listed in Rows 8, 10 and 11 includes (i) 1,111,294 shares of Class A Common Stock and (ii) 6,803,178 shares of Class V Common Stock beneficially owned by the Reporting Person as of the date hereof. This amount includes the Warrant Shares underlying the Acquired Warrants that became exercisable on September 4, 2024, as described further in Item 6 of the Amended Schedule 13D. The percentage calculated in Row 13 is based on a total of 23,111,213 shares of Common Stock, consisting of 15,934,137 shares of Class A Common Stock and 7,177,076 shares of Class V Common Stock outstanding as of September 3, 2025, as reported in the Issuer's Definitive Proxy Statement filed with the SEC on September 9, 2025. As of the date hereof, the Reporting Person beneficially owns 6.8% of the outstanding shares of Class A Common Stock (including the Warrant Shares but excluding any shares of Class V Common Stock).


    SCHEDULE 13D

    Item 1.Security and Issuer
    (a)Title of Class of Securities:

    Class A Common Stock
    (b)Name of Issuer:

    Bakkt Holdings, Inc.
    (c)Address of Issuer's Principal Executive Offices:

    10000 Avalon Boulevard, Suite 1000, Alpharetta, GEORGIA , 30009.
    Item 1 Comment:
    This Amendment No. 9 (this "Amendment") is being jointly filed on behalf of: (a) Intercontinental Exchange, Inc., a Delaware corporation ("ICE"), and (b) Intercontinental Exchange Holdings, Inc., a Delaware corporation ("ICEH", and together with ICE, the "Reporting Persons" and each a "Reporting Person"), and amends the Statement on Schedule 13D filed by the Reporting Persons on October 21, 2021 ("Initial Schedule 13D"), as previously amended by (i) Amendment No. 1 to the Initial Schedule 13D filed by the Reporting Persons on May 5, 2022 ("Amendment No. 1"), (ii) Amendment No. 2 to the Initial Schedule 13D filed by the Reporting Persons on April 28, 2023 ("Amendment No. 2"), (iii) Amendment No. 3 to the Initial Schedule 13D filed by the Reporting Persons on March 4, 2024 ("Amendment No. 3"), (iv) Amendment No. 4 to the Initial Schedule 13D filed by the Reporting Persons on April 29, 2024 ("Amendment No. 4"), (v) Amendment No. 5 to the Initial Schedule 13D filed by the Reporting Persons on July 9, 2024 ("Amendment No. 5"), (vi) Amendment No. 6 to the Initial Schedule 13D filed by the Reporting Persons on July 1 and 2, 2025 ("Amendment No. 6"), (vii) Amendment No. 7 to the Initial Schedule 13D filed by the Reporting Persons on July 17, 2025 ("Amendment No. 7") and (viii) Amendment No. 8 to the Initial Schedule 13D filed by the Reporting Persons on July 30, 2025 ("Amendment No. 8", and the Initial Schedule 13D as so amended, the "Amended Schedule 13D"), which relates to the shares of Class A common stock, par value $0.0001 per share ("Class A Common Stock"), of Bakkt Holdings, Inc., a Delaware corporation (the "Issuer"). Information given in response to each item of this Amendment shall be deemed incorporated by reference in all other items, as applicable. Each common unit of Bakkt Opco Holdings, LLC, a Delaware limited liability company ("Bakkt Opco") (a "Bakkt Opco Common Unit", and together with one share of Class V Common Stock, par value $0.0001 per share (the "Class V Common Stock"), of the Issuer, a "Paired Interest") is exchangeable (along with the cancelation of a corresponding number of paired shares of Class V Common Stock) for one share of Class A Common Stock pursuant to the A&R Exchange Agreement (as defined in Item 6 of the Amended Schedule 13D, subject to adjustment as set forth in the A&R Exchange Agreement). The Class A Common Stock and the Class V Common Stock are collectively referred to herein as the "Common Stock". Capitalized terms used and not otherwise defined in this Amendment have the same meanings ascribed to them in the Amended Schedule 13D.
    Item 4.Purpose of Transaction
     
