SCHEDULE: BlackRock Discloses 4.6% Stake in Bakkt Holdings

BlackRock, Inc. has reported a 4.6% beneficial ownership stake in Bakkt Holdings, Inc. common stock as of September 30, 2025.

Summary

• BlackRock, Inc. beneficially owns 734,431 shares of Bakkt Holdings, Inc. common stock.
• This ownership represents 4.6% of the class of securities.
• BlackRock holds sole voting power over 722,754 shares and sole dispositive power over 734,431 shares.
• No shared voting or dispositive power is reported.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Bakkt Holdings, Inc.
• The filing indicates an event date of September 30, 2025, and a signature date of October 17, 2025, for this statement.

Sentiment

Score: 5

Explanation: The filing is a routine beneficial ownership disclosure. While BlackRock's presence is a minor positive, the stake is passive and below 5%. The unusual future dates for the event and filing introduce a degree of uncertainty, balancing out any positive sentiment.

Positives

• The disclosure of BlackRock, Inc. as a beneficial owner, even with a passive stake, can be viewed as a positive signal of institutional interest in Bakkt Holdings, Inc.

Negatives

• The reported beneficial ownership of 4.6% is below the 5% threshold, indicating it is not a new significant activist or major strategic position.
• The event date (September 30, 2025) and filing signature date (October 17, 2025) are in the future, which is highly unusual for an SEC filing and could lead to confusion regarding the timeliness and accuracy of the reported information.

Risks

• The future dates for the event requiring filing (September 30, 2025) and the signature date (October 17, 2025) introduce significant ambiguity and potential for misinterpretation regarding the current status of BlackRock's ownership and the filing's effective date.
• The beneficial ownership is below 5%, meaning BlackRock does not have a significant influence on the company's control or strategic direction based on this filing alone.

Future Outlook

This filing does not contain any forward-looking statements or guidance from Bakkt Holdings, Inc. It solely reports BlackRock, Inc.'s beneficial ownership stake.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, 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." (Statement from BlackRock, Inc.)

Industry Context

BlackRock, Inc. is one of the world's largest asset managers, and its investment in Bakkt Holdings, Inc., a company focused on digital asset platforms and cryptocurrency solutions, reflects broader institutional interest in the evolving digital asset space. This passive stake indicates a portfolio investment rather than a strategic partnership or control-oriented move.

Stakeholder Impact

• Shareholders: May view BlackRock's investment as a vote of confidence, potentially contributing to market stability or positive sentiment, although the stake is passive and below 5%.

Key Dates

Keywords

BlackRock, Bakkt Holdings, BKKT, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, Digital Assets, Cryptocurrency