SCHEDULE: Susquehanna Group Discloses 1.7% Stake in Bakkt

A group of Susquehanna-affiliated entities has disclosed a 1.7% beneficial ownership stake in Bakkt, Inc., primarily through G1 Execution Services, LLC and Susquehanna Securities, LLC.

Summary

• G1 Execution Services, LLC, Susquehanna Fundamental Investments, LLC, Susquehanna Portfolio Strategies, LLC, and Susquehanna Securities, LLC, collectively referred to as the Reporting Persons, have filed an Amendment No. 1 to Schedule 13G.
• The Reporting Persons beneficially own an aggregate of 411,786 shares of Bakkt, Inc.'s Class A Common Stock.
• This aggregate ownership represents 1.7% of the Class A Common Stock outstanding.
• The shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Bakkt, Inc.
• Susquehanna Securities, LLC's beneficial ownership includes options to buy 317,988 shares and 2,613 shares issuable upon the exercise of warrants.
• Bakkt, Inc. had 24,038,434 Class A Common Shares outstanding as of November 6, 2025, as reported in its Quarterly Report on Form 10-Q filed on November 12, 2025.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive development. The disclosure of a beneficial ownership stake by a prominent financial group like Susquehanna, even if below 5%, suggests institutional interest and potential validation for Bakkt's business model in the digital asset space.

Positives

• Increased institutional ownership by a reputable financial group like Susquehanna can signal confidence in Bakkt's long-term prospects.
• The acquisition of shares in the ordinary course of business suggests a strategic investment rather than an activist stance, indicating stability.

Negatives

• The 1.7% stake is below the 5% threshold that would typically trigger more significant market attention or suggest a major strategic move by the investor.

Risks

• No specific risks related to Bakkt, Inc.'s operations or financial health are mentioned in this beneficial ownership filing.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding Bakkt, Inc.'s future performance or operations.

Industry Context

StockSavvy.ai notes that institutional filings like this Schedule 13G provide transparency into significant ownership stakes. While a 1.7% stake is not controlling, it indicates that sophisticated financial players like Susquehanna are actively investing in companies within the digital asset and fintech space, aligning with broader industry trends of increasing institutional participation in this sector. This type of investment can be seen as a vote of confidence in the long-term viability and growth potential of companies like Bakkt, which operates in the evolving digital asset ecosystem.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: The disclosure of institutional ownership by a respected financial group may instill greater confidence among existing shareholders and potentially attract new investors.
• Employees: No direct impact on employees is indicated by this ownership filing.
• Customers: No direct impact on customers is indicated by this ownership filing.
• Suppliers: No direct impact on suppliers is indicated by this ownership filing.
• Creditors: No direct impact on creditors is indicated by this ownership filing.

Key Dates

Recommendation

The filing indicates a notable institutional investment in Bakkt, Inc. by Susquehanna-affiliated entities, which can be seen as a positive signal of confidence in the company's prospects. However, the 1.7% stake is not a controlling interest and the filing itself does not provide new operational or financial performance data for Bakkt. Therefore, while the institutional interest is encouraging, it does not warrant a 'buy' recommendation without further fundamental analysis of Bakkt's business and financials. A 'hold' recommendation is appropriate, acknowledging the positive signal while awaiting more substantive company-specific news.

Keywords

Bakkt, BKKT, Susquehanna, G1 Execution Services, Beneficial Ownership, Schedule 13G, Class A Common Stock, Institutional Investment, Digital Assets, Fintech