    Item 4 of the Amended Schedule 13D is hereby supplemented and amended to add the information contained in Item 6 of this Amendment, which is incorporated herein by reference.
    Item 5.Interest in Securities of the Issuer
    (a)
    The percentage of beneficial ownership in this Amendment is based on: (i) with respect to the total amount of securities issued and outstanding, an aggregate of 15,934,137 shares of Class A Common Stock and 7,177,076 shares of Class V Common Stock outstanding as of September 3, 2025, as reported in the Issuer's Definitive Proxy Statement filed with the Securities and Exchange Commission (the "SEC") on September 9, 2025, as adjusted pursuant to Rule 13d-3(d)(1)(i) under the Exchange Act to include the 461,360 shares of Class A Common Stock (the "Warrant Shares") underlying the Acquired Warrants (as defined in Item 6 of the Amended Schedule 13D), and (ii) with respect to the securities beneficially owned by the Reporting Persons, 649,934 shares of Class A Common Stock, the 461,360 Warrant Shares and 6,803,178 shares of Class A Common Stock underlying the Paired Interests (consisting of 6,803,178 Bakkt Opco Common Units and 6,803,178 shares of Class V Common Stock) beneficially owned by the Reporting Persons as of the date hereof. The aggregate number and percentage of shares of Class A Common Stock and Class V Common Stock beneficially owned by the Reporting Persons, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition, are set forth on rows 7 through 11 and row 13 of the cover pages of this Amendment and are incorporated herein by reference. Pursuant to the terms of the A&R Exchange Agreement (as defined in Item 6 of Amendment No. 1), Bakkt Opco Common Units, when coupled with an equivalent number of shares of Class V Common Stock, may be exchanged at the discretion of the holder for shares of Class A Common Stock on a one-for-one basis (subject to adjustment as set forth in the A&R Exchange Agreement), or, at the option of the Issuer, cash, subject to the following exceptions: (i) no holder of Bakkt Opco Common Units may exchange less than 1,000 Bakkt Opco Common Units in any single exchange unless exchanging all of their Bakkt Opco Common Units; and (ii) such exchange can only occur (a) upon a Permitted Exchange Event (as defined in the A&R Exchange Agreement) or (b) on (1) the last trading day of the second week of the first month of each quarter, (2) the last trading day of the first month of each quarter, (3) the third full trading day occurring after the Issuer publicly announces its results for a quarter and (4) the last trading day of the second month of each quarter. The Warrant Shares will not have voting power unless, and to the extent, ICEH exercises its right to acquire Warrant Shares in accordance with the terms of the Acquired Warrants and such shares become issued and outstanding. To the best knowledge of the Reporting Persons, the following persons beneficially own or may be deemed to beneficially own the shares of Class A Common Stock, Class V Common Stock and Bakkt Opco Common Units set forth below: o Hon. Sharon Y. Bowen, Director, ICE, beneficially owns 20,118 shares of Class A Common Stock, 926 shares of Class V Common Stock and 926 Bakkt Opco Common Units. o Thomas E. Noonan, Director, ICE, beneficially owns 529 shares of Class V Common Stock and 529 Bakkt Opco Common Units. o Jeffrey C. Sprecher, Director (Chairman) and Chief Executive Officer, ICE, may be deemed to beneficially own 146,366 shares of Class V Common Stock and 146,366 Bakkt Opco Common Units, which shares and units are beneficially owned by his spouse through her holdings of vested incentive units in Bakkt Management. Mr. Sprecher disclaims beneficial ownership of the shares and units held indirectly by his spouse. The Reporting Persons specifically disclaim beneficial ownership over such shares and units held by the persons listed above. Except for the shares of Class A Common Stock beneficially owned by Ms. Bowen, the beneficial ownership information set forth above is with respect to shares of Class V Common Stock and Bakkt Opco Common Units indirectly acquired by Ms. Bowen, Mr. Noonan, and Mr. Sprecher's spouse in connection with the Closing in respect of incentive units held by such individuals under the Bakkt equity incentive plan in effect prior to the Closing and held directly by Bakkt Management LLC ("Bakkt Management").
    (b)
    Item 5(a) of this Statement is incorporated herein by reference. Pursuant to the terms of the Up-C Collapse Waiver (as defined in Item 6 of this Amendment), ICEH has agreed not to transfer the Acquired Warrants until the earlier of (a) the consummation by the Issuer of the Up-C Collapse (as defined in Item 6 of this Amendment) and (b) November 14, 2025.
    (c)
    This Amendment is being filed to report the entry by ICEH into the TRA Amendment, the Contribution Agreement and the Up-C Collapse Waiver (each as defined in Item 6 of this Amendment), and to update the aggregate percentage of the Common Stock owned by the Reporting Persons due to dilution caused by the Issuer's issuance of additional shares of its Class A Common Stock since the date of the filing of Amendment No. 8, and not in connection with any acquisition or disposition of any shares of Common Stock by the Reporting Persons. The Reporting Persons have not effected any transactions in Class A Common Stock or Class V Common Stock during the past 60 days.
    (d)
    To the best knowledge of the Reporting Persons, no one other than the Reporting Persons has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.
    (e)
    Not applicable.
    Item 6.Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
     
