Form 4: Bakkt Director Michael Alfred Acquires RSUs

Bakkt Holdings Director Michael Alfred acquired 139 restricted stock units, which will vest in June 2026, increasing his direct beneficial ownership.

Summary

• Michael Alfred, a Director of Bakkt Holdings, Inc., acquired 139 Restricted Stock Units (RSUs) on October 30, 2025.
• Each RSU represents a contingent right to receive one share of the issuer's Class A Common Stock.
• These RSUs are scheduled to vest 100% on June 17, 2026, provided that Mr. Alfred continues to provide service to the issuer through that date.
• Following this transaction, Mr. Alfred directly beneficially owns 19,476 shares of Class A Common Stock, which includes the 139 newly acquired RSUs and other RSUs that remain subject to vesting.
• Mr. Alfred also indirectly beneficially owns 40,000 shares of the issuer's Class A Common Stock through Alpine Fox LP, over which he has control, and disclaims beneficial ownership except to the extent of his pecuniary interest.

Sentiment

Score: 6

Explanation: The acquisition of Restricted Stock Units by a director is a routine insider transaction that generally indicates alignment of interests with shareholders, as the director's compensation is tied to future company performance. This is a neutral to slightly positive signal.

Positives

• Director Michael Alfred acquired additional equity in Bakkt Holdings, Inc. through Restricted Stock Units (RSUs), aligning his interests with long-term shareholder value.
• The vesting schedule through June 17, 2026, incentivizes the director's continued service and commitment to the company's future performance.

Future Outlook

The 139 Restricted Stock Units are scheduled to vest 100% on June 17, 2026, subject to the reporting person's continued service to the issuer.

Industry Context

This filing reports an insider transaction, which is a routine disclosure required by the SEC for directors, officers, and significant shareholders. It does not provide information on broader industry trends or the competitive landscape.

Related Party Transactions

• Michael Alfred indirectly holds 40,000 shares of Class A Common Stock through Alpine Fox LP, over which he has control, and disclaims beneficial ownership except to the extent of his pecuniary interest.

Stakeholder Impact

• Shareholders: The acquisition of RSUs by a director can be viewed positively as it aligns management's interests with shareholder value creation over the long term.

Next Steps

• The 139 Restricted Stock Units are expected to vest on June 17, 2026, contingent on Michael Alfred's continued service.

Key Dates

Keywords

Bakkt Holdings, BKKT, Michael Alfred, Director, RSU, Restricted Stock Units, Insider Transaction, SEC Form 4, Equity Acquisition