# EDGAR Filing Document

**Accession Number:** 0001571949
**File Stem:** 0000947871-26-000032
**Filing Date:** 2026-1
**Character Count:** 19773
**Document Hash:** 350b84c57d36253f6dd6cc482782dcc0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000947871-26-000032.hdr.sgml**: 20260113

**ACCESSION NUMBER**: 0000947871-26-000032

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

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260113

**DATE AS OF CHANGE**: 20260113

**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:** 26531256

**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:** Intercontinental Exchange, Inc.
- **CENTRAL INDEX KEY:** 0001571949
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 5660 NEW NORTHSIDE DRIVE,
- **STREET 2:** THIRD FLOOR
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328
- **BUSINESS PHONE:** 770-857-4700

**MAIL ADDRESS:**
- **STREET 1:** 5660 NEW NORTHSIDE DRIVE,
- **STREET 2:** THIRD FLOOR
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30328

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IntercontinentalExchange Group, Inc.
- **DATE OF NAME CHANGE:** 20130313

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Intercontinental Exchange Group, Inc.
- **DATE OF NAME CHANGE:** 20130312

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

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 11)**

**Bakkt Holdings, Inc.**

*(Name of Issuer)*

**Class A Common Stock**

*(Title of Class of Securities)*

**05759B305**

*(CUSIP Number)*

**Andrew J. Surdykowski**<br>Intercontinental Exchange, Inc.<br>5660 New Northside Drive<br>Atlanta GA 30328<br>770-857-4700

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

**01/11/2026**

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

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**INTERCONTINENTAL EXCHANGE, INC.** | Name of reporting person<br>**INTERCONTINENTAL EXCHANGE, INC.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 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>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**8380362.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**8380362.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**8380362.00** | Aggregate amount beneficially owned by each reporting person<br>**8380362.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**32.3%** | Percent of class represented by amount in Row (11)<br>**32.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The amount listed in Rows 8, 10 and 11 includes 461,360 shares (the "Replacement Warrant Shares") of Class A common stock, par value $0.0001 per share ("New Class A Common Stock"), of Bakkt Holdings, Inc. (the "Issuer"), underlying the Replacement Warrants (as defined in Item 6 of the Amended Schedule 13D). The Reporting Persons will not have the power to vote the Replacement Warrant Shares unless, and to the extent, Intercontinental Exchange Holdings, Inc. ("ICEH"), a wholly owned subsidiary of Intercontinental Exchange, Inc. ("ICE"), exercises its right to acquire Replacement Warrant Shares in accordance with the terms of the Replacement Warrants.

The percentage calculated in Row 13 is based on a total of 25,514,376 shares of New Class A Common Stock outstanding as of January 7, 2026, as disclosed in Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission the ("SEC") on January 12, 2026.

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

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Intercontinental Exchange Holdings, Inc.** | Name of reporting person<br>**Intercontinental Exchange Holdings, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 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>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**8380362.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**8380362.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**8380362.00** | Aggregate amount beneficially owned by each reporting person<br>**8380362.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**32.3%** | Percent of class represented by amount in Row (11)<br>**32.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The amount listed in Rows 8, 10 and 11 includes 461,360 Replacement Warrant Shares underlying the Replacement Warrants.

The percentage calculated in Row 13 is based on a total of 25,514,376 shares of New Class A Common Stock outstanding as of January 7, 2026, as reported in Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the SEC on January 12, 2026.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A Common Stock

