SCHEDULE: Highbridge Capital Discloses 4.2% Stake in Bakkt Holdings

Highbridge Capital Management, LLC has filed an amended Schedule 13G, disclosing a 4.2% beneficial ownership stake in Bakkt Holdings, Inc., primarily through warrants.

Summary

• Highbridge Capital Management, LLC reported beneficial ownership of 691,442 shares of Bakkt Holdings, Inc. Class A Common Stock.
• This ownership represents 4.2% of the outstanding Class A Common Stock.
• The 691,442 shares are issuable upon the exercise of warrants directly held by the Highbridge Funds.
• The percentage of class is calculated based on 15,934,137 shares of Class A Common Stock outstanding as of September 3, 2025, and assumes the exercise of the warrants.
• Highbridge Capital Management, LLC is an investment adviser to certain funds and accounts.
• The securities were acquired and are held in the ordinary course of business, without the purpose or effect of changing or influencing the control of Bakkt Holdings, Inc.

Sentiment

Score: 5

Explanation: Neutral. This is a standard disclosure of passive ownership by an investment adviser, neither inherently positive nor negative for the issuer beyond confirming institutional interest.

Future Outlook

NA

Industry Context

This filing indicates continued institutional interest in Bakkt Holdings, a company operating in the digital asset and loyalty solutions space. Highbridge Capital Management's passive stake suggests a belief in the long-term value without seeking active control, which is common for investment advisers holding minority positions.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, potentially signaling confidence from a major investment firm.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of passive beneficial ownership by Highbridge Capital Management, LLC. It indicates an institutional investor holds a 4.2% stake in Bakkt Holdings, primarily through warrants, for investment purposes without intent to influence control. While it confirms institutional interest, it does not provide new fundamental information about Bakkt's operational performance, financial health, or strategic direction that would warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate as this filing alone does not present a compelling reason to buy or sell.

Keywords

Bakkt Holdings, Highbridge Capital Management, Schedule 13G, Beneficial Ownership, Class A Common Stock, Warrants, Investment Adviser, SEC Filing, BKKT