    Item 6 of the Amended Schedule 13D is hereby further supplemented and amended to add the following information: Up-C Collapse and Related Agreements On October 16, 2025, the Issuer announced plans for a reorganization of certain of its entities that would result in the elimination of its umbrella partnership-C-corporation structure and the Issuer becoming a wholly owned subsidiary of a new holding company ("NewCo") that will replace the Issuer as the public company trading on the New York Stock Exchange (the "Up-C Collapse"). In connection with the Up-C Collapse, (i) holders of shares of Class A Common Stock, including ICEH, will cease to hold such shares and will receive an equivalent number of shares of Class A common stock of NewCo ("NewCo Class A Common Stock") that have the same voting and economic rights as the Class A Common Stock, (ii) holders of shares of Class V Common Stock, including ICEH, will cease to hold such shares and will receive an equivalent number of shares of Class V common stock of NewCo ("NewCo Class V Common Stock") that have the same voting and economic rights as the Class V Common Stock, and (iii) holders of Bakkt Opco Common Units, each coupled with one share of NewCo Class V Common Stock, will cease to hold such Bakkt Opco Common Units and shares of NewCo Class V Common Stock and will receive an equivalent number of shares of NewCo Class A Common Stock. Upon consummation of the Up-C Collapse, NewCo will have only one class of outstanding common stock, the NewCo Class A Common Stock. On October 16, 2025, in connection with the Up-C Collapse, the Issuer, ICEH and Akshay Naheta, the Issuer's Chief Executive Officer ("Mr. Naheta"), entered into an amendment to the Tax Receivable Agreement (the "TRA Amendment") and a Contribution Agreement (the "Contribution Agreement"), and the Issuer and ICEH also entered into a waiver, acknowledgment and consent in respect of the Acquired Warrants (the "Up-C Collapse Waiver"). Pursuant to the TRA Amendment and the Contribution Agreement, ICEH and Mr. Naheta agreed that they would, at the closing of the Up-C Collapse, (i) contribute their rights under the Tax Receivable Agreement to NewCo in exchange for a cash payment from NewCo equal to the respective amount to which ICEH and Mr. Naheta would otherwise be entitled under the Tax Receivable Agreement (as amended) and (ii) contribute such cash to NewCo in exchange for shares of NewCo Class A Common Stock, and further agreed that the respective obligations of ICEH and Mr. Naheta, on the one hand, and NewCo, on the other hand, to transfer the foregoing cash amounts will be net-settled and offset against one another. The number of shares of NewCo Class A Common Stock to be issued pursuant to the contribution in the foregoing clause (ii) will be issued based on a purchase price of $39.34, representing the "Minimum Price" as defined in NYSE Rule 312.04(h). Assuming a Class A Common Stock trading price of $38.00 for calculating the payment that would otherwise be owed to ICEH under the Tax Receivable Agreement (as amended) in accordance with the foregoing clause (i), the Issuer has estimated that approximately 655,500 shares of NewCo Class A Common Stock would be issued to ICEH at that Minimum Price. In addition, the TRA Amendment sets the discount rate to be used in calculating payments owed under the Tax Receivable Agreement to all TRA Parties (as defined in the Tax Receivable Agreement), including ICEH and Mr. Naheta, at 18%, calculated as of the date of consummation of the Up-C Collapse, except that for ICEH and Mr. Naheta only, the value of such payments is capped at the value of such payments calculated as of the date of the TRA Amendment. Pursuant to the Up-C Collapse Waiver, ICEH agreed to waive its right to treat the Up-C Collapse as a Fundamental Change (as defined in the Acquired Warrants) and to exchange the Acquired Warrants for equivalent warrants to purchase shares of NewCo Class A Common Stock upon consummation of the Up-C Collapse. In the Up-C Collapse Waiver, ICEH also agreed not to transfer the Acquired Warrants until the earlier of the consummation of the Up-C Collapse and November 14, 2025. The Up-C Collapse Waiver will terminate if the Up-C Collapse is not consummated on or before November 14, 2025. The foregoing descriptions of the TRA Amendment, the Contribution Agreement and the Up-C Collapse Waiver are qualified in their entirety by reference to the full text of the TRA Amendment, the Contribution Agreement and the Up-C Collapse Waiver, which are filed as Exhibits 99.24, 99.25 and 99.26, respectively, to the Amended Schedule 13D and incorporated herein by reference.
    Item 7.Material to be Filed as Exhibits.
     
