Baes Nicholas 4

What Happened Nicholas Baes, Chief Operating Officer of Bakkt, sold 1,562 shares of Bakkt Class A common stock on June 25, 2026, at $7.93 per share, for total proceeds of $12,387. The filing shows this sale was to cover tax obligations associated with the vesting of restricted stock units (RSUs), so it was a tax-withholding sale rather than a discretionary market sell-off.

Key Details

• Transaction date and price: 2026-06-25 — sale of 1,562 shares at $7.93 each (total $12,387).
• Transaction type: Open-market sale (Form 4 code S); footnote indicates sale to cover tax withholding for RSU vesting.
• Shares owned after transaction: Filing notes 48,606 shares are still subject to RSUs that remain unvested; the filing excerpt provided does not list a total post-transaction beneficial ownership number.
• Footnotes: F1 = sale to cover tax obligations from RSU vesting; F2 = 48,606 shares subject to unvested RSUs.
• Filing timeliness: Report filed on 2026-06-29 for a 2026-06-25 transaction; this appears to be within the required two-business-day window and is not indicated as late.

Context This was a routine tax-withholding sale tied to RSU vesting, not a purchase or directional bet on the stock. Such transactions commonly occur when insiders sell a small number of shares to satisfy withholding taxes and do not necessarily indicate a change in the insider’s view of the company.