# EDGAR Filing Document

**Accession Number:** 0001820302
**File Stem:** 0001193125-25-286689
**Filing Date:** 2025-11
**Character Count:** 17534
**Document Hash:** 333cfd92a2dc55e4333d2fe9ab72acf0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-286689.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001193125-25-286689

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bakkt Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001820302
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 981550750
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-91712
- **FILM NUMBER:** 251496487

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA
- **STREET 2:** 1 LIBERTY ST FL 3 STE 305-306
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10006
- **BUSINESS PHONE:** 678-534-5849

**MAIL ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA
- **STREET 2:** 1 LIBERTY ST FL 3 STE 305-306
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10006

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VPC Impact Acquisition Holdings
- **DATE OF NAME CHANGE:** 20200805
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Naheta Akshay Sudhir
- **CENTRAL INDEX KEY:** 0002062543

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** DTR GLOBAL
- **STREET 2:** GEORGIOU CHRISTOFOROU, 8, 1ST FLOOR
- **CITY:** STROVOLOS
- **STATE:** G4
- **ZIP:** 2012

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Bakkt Holdings, Inc.**

*(Name of Issuer)*

**Class A Common Stock, par value $0.0001 per share**

*(Title of Class of Securities)*

**05759B305**

*(CUSIP Number)*

**Akshay Sudhir Naheta**<br>One Liberty Plaza<br>One Liberty St., Ste. 305-306<br>New York NY 10006<br>(678) 534-5849

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**11/14/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **05759B305** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Akshay Sudhir Naheta** | Name of reporting person<br>**Akshay Sudhir Naheta** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**3199732.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**3199732.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**3199732.00** | Aggregate amount beneficially owned by each reporting person<br>**3199732.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.9%** | Percent of class represented by amount in Row (11)<br>**11.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Row 7, 9 and 11. Comprised of (i) 249,733 shares of Class A common stock, par value $0.0001 per share ("Class A Common Stock"), of Bakkt Holdings, Inc. (the "Issuer"), (ii) options to acquire 1,342,282 shares of Class A Common Stock (the "Reporting Person Options", as further described below) and (iii) 1,607,717 shares of Class A Common Stock relating to performance-based restricted stock units that vest upon the attainment of stock price metrics (the "PSUs", as further described below). Each share of Class A Common Stock carries one vote per share.

Row 13. The percentages reported in this Schedule 13D are based upon 26,989,085 shares of Class A Common Stock outstanding comprised of (i) 24,039,086 shares of Class A Common Stock outstanding as of November 13, 2025 (according to the Issuer's transfer agent), (ii) 1,342,282 shares of Class A Common Stock issuable upon the exercise of the Reporting Person Options and (iii) 1,607,717 shares of Class A Common Stock related to PSUs.

																Amendment No. 1 to Schedule 13D

	This Amendment No. 1 to Schedule 13D (this "Amendment No. 1") amends and supplements the initial Schedule 13D filed by Mr. Akshay Sudhir Naheta with the Securities and Exchange Commission (the "SEC") on November 7, 2025 (the "Original Filing").

	This Amendment No. 1 amends and supplements the Original Filing as specifically set forth herein and is being filed solely due to an increase in the Issuer's total number of outstanding shares of Class A Common Stock and not as a result of any transactions by the Reporting Person.

	All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed as such terms in the Original Filing. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Common Stock, par value $0.0001 per share

**(b) Name of Issuer:**
Bakkt Holdings, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
One Liberty Plaza, One Liberty St., Ste. 305-306, New York, NY, 10006

This statement on Schedule 13D is filed with respect to the shares of Class A Common Stock, par value $0.0001 per share (the "Class A Common Stock"), of Bakkt Holdings, Inc., a Delaware corporation (the "Issuer"), which has its principal executive office at One Liberty Plaza, One Liberty Street, Suites 305-306, New York, New York, 10006.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a)  of the Original Filing is amended and restated to read as follows:

			Amount beneficially owned: 3,199,732.
			Percent of class: 11.9%.

**(b)**
Item 5(b) of the Original Filing is amended and restated to read as follows:

		Number of shares the Reporting Persons have:
				i.     Sole power to vote or direct the vote: 3,199,732.
				ii.    Shared power to vote: 0.
				iii.   Sole power to dispose or direct the disposition of: 3,199,732.
				iv.   Shared power to dispose or direct the disposition of: 0.

