SCHEDULE: Weiss Asset Management Discloses 5.1% Stake in Bakkt

Weiss Asset Management LP, WAM GP LLC, and Andrew M. Weiss have reported a 5.1% beneficial ownership stake in Bakkt Holdings, Inc.'s Class A Common Stock.

Summary

• Weiss Asset Management LP, WAM GP LLC, and Andrew M. Weiss collectively reported beneficial ownership of 812,640 shares of Bakkt Holdings, Inc.'s Class A Common Stock.
• This ownership represents 5.1% of the Class A Common Stock outstanding.
• The shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing the control of Bakkt Holdings, Inc.
• The percentage of class computation is based on 15,934,137 shares of Class A Common Stock outstanding as of September 3, 2025, as reported in Bakkt's Form Schedule 14A filed on September 9, 2025.
• The reporting persons share both voting and dispositive power over all 812,640 shares.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive due to the disclosure of a significant institutional investment, which can be seen as a vote of confidence. However, the filing itself is purely factual and does not contain performance-related information from the issuer.

Positives

• The disclosure of a significant institutional investor, Weiss Asset Management, taking a 5.1% stake in Bakkt Holdings, Inc. can be interpreted as a vote of confidence in the company's future prospects by a sophisticated investor.

Future Outlook

This filing does not contain any forward-looking statements or guidance from Bakkt Holdings, Inc. or the reporting persons regarding the issuer's future performance.

Management Comments

• The securities 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.

Industry Context

This filing is a standard disclosure of beneficial ownership and does not provide specific insights into broader industry trends or competitive landscape for Bakkt Holdings, Inc. It indicates an institutional investor's position within the digital asset and loyalty solutions sector.

Stakeholder Impact

• Shareholders may view the disclosure of a significant institutional stake by Weiss Asset Management as a positive signal, potentially indicating increased investor confidence or future oversight.

Key Dates

Keywords

Bakkt Holdings, Weiss Asset Management, Schedule 13G, Beneficial Ownership, Class A Common Stock, Institutional Investment, Equity Stake