**(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 Amendment No. 11 (this "Amendment") is being jointly filed on behalf of: (a) Intercontinental Exchange, Inc., a Delaware corporation ("ICE"), and (b) Intercontinental Exchange Holdings, Inc., a Delaware corporation ("ICEH", and together with ICE, the "Reporting Persons" and each a "Reporting Person"), and amends the Statement on Schedule 13D filed by the Reporting Persons on October 21, 2021 ("Initial Schedule 13D"), as previously amended by (i) Amendment No. 1 to the Initial Schedule 13D filed by the Reporting Persons on May 5, 2022 ("Amendment No. 1"), (ii) Amendment No. 2 to the Initial Schedule 13D filed by the Reporting Persons on April 28, 2023 ("Amendment No. 2"), (iii) Amendment No. 3 to the Initial Schedule 13D filed by the Reporting Persons on March 4, 2024 ("Amendment No. 3"), (iv) Amendment No. 4 to the Initial Schedule 13D filed by the Reporting Persons on April 29, 2024 ("Amendment No. 4"), (v) Amendment No. 5 to the Initial Schedule 13D filed by the Reporting Persons on July 9, 2024 ("Amendment No. 5"), (vi) Amendment No. 6 to the Initial Schedule 13D filed by the Reporting Persons on July 1 and 2, 2025 ("Amendment No. 6"), (vii) Amendment No. 7 to the Initial Schedule 13D filed by the Reporting Persons on July 17, 2025 ("Amendment No. 7"), (viii) Amendment No. 8 to the Initial Schedule 13D filed by the Reporting Persons on July 30, 2025, (ix) Amendment No. 9 to the Initial Schedule 13D filed by the Reporting Persons on October 20, 2025 ("Amendment No. 9") and (x) Amendment No. 10 to the Initial Schedule 13D filed by the Reporting Persons on November 5, 2025 ("Amendment No. 10", and the Initial Schedule 13D as so amended, the "Amended Schedule 13D"), which relates to the shares of Class A common stock, par value $0.0001 per share ("New Class A Common Stock"), of Bakkt Holdings, Inc., a Delaware corporation (the "Issuer"), as successor to Bakkt Intermediate Holdings, Inc. (formerly known as Bakkt Holdings, Inc.), a Delaware Corporation (the "Predecessor Issuer").

Information given in response to each item of this Amendment shall be deemed incorporated by reference in all other items, as applicable. Capitalized terms used and not otherwise defined in this Amendment have the same meanings ascribed to them in the Amended Schedule 13D.

**Item 4. Purpose of Transaction**

Item 4 of the Amended Schedule 13D is hereby supplemented and amended to add the information contained in Item 6 of this Amendment, which is incorporated herein by reference.

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

**(a)**
The percentage of beneficial ownership in this Amendment is based on: (i) with respect to the total amount of securities issued and outstanding, an aggregate of 25,514,376 shares of New Class A Common Stock outstanding as of January 7, 2026, as reported in Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the SEC on January 12, 2026, as adjusted pursuant to Rule 13d-3(d)(1)(i) under the Exchange Act to include the 461,360 shares of New Class A Common Stock (the "Replacement Warrant Shares") underlying the Replacement Warrants (as defined in Item 6 of the Amended Schedule 13D), and (ii) with respect to the securities beneficially owned by the Reporting Persons, 7,919,002 shares of New Class A Common Stock and 461,360 Replacement Warrant Shares beneficially owned by the Reporting Persons as of the date hereof.

The aggregate number and percentage of shares of New Class A Common Stock beneficially owned by the Reporting Persons, the number of shares as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition, or shared power to dispose or to direct the disposition, are set forth on rows 7 through 11 and row 13 of the cover pages of this Amendment and are incorporated herein by reference.

The Replacement Warrant Shares will not have voting power unless, and to the extent, ICEH exercises its right to acquire Replacement Warrant Shares in accordance with the terms of the Replacement Warrants and such shares become issued and outstanding.

To the best knowledge of the Reporting Persons, the following persons beneficially own or may be deemed to beneficially own the shares of New Class A Common Stock set forth below:
o       Hon. Sharon Y. Bowen, Director, ICE, beneficially owns 21,044 shares of New Class A Common Stock.
o       Thomas E. Noonan, Director, ICE, beneficially owns 529 shares of New Class A Common Stock.
o       Jeffrey C. Sprecher, Director (Chairman) and Chief Executive Officer, ICE, may be deemed to beneficially own 146,366 shares of New Class A Common Stock, which shares are beneficially owned by his spouse. Mr. Sprecher disclaims beneficial ownership of the shares held by his spouse.

The Reporting Persons specifically disclaim beneficial ownership over such shares and units held by the persons listed above.

**(b)**
Item 5(a) of this Statement is incorporated herein by reference.

Pursuant to the terms of the DTR Voting and Support Agreement (as defined in Item 6 of this Amendment), ICE has agreed not to transfer the ICE Subject Shares (as defined in Item 6 of this Amendment) until the earlier of (i) 120 days after the date of the DTR Purchase Agreement (as defined in Item 6 of this Amendment) or (ii) the Bakkt stockholder meeting called for the purpose of obtaining the approval of the DTR Acquisition (as defined in Item 6 of this Amendment).

