SCHEDULE: ICE Updates Bakkt Beneficial Ownership Stake

Intercontinental Exchange reports a change in its beneficial ownership percentage of Bakkt, Inc. due to share dilution.

Summary

• Intercontinental Exchange, Inc. (ICE) and its subsidiary, Intercontinental Exchange Holdings, Inc., filed an amendment to their Schedule 13D regarding Bakkt, Inc.
• The reporting persons maintain beneficial ownership of 8,380,362 shares of Bakkt Class A Common Stock.
• The ownership percentage has been adjusted to 19.8% of the total outstanding shares.
• The adjustment is strictly due to dilution from the issuance of 11,316,775 new shares by Bakkt on April 30, 2026, rather than any trading activity by ICE.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral administrative filing; it reflects a change in ownership percentage due to external dilution rather than a change in the reporting entity's investment thesis.

Positives

• The filing confirms that ICE has not sold any of its position in Bakkt, maintaining its long-term interest.

Negatives

• ICE's percentage ownership has been diluted due to the significant issuance of new shares by the issuer.

Risks

• Continued dilution of existing shareholders if Bakkt continues to issue additional equity to fund operations or growth.

Future Outlook

The filing does not provide forward-looking guidance for Bakkt, Inc. operations, focusing solely on the reporting of beneficial ownership status.

Management Comments

• The reporting persons have not effected any transactions in New Class A Common Stock during the past 60 days.

Industry Context

StockSavvy.ai notes that this filing reflects the ongoing capital structure adjustments common in the digital asset and fintech space, where major institutional backers like ICE often see their percentage stakes fluctuate as the underlying company raises capital to sustain operations.

Comparison to Industry Standards

• The filing follows standard SEC disclosure requirements for institutional investors holding more than 5% of a company's equity.
• The dilution event is consistent with typical capital-raising activities observed in growth-stage fintech companies.

Stakeholder Impact

• Existing shareholders experience dilution due to the increase in total outstanding shares.

Next Steps

• Continued monitoring of Bakkt's capital structure and potential future equity issuances.

Key Dates

Keywords

Bakkt, Intercontinental Exchange, ICE, Schedule 13D, Beneficial Ownership, Equity Dilution, Common Stock