---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-242750"
form_type: "8-K"
ticker: "BKKT"
cik: "0001820302"
company_name: "Bakkt, Inc."
filed_at: "2025-10-20T23:59:59+00:00"
generated_at: "2026-05-17T03:16:20.805121+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Bakkt to simplify capital structure, eliminate Up-C, transition to single-class common stock by Nov 3

## Summary
- Company to reorganize into NewCo; each share of Class A common stock exchanged for one share of NewCo common stock.
- Pre-IPO investors' Class V common stock replaced with NewCo common stock; all shareholders will hold single class with identical rights.
- TRA amendment: ICE and CEO Naheta contribute TRA rights to NewCo in exchange for NewCo Class A common stock, net-settled.
- Estimated issuance of ~655,500 shares to ICE and ~69,750 shares to Naheta based on assumed stock price of $38.
- Reorganization expected to close on or about November 3, 2025; warrants will be exchanged for equivalent NewCo warrants.

## SEC filing metadata
- accession: 0001193125-25-242750
- form_type: 8-K
- ticker: BKKT
- cik: 0001820302
- company_name: Bakkt, Inc.
- filed_at: 2025-10-20T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820302/000119312525242750/0001193125-25-242750-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820302/000119312525242750/d74254d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-242750
- JSON: https://secwatch.observer/filing/0001193125-25-242750.json
- Plain text: https://secwatch.observer/filing/0001193125-25-242750.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.