    Exhibit 99.1* Joint Filing Agreement, dated as of October 21, 2021, by and among the Reporting Persons (incorporated by reference to Exhibit 99.1 to the Schedule 13D filed by the Reporting Persons with the SEC on October 21, 2021). https://www.sec.gov/Archives/edgar/data/1571949/000119312521304172/d367825dex991.htm Exhibit 99.2 Agreement and Plan of Merger (incorporated by reference to Exhibit 2.1 to the Issuer's Current Report on Form 8-K filed on January 11, 2021). https://www.sec.gov/Archives/edgar/data/1820302/000119312521005832/d913171dex21.htm Exhibit 99.3 Amendment to Agreement and Plan of Merger (incorporated by reference to Exhibit 2.1 to the Issuer's Current Report on Form 8-K filed on March 31, 2021). https://www.sec.gov/Archives/edgar/data/1820302/000119312521101249/d107545dex21.htm Exhibit 99.4 Amendment to Agreement and Plan of Merger (incorporated by reference to Exhibit 2.1 to the Issuer's Current Report on Form 8-K filed on September 30, 2021). https://www.sec.gov/Archives/edgar/data/1820302/000119312521286927/d204551dex21.htm Exhibit 99.5 Certificate of Incorporation of the Issuer (incorporated by reference to Exhibit 3.1 to the Issuer's Current Report on Form 8-K filed on October 21, 2021). https://www.sec.gov/Archives/edgar/data/1820302/000119312521303985/d219325dex31.htm Exhibit 99.6 Exchange Agreement (incorporated by reference to Exhibit 10.4 to the Issuer's Current Report on Form 8-K filed on October 21, 2021). https://www.sec.gov/Archives/edgar/data/1820302/000119312521303985/d219325dex104.htm Exhibit 99.7 Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 4.3 to the Issuer's Current Report on Form 8-K filed on October 21, 2021). https://www.sec.gov/Archives/edgar/data/1820302/000119312521303985/d219325dex43.htm Exhibit 99.8 Voting Agreement (incorporated by reference to Exhibit 10.3 to the Issuer's Current Report on Form 8-K filed on October 21, 2021). https://www.sec.gov/Archives/edgar/data/1820302/000119312521303985/d219325dex103.htm Exhibit 99.9 Stockholders Agreement (incorporated by reference to Exhibit 10.2 to the Issuer's Current Report on Form 8-K filed on October 21, 2021). https://www.sec.gov/Archives/edgar/data/1820302/000119312521303985/d219325dex102.htm Exhibit 99.10 Registration Rights Agreement (incorporated by reference to Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed on October 21, 2021). https://www.sec.gov/Archives/edgar/data/1820302/000119312521303985/d219325dex101.htm Exhibit 99.11 Tax Receivable Agreement (incorporated by reference to Exhibit 10.5 to the Issuer's Current Report on Form 8-K filed on October 21, 2021). https://www.sec.gov/Archives/edgar/data/1820302/000119312521303985/d219325dex105.htm Exhibit 99.12* Amended and Restated Subscription Agreement (incorporated by reference to Exhibit 99.12 to the Schedule 13D filed by the Reporting Persons with the SEC on October 21, 2021). https://www.sec.gov/Archives/edgar/data/1571949/000119312521304172/d367825dex9912.htm Exhibit 99.13 Cooperation Agreement (incorporated by reference to Exhibit 10.6 to the Issuer's Current Report on Form 8-K filed on October 21, 2021). https://www.sec.gov/Archives/edgar/data/1820302/000119312521303985/d219325dex106.htm Exhibit 99.14 Amended and Restated Exchange Agreement (incorporated by reference to Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed on May 4, 2022). https://www.sec.gov/Archives/edgar/data/1820302/000182030222000015/a101amendedandrestatedexch.htm Exhibit 99.15* Securities Purchase Agreement (incorporated by reference to Exhibit 99.15 to the Schedule 13D/A filed by the Reporting Persons with the SEC on March 4, 2024). https://www.sec.gov/Archives/edgar/data/1571949/000094787124000253/ss3098627_ex9915.htm Exhibit 99.16* Voting Support Agreement (incorporated by reference to Exhibit 99.16 to the Schedule 13D/A filed by the Reporting Persons with the SEC on March 4, 2024). https://www.sec.gov/Archives/edgar/data/1571949/000094787124000253/ss3098627_ex9916.htm Exhibit 99.17* Class 1 Warrant issued by the Issuer on March 4, 2024 (incorporated by reference to Exhibit 99.17 to the Schedule 13D/A filed by the Reporting Persons with the SEC on March 4, 2024). https://www.sec.gov/Archives/edgar/data/1571949/000094787124000253/ss3098627_ex9917.htm Exhibit 99.18* Class 2 Warrant issued by the Issuer on March 4, 2024 (incorporated by reference to Exhibit 99.18 to the Schedule 13D/A filed by the Reporting Persons with the SEC on March 4, 2024). https://www.sec.gov/Archives/edgar/data/1571949/000094787124000253/ss3098627_ex9918.htm Exhibit 99.19* Class 1 Warrant issued by the Issuer on April 25, 2024 (incorporated by reference to Exhibit 99.19 to the Schedule 13D/A filed by the Reporting Persons with the SEC on April 29, 2024). https://www.sec.gov/Archives/edgar/data/1820302/000094787124000420/ss3319225_ex9919.htm Exhibit 99.20* Class 2 Warrant issued by the Issuer on April 25, 2024 (incorporated by reference to Exhibit 99.20 to the Schedule 13D/A filed by the Reporting Persons with the SEC on April 29, 2024). https://www.sec.gov/Archives/edgar/data/1820302/000094787124000420/ss3319225_ex9920.htm Exhibit 99.21 First Amendment to the Third Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 4.1 to the Issuer's Current Report on Form 8-K filed on April 29, 2024). https://www.sec.gov/Archives/edgar/data/1820302/000182030224000080/ex41firstamendmentto3rdame.htm Exhibit 99.22* Share Increase Voting Support Agreement (incorporated by reference to Exhibit 99.22 to the Schedule 13D/A filed by the Reporting Persons with the SEC on July 17, 2025). https://www.sec.gov/Archives/edgar/data/1571949/000094787125000670/ss5091566_ex9922.htm Exhibit 99.23* Lock-Up Agreement (incorporated by reference to Exhibit 99.23 to the Schedule 13D/A filed by the Reporting Persons with the SEC on July 30, 2025). https://www.sec.gov/Archives/edgar/data/1571949/000094787125000710/ss5145903_ex9923.htm Exhibit 99.24 TRA Amendment Exhibit 99.25 Contribution Agreement Exhibit 99.26 Up-C Collapse Waiver * Previously filed

