SCHEDULE: Weiss Asset Management Discloses 3.4% Stake in Bakkt

Weiss Asset Management LP, WAM GP LLC, and Andrew M. Weiss have disclosed a 3.4% beneficial ownership stake in Bakkt, Inc. Class A Common Stock.

Summary

• Weiss Asset Management LP, WAM GP LLC, and Andrew M. Weiss collectively beneficially own 812,640 shares of Bakkt, Inc. Class A Common Stock.
• This represents 3.4% of Bakkt, Inc.'s Class A Common Stock, based on 24,038,434 shares outstanding as of November 6, 2025.
• The reporting persons disclaim any intent to change or influence the control of Bakkt, Inc., stating the shares are held in the ordinary course of business.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating an update to a previously reported ownership position.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It is a routine disclosure of a passive ownership stake and does not provide new information regarding the issuer's operational performance or strategic direction.

Positives

• A reputable institutional investor, Weiss Asset Management, maintains a position in Bakkt, Inc., potentially signaling ongoing institutional interest in the company.

Negatives

• The reported ownership of 3.4% is a passive, non-controlling interest, which does not indicate any intent by the reporting persons to influence the management or control of Bakkt, Inc.

Risks

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

Future Outlook

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

Management Comments

• The securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures for passive institutional investors. The continued presence of Weiss Asset Management on Bakkt's shareholder list, albeit with a non-controlling stake, indicates ongoing institutional interest in the digital asset and loyalty solutions sector, which Bakkt operates within. This type of filing typically does not signal a strategic shift for the issuer but rather reflects portfolio adjustments by the investor.

Comparison to Industry Standards

• This filing is a standard disclosure for institutional investors holding less than 5% of a company's stock with passive intent.
• Compared to activist investors who might file a Schedule 13D (requiring disclosure of intent to influence control), Weiss Asset Management's 13G filing explicitly disclaims such intent, aligning with typical passive investment strategies.
• The 3.4% stake is a relatively small, non-controlling interest, common for diversified institutional portfolios.

Stakeholder Impact

• Shareholders: Provides transparency regarding institutional ownership, confirming a passive stake by Weiss Asset Management.

Next Steps

• No future actions or milestones for Bakkt, Inc. are mentioned in this ownership disclosure filing.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of a passive, non-controlling ownership stake by an institutional investor. It provides no new information regarding Bakkt, Inc.'s operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The filing simply confirms an existing, albeit updated, passive position, suggesting no immediate catalyst for significant price movement based solely on this disclosure.

Keywords

Bakkt Inc., BKKT, Weiss Asset Management, Schedule 13G, Institutional Ownership, Common Stock, Investment Disclosure, Passive Investment