The Reporting Person may be deemed to beneficially own 1,342,282 shares of Class A Common Stock issuable upon exercise of 1,342,282 Reporting Person Options held by the Reporting Person. On November 10, 2025, the Reporting Person exercised 33,557 of those Reporting Person Options.

The Reporting Person may be deemed to beneficially own 1,607,717 shares of Class A Common Stock relating to PSUs held by the Reporting Person. On November 14, 2025, 803,861 of those PSUs vested.

**(c)**
—

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Original Filing is amended and restated to read as follows:

	The responses set forth in Item 3 above summarize certain provisions of the Contribution Agreement, the Contribution Agreement Amendment, the TRA, the TRA Amendment and the Options Award Agreement and are incorporated herein by reference. A copy of each of these agreements is attached as an exhibit to the Original Filing and incorporated herein by reference. The responses set forth in paragraph (b) of Item 5 are hereby incorporated by reference in this Item 6.

Except as set forth herein, the Reporting Person does not have any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Issuer, including but not limited to any contracts, arrangements, understandings or relationships concerning the transfer or voting of such securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.

	Cooperation Agreement

	On March 19, 2025, Old Bakkt entered into a Cooperation Agreement with DTR and the Reporting Person, the sole stockholder of DTR (the "Cooperation Agreement"). Upon the closing of the Reorganization, the Issuer assumed Old Bakkt's responsibilities under the Cooperation Agreement.

	Pursuant to the Cooperation Agreement, DTR provides the Issuer with certain exclusive payment processing technology, application programming interfaces, and infrastructure to be integrated into the Issuer's platform for the enablement of global payments processing services in the jurisdictions where the Issuer or its affiliates operate.

	In addition, on the date that is twelve (12) months following the date of on which the Issuer initiates processing payments using all or part of DTR's technology (the "Call Event Deadline"), the Issuer shall have the exclusive right (such right, the "Call Option") to require the Reporting Person to sell, convey, transfer, assign and deliver to the Issuer 100% of the capital stock and all other equity interests of DTR (the "DTR Equity"). This Call Option may be exercised by the Issuer at any time prior to the Call Event Deadline. If the Issuer does not exercise the Call Option within the Call Event Deadline, then for a period beginning on the date of expiration of the Call Event Deadline and ending on the second anniversary of the Call Event Deadline, if DTR or the Reporting Person receives an offer or proposal from a third-party to purchase more than 50% of the DTR Equity, then (i) the Reporting Person shall provide written notice to the Issuer of the material financial and other terms and conditions of such offer or proposal (such notice, the "ROFR Notice") and (ii) for a period of 15 days following receipt of the ROFR Notice, the Issuer shall have the right to purchase the DTR Equity on the same terms as set forth in the ROFR Notice (the "ROFR"). The ROFR Notice will expire in the event that (a) the terms proposed by the Issuer are not the same or as favorable as those in the ROFR Notice or (b) the Issuer exercises the ROFR pursuant to a ROFR Notice but the ROFR transaction is not consummated within 90 days following the date of the ROFR Notice, subject to certain automatic extensions for regulatory approvals, required authorizations or the Issuer's stockholder approval, which such automatic extension shall not exceed 90 days.

	If the cumulative volume of payments processed by the Issuer utilizing DTR's technology or otherwise facilitated by DTR's technology infrastructure for enabling global payment processing exceeds $2 billion during any 18-month period following the date of the Cooperation Agreement (the "Put Event"), then within three years of such Put Event (the "Put Event Deadline"), the Reporting Person shall have the right to require the Issuer to purchase, acquire and accept from the Reporting Person the DTR Equity (the "Put Option").