        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.

     
    INTERCONTINENTAL EXCHANGE, INC.
     
    Signature:/s/ Andrew J. Surdykowski
    Name/Title:Andrew J. Surdykowski, General Counsel
    Date:10/20/2025
     
    Intercontinental Exchange Holdings, Inc.
     
    Signature:/s/ Andrew J. Surdykowski
    Name/Title:Andrew J. Surdykowski, General Counsel
    Date:10/20/2025
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    Bakkt Holdings, Inc. ("Bakkt" or the "Company") (NYSE:BKKT) today announced the appointment of Mike Alfred to its Board of Directors. This addition strengthens Bakkt's governance and positions the Company to capitalize on the generational transformation in global financial infrastructure – redefining what money is, how it moves, and how markets trade and operate. "We're doubling down on our mission to build next-generation financial infrastructure by bringing world-class leaders onto our Board," said Akshay Naheta, CEO of Bakkt. "Mike's proven track record and reputation in the digital asset and fintech ecosystem brings unparalleled expertise, a powerful network and institutional credibil

    9/22/25 8:00:00 AM ET
    $BKKT
    $IREN
    Finance: Consumer Services
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    $BKKT
    Analyst Ratings

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    The Benchmark Company initiated coverage on Bakkt with a new price target

    The Benchmark Company initiated coverage of Bakkt with a rating of Buy and set a new price target of $13.00

    9/8/25 8:48:38 AM ET
    $BKKT
    Finance: Consumer Services
    Finance

    Wells Fargo initiated coverage on Bakkt with a new price target

    Wells Fargo initiated coverage of Bakkt with a rating of Equal Weight and set a new price target of $2.50

    9/29/22 7:25:04 AM ET
    $BKKT
    Finance: Consumer Services
    Finance

    Citigroup initiated coverage on Bakkt with a new price target

    Citigroup initiated coverage of Bakkt with a rating of Neutral and set a new price target of $3.00

    7/19/22 12:53:30 PM ET
    $BKKT
    Finance: Consumer Services
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    $BKKT
    Insider Purchases

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    CEO and President Naheta Akshay Sudhir bought $1,474,404 worth of shares (180,000 units at $8.19), increasing direct ownership by 1,575% to 191,426 units (SEC Form 4)

    4 - Bakkt Holdings, Inc. (0001820302) (Issuer)

    8/25/25 7:38:48 PM ET
    $BKKT
    Finance: Consumer Services
    Finance

    Intercontinental Exchange, Inc. bought $304,213 worth of shares (350,880 units at $0.87) (SEC Form 4)

    4 - Bakkt Holdings, Inc. (0001820302) (Issuer)

    4/29/24 9:11:04 PM ET
    $BKKT
    Finance: Consumer Services
    Finance

    Intercontinental Exchange, Inc. bought $2,394,662 worth of shares (2,762,009 units at $0.87) (SEC Form 4)

    4 - Bakkt Holdings, Inc. (0001820302) (Issuer)

    3/4/24 5:34:43 PM ET
    $BKKT
    Finance: Consumer Services
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    $BKKT
    SEC Filings

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    Bakkt Holdings Inc. filed SEC Form 8-K: Leadership Update

    8-K - Bakkt Holdings, Inc. (0001820302) (Filer)

    10/20/25 6:09:49 PM ET
    $BKKT
    Finance: Consumer Services
    Finance

    Amendment: SEC Form SCHEDULE 13D/A filed by Bakkt Holdings Inc.