**(c)**
This Amendment is being filed to report the entry by ICEH into the DTR Voting and Support Agreement and the Amended and Restated Registration Rights Agreement (as defined in Item 6 of this Amendment), and not in connection with any acquisition or disposition of any shares of New Class A Common Stock by the Reporting Persons. On December 3, 2025, the 465,890 shares of Convertible Preferred Stock (as defined in Item 6 of the Amended Schedule 13D) held by ICEH converted pursuant to their terms into an equal number of shares of New Class A Common Stock. The Reporting Persons have otherwise not effected any transactions in New Class A Common Stock during the past 60 days.

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

Item 6 of the Amended Schedule 13D is hereby further supplemented and amended to add the following information:

DTR Acquisition and Voting Agreement

On January 11, 2026, the Issuer entered into a Share Purchase Agreement with Distributed Technologies Research Global Ltd, a private limited company incorporated in Cyprus ("DTR"), Bakkt Opco and Mr. Naheta (the "DTR Purchase Agreement"), pursuant to which the Issuer agreed, subject to the conditions set forth in the DTR Purchase Agreement, to acquire all of the shares of DTR in exchange for newly issued shares of New Class A Common Stock (the "DTR Consideration Shares", and such acquisition, the "DTR Acquisition").

Concurrently with the execution of the DTR Purchase Agreement, ICEH entered into a Voting and Support Agreement with the Issuer, DTR and certain other stockholders of the Issuer (the "DTR Voting and Support Agreement"). Pursuant to the DTR Voting and Support Agreement, ICEH agreed, among other things, (a) to vote all of the shares of New Class A Common Stock owned by ICEH as of the date of the DTR Purchase Agreement or acquired by ICEH after such date (the "ICE Subject Shares") in favor of the DTR Acquisition and (b) that it would not transfer the ICE Subject Shares, deposit them into a voting trust or enter into any arrangement for any transfer of the ICE Subject Shares until the earlier of (i) 120 days after the date of the DTR Purchase Agreement or (ii) the Bakkt stockholder meeting called for the purpose of obtaining the approval of the DTR Acquisition. The DTR Voting and Support Agreement will automatically terminate upon the earliest to occur of (a) the closing of the DTR Acquisition (the "DTR Acquisition Closing"), (b) the termination of the DTR Purchase Agreement, (c) any change in recommendation of the Issuer's board of directors in respect of the DTR Acquisition or (d) any amendment or modification of any provision of the DTR Purchase Agreement that increases the amount or changes the form of consideration in any material respect.

Amended and Restated Registration Rights Agreement

On January 11, 2026, in connection with the execution of the DTR Purchase Agreement, the Issuer entered into an Amended and Restated Registration Rights Agreement with ICEH, Mr. Naheta and certain other beneficial owners of shares of DTR named therein (the "Amended and Restated Registration Rights Agreement") that will amend and restate the existing Registration Rights Agreement effective as of the DTR Acquisition Closing. Pursuant to the Amended and Restated Registration Rights Agreement, the Issuer is obligated to file a registration statement covering the resale of (a) the shares of New Class A Common Stock currently owned by ICEH or that may be issued upon exercise of any warrants currently owned by ICE and (b) the DTR Consideration Shares, within 5 business days after the DTR Acquisition Closing, such that the holders of such registrable securities may from time to time sell such securities. The Issuer will provide the holders of registrable securities under the Amended and Restated Registration Rights Agreement with certain underwritten offering demand rights, provided that the demanding holders in the aggregate hold at least $20.0 million of registrable securities. The holders of registrable securities will have certain rights to require the Issuer to register the resale of registrable securities on Form S-3, if available for use by the Issuer. The holders of registrable securities will be entitled to certain customary "piggyback" registration rights on all registration statements of the Issuer. Under the Amended and Restated Registration Rights Agreement, the Issuer has agreed to indemnify the holders of registrable securities and certain third parties against any losses or damages resulting from any untrue statement or omission of a material fact in any registration statement or prospectus pursuant to which they sell registrable securities of the Issuer.

The foregoing descriptions of the DTR Voting and Support Agreement and the Amended and Restated Registration Rights Agreement are qualified in their entirety by reference to the full text of the DTR Voting and Support Agreement and the Amended and Restated Registration Rights Agreement, which are filed as Exhibits 99.32 and 99.33 to the Amended Schedule 13D 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:** INTERCONTINENTAL EXCHANGE, INC.

**Signature:** /s/ Andrew J. Surdykowski

**Name/Title:** Andrew J. Surdykowski, General Counsel

**Date:** 01/13/2026

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:** Intercontinental Exchange Holdings, Inc.

**Signature:** /s/ Andrew J. Surdykowski

**Name/Title:** Andrew J. Surdykowski, General Counsel

**Date:** 01/13/2026