SCHEDULE: Citadel Discloses 8.7% Stake in Bakkt Holdings

Citadel entities and Kenneth Griffin have disclosed a combined 8.7% beneficial ownership in Bakkt Holdings, Inc. Class A Common Stock.

Summary

• Citadel Advisors LLC, Citadel Advisors Holdings LP, and Citadel GP LLC collectively beneficially own 1,319,162 shares of Bakkt Holdings, Inc. Class A Common Stock.
• Citadel Securities LLC, Citadel Securities Group LP, and Citadel Securities GP LLC collectively beneficially own 198 shares of Bakkt Holdings, Inc. Class A Common Stock.
• Kenneth Griffin, through his control interests, is deemed to beneficially own an aggregate of 1,319,360 shares.
• The total beneficial ownership represents 8.7% of Bakkt Holdings, Inc.'s Class A Common Stock outstanding.
• The percentages are based on 15,119,894 total shares outstanding, which includes 14,373,519 shares outstanding as of July 30, 2025, and 746,375 shares issuable upon conversion of certain warrants held by affiliates of the reporting persons.
• All reporting persons hold shared voting and shared dispositive power over their respective beneficially owned shares.

Sentiment

Score: 7

Explanation: The disclosure of a significant passive stake by a major institutional investor like Citadel is generally viewed as a positive signal of confidence in the company, although the filing itself does not provide operational or financial performance details.

Positives

• A significant stake (8.7%) by a prominent institutional investor like Citadel may signal confidence in Bakkt Holdings, Inc.'s long-term prospects.
• The disclosure of a passive investment intent by Citadel indicates that the stake is not for the purpose of changing or influencing control of the issuer.

Risks

• The filing itself does not detail specific operational or financial risks of Bakkt Holdings, Inc.; it is solely a beneficial ownership disclosure.

Future Outlook

NA

Industry Context

This Schedule 13G filing indicates that a major institutional investor, Citadel, has acquired a significant passive stake in Bakkt Holdings, Inc. Such filings are standard disclosures required when an entity's beneficial ownership in a public company exceeds 5%. For investors, this signals that a large, sophisticated firm sees value in the company, potentially influencing market perception and liquidity.

Comparison to Industry Standards

• Institutional ownership by major investment firms like Citadel is a common occurrence across publicly traded companies, particularly those in emerging or high-growth sectors like digital assets and financial technology, where Bakkt Holdings operates.
• The 8.7% stake is a substantial position, indicating a notable allocation within Citadel's portfolio, comparable to other significant institutional investments in companies they deem attractive.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional holder can increase investor confidence and potentially influence stock price due to perceived validation of the company's value.
• Market Participants: Provides transparency regarding significant ownership stakes, aiding in market analysis and investment decisions.

Key Dates

Keywords

Bakkt Holdings, Citadel, Kenneth Griffin, Beneficial Ownership, Schedule 13G, Institutional Investment, BKKT, Class A Common Stock