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

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 30,562,092 shares of New Class A Common Stock outstanding as of March 2, 2026, as reported in the Issuer's Prospectus Supplement filed with the SEC pursuant to Rule 424(b)(5) on February 27, 2026 (after giving effect to the issuance of shares contemplated therein, which was consummated on March 2, 2026), as adjusted pursuant to Rule 13d-3(d)(1)(i) under the Exchange Act to include the 461,360 shares of New Class A Common Stock (the "Replacement Warrant Shares") underlying the Replacement Warrants (as defined in Item 6 of the Amended Schedule 13D), and (ii) with respect to the securities beneficially owned by the Reporting Persons, 7,919,002 shares of New Class A Common Stock and 461,360 Replacement Warrant Shares beneficially owned by the Reporting Persons as of the date hereof. The aggregate number and percentage of shares of New Class A 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. The Replacement Warrant Shares will not have voting power unless, and to the extent, ICEH exercises its right to acquire Replacement Warrant Shares in accordance with the terms of the Replacement 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 New Class A Common Stock set forth below: o Hon. Sharon Y. Bowen, Director, ICE, beneficially owns 21,044 shares of New Class A Common Stock. o Thomas E. Noonan, Director, ICE, beneficially owns 529 shares of New Class A Common Stock. o Jeffrey C. Sprecher, Director (Chairman) and Chief Executive Officer, ICE, may be deemed to beneficially own 146,366 shares of New Class A Common Stock, which shares are beneficially owned by his spouse. Mr. Sprecher disclaims beneficial ownership of the shares held by his spouse. The Reporting Persons specifically disclaim beneficial ownership over such shares and units held by the persons listed above.

Item 5(a) of this Statement is incorporated herein by reference. Pursuant to the terms of the DTR Voting and Support Agreement (as defined in Item 6 of the Amended Schedule 13D), ICE has agreed not to transfer the ICE Subject Shares (as defined in Item 6 of the Amended Schedule 13D) until the earlier of (i) 120 days after the date of the DTR Purchase Agreement (as defined in Item 6 of the Amended Schedule 13D) or (ii) the Bakkt stockholder meeting called for the purpose of obtaining the approval of the DTR Acquisition (as defined in Item 6 of the Amended Schedule 13D).

This Amendment is being filed to update the aggregate percentage of the New Class A Common Stock beneficially owned by the Reporting Persons due to dilution caused by the Issuer's issuance of additional shares of its New Class A Common Stock from time to time since the date of the filing of Amendment No. 11, and not in connection with any acquisition or disposition of any shares of New Class A Common Stock by the Reporting Persons. The Reporting Persons have not effected any transactions in New Class A Common Stock during the past 60 days.

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.

Not applicable.