ALFRED MICHAEL 4

What Happened
Alfred Michael, a director of Bakkt, acquired a total of 280,000 shares of Bakkt Class A common stock in open-market purchases: 180,000 shares on 2026-06-09 at $7.71 each (≈ $1,387,800) and 100,000 shares on 2026-06-10 at $7.83 each (≈ $783,000), for an aggregate cash outlay of about $2,170,800. These were purchases (Form 4 code P), which represent insider buys rather than sales.

Key Details

• Transaction dates and prices: 180,000 shares on 2026-06-09 at $7.71 (≈ $1,387,800); 100,000 shares on 2026-06-10 at $7.83 (≈ $783,000).
• Filing: Form 4 filed 2026-06-11 reporting the 2026-06-09 transaction date; filing appears timely.
• Shares owned after transaction: Not specified in the filing.
• Footnotes of note:
  • F1/F3: Indicate weighted-average prices and that the purchases were executed in multiple trades with price ranges reported ($7.52–$7.96 and $7.61–$7.99).
  • F2: Some shares are held through Alpine Fox LP, over which the reporting person has control.
  • F4: 28,476 shares are subject to unvested RSUs (remain subject to continued service).

Context
These were open-market purchases (not option exercises, gifts, or awards), meaning the director used cash to buy shares. Purchases can signal insider alignment with shareholders, but filings do not state the insider’s motivation.