    SCHEDULE 13D/A - Bakkt Holdings, Inc. (0001820302) (Subject)

    10/20/25 6:48:54 PM ET
    $BKKT
    Finance: Consumer Services
    Finance

    Bakkt Holdings Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Regulation FD Disclosure

    8-K - Bakkt Holdings, Inc. (0001820302) (Filer)

    10/17/25 8:40:57 PM ET
    $BKKT
    Finance: Consumer Services
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    $BKKT
    Insider Trading

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    Amendment: New insider Alfred Michael claimed ownership of 59,337 shares (SEC Form 3)

    3/A - Bakkt Holdings, Inc. (0001820302) (Issuer)

    9/29/25 5:50:16 PM ET
    $BKKT
    Finance: Consumer Services
    Finance

    Chief Operating Officer Baes Nicholas covered exercise/tax liability with 810 shares, decreasing direct ownership by 0.76% to 105,472 units (SEC Form 4)

    4 - Bakkt Holdings, Inc. (0001820302) (Issuer)

    9/29/25 5:27:22 PM ET
    $BKKT
    Finance: Consumer Services
    Finance

    New insider Alfred Michael claimed ownership of 55,469 shares (SEC Form 3)

    3 - Bakkt Holdings, Inc. (0001820302) (Issuer)

    9/26/25 6:54:30 PM ET
    $BKKT
    Finance: Consumer Services
    Finance

    $BKKT
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    Bakkt Appoints Mike Alfred to Board to Accelerate Growth Strategy

    Bakkt Holdings, Inc. ("Bakkt" or the "Company") (NYSE:BKKT) today announced the appointment of Mike Alfred to its Board of Directors. This addition strengthens Bakkt's governance and positions the Company to capitalize on the generational transformation in global financial infrastructure – redefining what money is, how it moves, and how markets trade and operate. "We're doubling down on our mission to build next-generation financial infrastructure by bringing world-class leaders onto our Board," said Akshay Naheta, CEO of Bakkt. "Mike's proven track record and reputation in the digital asset and fintech ecosystem brings unparalleled expertise, a powerful network and institutional credibil

    9/22/25 8:00:00 AM ET
    $BKKT
    $IREN
    Finance: Consumer Services
    Finance
    EDP Services
    Technology

    Bakkt Announces Akshay Naheta as co-CEO of Bakkt and Strategic Partnership with Distributed Technologies Research

    Bakkt to add visionary leadership and deepen its bench of subject matter expertise with the appointment of Akshay Naheta as co-CEO of Bakkt and member of the board Commercial agreement to combine Bakkt's high-performance crypto trading platform with Distributed Technology Research's cutting-edge stablecoin payments platform Bakkt Holdings, Inc. (NYSE:BKKT) today announced that, effective March 21, 2025, it will bring on Akshay Naheta, a seasoned executive with a proven track record in the finance and technology industries, to serve as co-CEO of Bakkt, alongside Andy Main, current CEO. With over 20 years of experience, Akshay brings an intricate understanding of blockchain, financial mark

    3/19/25 4:45:00 PM ET
    $BKKT
    Finance: Consumer Services
    Finance

    Bakkt Strengthens Leadership Team with Appointment of Ray Kamrath as Chief Commercial Officer