	As consideration for the sale of the DTR Equity contemplated by a Put Option or a Call Option, the Reporting Person will be entitled, in exchange for all of the DTR Equity, to a number of shares of Class A Common Stock representing at least 19.9% and no more than 31.5%, of the aggregate common stock of the Issuer, plus the aggregate number of shares of Class A Common Stock issuable upon full exercise or conversion of any options, warrants or other convertible or derivative securities then outstanding, on an as-converted basis, which shall not include the Issuer's publicly traded warrants currently listed on the New York Stock Exchange ("NYSE") (BKKT WS) and any warrants to purchases of Class A Common Stock that are below the Bakkt Share Price (as defined below) (the "Bakkt Share Number") subject to any DTR Adjustment (as defined below); provided that the Reporting Person will be entitled to a "top up" of additional shares of Class A Common Stock to the extent any such public warrants are actually exercised. Any indebtedness of DTR outstanding immediately prior to the closing of a Call Option or Put Option transaction and certain transaction expenses in excess of $1.0 million incurred by or on behalf of DTR or the Reporting Person (such amount, the "DTR Value") shall proportionately reduce the number of shares the Reporting Person is entitled to receive in a Put Option or Call Option transaction (the "DTR Adjustment").

	If either the Issuer or the Reporting Person shall exercise the above described Call Option or Put Option, respectively, such transaction shall be (i) executed pursuant to a customary purchase agreement that will contain representations, warranties and interim operating covenants by the Issuer, DTR and the Reporting Person that are customary for a transaction of this nature (the "Definitive Agreement"), (ii) subject to, among other things, obtaining any required regulatory approvals, non-objections and/or similar authorizations, Issuer stockholder approvals (including compliance with any applicable requirements of the NYSE) and Delaware law, (iii) subject to receipt by the Issuer of a fairness opinion from an independent financial advisor, (iv) subject to the execution by the parties of a definitive agreement reflecting the commercial arrangement described above, and (v) subject to the Issuer having terminated any lines of credit in effect on the date of the Cooperation Agreement and having repaid in full any indebtedness then outstanding and borrowed thereunder. The Definitive Agreement shall also provide for a clause to allow the Special Committee of the Board of Directors of the Issuer to pursue any superior proposal for a transaction that, if consummated, would result in a change of control of the Issuer that is conditioned upon the termination of the Put Option; provided, that the Issuer will negotiate reasonably and in good faith with any prospective party to include the Put Option or have such Put Option exercised immediately prior to the closing of such proposed transaction. If, after such negotiation, the Put Option will be terminated, the Issuer will be obligated to pay the Reporting Person a termination fee of 3.0% of the DTR Value, as determined immediately prior to the termination of the Put Option.

	The price payable by the Issuer for the DTR Equity in any such Put Option or Call Option transaction shall be the fair market value as determined by a third-party valuation from an independent valuation firm, and the price of the Class A Common Stock to be issued in a Put Option or Call Option transaction shall be equal to the volume weighted average price of the Class A Common Stock on the NYSE over the 30 consecutive trading day period ending on the trading day immediately preceding the date on which the Class A Common Stock would be issued pursuant to the Cooperation Agreement (the "Bakkt Share Price"), subject to the floor and price cap mechanisms described above.

	During the term of the Cooperation Agreement, each party will use commercially reasonable efforts to conduct its business in the normal and ordinary course, consistent with applicable laws. Pursuant to the Cooperation Agreement, the Reporting Person will not, directly or indirectly, engage in hedging, short sales or similar activities with respect to the Issuer's equity.

	A copy of the Cooperation Agreement is attached as an exhibit to the Original Filing and incorporated herein by reference.

	Employment Agreement and Restricted Stock Unit Agreement

	Pursuant to the terms of the Employment Agreement (as amended and restated by the A&R Employment Agreement), on April 21, 2025, the Compensation Committee approved the equity-based grant for the Reporting Person of 11,426 RSUs. The RSUs were granted to the Reporting Person pursuant to a Restricted Stock Unit Agreement between Old Bakkt and the Reporting Person (the "RSU Agreement"). Upon the closing of the Reorganization, the Issuer assumed Old Bakkt's responsibilities under the RSU Agreement.

	The RSUs vest 100% on the one-year anniversary of the Effective Date, subject to the Reporting Person's continued service with the Issuer.

	A copy of the A&R Employment Agreement is attached as an exhibit to the Original Filing and incorporated herein by reference.

	A copy of the form of RSU Agreement is attached as an exhibit to this Amendment No. 1 and incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Akshay Sudhir Naheta

**Signature:** /s/ Akshay Sudhir Naheta

**Name/Title:** Akshay Sudhir Naheta

**Date:** 11/18/2025