SCHEDULE: Citadel Affiliates Disclose 2.7% Stake in Bakkt Holdings

Citadel entities and Kenneth Griffin have filed an amendment to their Schedule 13G, reporting a combined beneficial ownership of 2.7% in Bakkt Holdings, Inc.

Summary

• Citadel Advisors LLC, Citadel Advisors Holdings LP, and Citadel GP LLC collectively beneficially own 28,265 shares of Bakkt Holdings, Inc., representing 0.2% of the Class A Common Stock.
• Citadel Securities LLC, Citadel Securities Group LP, and Citadel Securities GP LLC collectively beneficially own 397,678 shares, representing 2.5% of the Class A Common Stock.
• Kenneth Griffin, through his control of the reporting entities, beneficially owns an aggregate of 425,943 shares, which constitutes 2.7% of Bakkt Holdings, Inc.'s Class A Common Stock.
• The beneficial ownership includes 15,934,137 shares outstanding as of September 3, 2025, and 28,265 shares issuable upon conversion of certain warrants held by affiliates of the reporting persons.
• All reported shares are held with shared voting and shared dispositive power; no reporting person holds sole voting or sole dispositive power.
• The filing is an Amendment No. 1 to a previously filed Schedule 13G, indicating an update to prior ownership disclosures.
• The reporting persons certify that the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The filing is a routine beneficial ownership disclosure (Schedule 13G Amendment) and does not contain information that inherently indicates positive or negative sentiment regarding the issuer's performance or prospects. It simply reports an updated ownership stake by institutional investors.

Future Outlook

NA

Management Comments

• Seth Levy, Authorized Signatory for Citadel Advisors LLC, Citadel Advisors Holdings LP, Citadel GP LLC, Citadel Securities LLC, Citadel Securities Group LP, and Citadel Securities GP LLC, certified that the information set forth in this statement is true, complete, and correct.
• Seth Levy, attorney-in-fact for Kenneth Griffin, certified that the information set forth in this statement is true, complete, and correct.

Industry Context

This Schedule 13G filing indicates that Citadel, a prominent global financial institution, maintains a passive investment stake in Bakkt Holdings, Inc. Such filings are standard disclosures for institutional investors acquiring more than 5% of a company's stock (or amending previous filings) and signal their position without intent to influence control. For Bakkt, it signifies continued institutional interest in its Class A Common Stock.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, confirming Citadel's continued, albeit passive, stake in Bakkt Holdings. This can be viewed as a vote of confidence by a major financial player.
• Company Management: Awareness of significant institutional holders is important for investor relations and understanding the shareholder base.

Key Dates

Keywords

Bakkt Holdings, Citadel, Kenneth Griffin, Beneficial Ownership, Schedule 13G, Class A Common Stock, Institutional Investor, Equity Stake