    Bakkt Holdings, Inc. (NYSE:BKKT) announced today that Ray Kamrath was appointed as the Chief Commercial Officer of Bakkt's crypto business. In this newly created position, Kamrath will report to Andy Main, Bakkt's Chief Executive Officer. "By appointing Ray Kamrath to lead our commercial efforts, Bakkt is doubling down on our commitment to strategic expansion and growth. Ray brings a depth of experience and a proven track record of delivering business results, with deep client and marketplace relationships. All of this will be instrumental in bringing our strong, secure and scaled crypto platform to a growing market," said Main. Kamrath will lead the company's sales across Bakkt's crypt

    5/23/24 8:15:00 AM ET
    $BKKT
    Finance: Consumer Services
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    $BKKT
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    Bakkt Holdings Acquires bitcoin.co.jp Domain

    Bakkt Holdings, Inc. ("Bakkt" or the "Company") (NYSE:BKKT) today announced that it has decided to forgo the rights to the domain www.bitcoin.jp and has instead finalized the acquisition of the Web domain www.bitcoin.co.jp. The Company believes that this is the premier domain name suffix for Japan, more akin to the ".com" domain name elsewhere in the world. About Bakkt Founded in 2018, Bakkt builds solutions that enable our clients to grow with the crypto economy. Through institutional-grade trading and onramp capabilities, our clients leverage technology that's built for sustainable, long-term involvement in crypto. Bakkt is headquartered in Alpharetta, GA. For more information, vi

    9/17/25 7:28:00 PM ET
    $BKKT
    Finance: Consumer Services
    Finance

    Bakkt Schedules Conference Call to Discuss Second Quarter 2025 Results

    Bakkt Holdings, Inc. (NYSE:BKKT) today announced that it will release its second quarter 2025 results on Monday, August 11, 2025, after market close. Management will host a conference call at 5:00 PM ET on the same day to review the results. Attendance information is provided below. Investors and analysts interested in participating in the earnings conference call are invited to join at https://events.q4inc.com/attendee/400104648 or dial in at (833) 470-1428 or (404) 975-4839, and reference participant access code 446108 approximately ten minutes prior to the start of the call. The conference call will be webcast live and archived on the investor relations section of Bakkt's corporate w

    8/4/25 4:30:00 PM ET
    $BKKT
    Finance: Consumer Services
    Finance

    Bakkt Announces Preliminary Second Quarter 2025 Financial Results and Definitive Agreement to Sell Loyalty Business

    Bakkt Holdings, Inc. ("Bakkt") (NYSE:BKKT) today announced certain preliminary financial results for the three-month period ended June 30, 2025, and the signing of a definitive agreement to sell its Loyalty business, marking the final step in the Company's realignment to a pure-play crypto infrastructure company. Preliminary financial results for three-month period ended June 30, 2025: Total revenues for the second quarter of 2025 are estimated to be in a range of $577 million to $579 million. Gross crypto revenues for the second quarter of 2025 are estimated to be in a range of $568 million to $569 million. Net loyalty revenues for the second quarter of 2025 are estimated to be in

    7/28/25 4:05:00 PM ET
    $BKKT
    Finance: Consumer Services
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    $BKKT
    Large Ownership Changes

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    SEC Form SC 13G filed by Bakkt Holdings Inc.

    SC 13G - Bakkt Holdings, Inc. (0001820302) (Subject)

    11/14/24 10:06:39 AM ET
    $BKKT
    Finance: Consumer Services
    Finance

    Amendment: SEC Form SC 13D/A filed by Bakkt Holdings Inc.

    SC 13D/A - Bakkt Holdings, Inc. (0001820302) (Subject)

    7/9/24 6:05:34 AM ET
    $BKKT
    Finance: Consumer Services
    Finance

    SEC Form SC 13D/A filed by Bakkt Holdings Inc. (Amendment)

    SC 13D/A - Bakkt Holdings, Inc. (0001820302) (Subject)

    4/29/24 9:05:11 PM ET
    $BKKT
    Finance: Consumer Services
    Finance