Bakkt COO Nicholas Baes Sells Shares

What Happened
Nicholas Baes, Chief Operating Officer of Bakkt, sold 1,272 shares of Bakkt Class A common stock on 2026-09-23 in an open-market/withholding sale at $8.61 per share, for a total of $10,952. The filing indicates this sale was to cover tax obligations tied to the vesting of restricted stock units (RSUs).

Key Details

• Transaction type: Sale (code S) — open market/private sale on 2026-09-23 at $8.61 per share.
• Shares sold: 1,272; Proceeds: $10,952.
• Purpose: Footnote F1 states the sale was to cover tax obligations from RSU vesting (tax withholding).
• Holdings/RSUs: Footnote F2 notes 44,330 shares of Class A common stock remain subject to RSUs and vesting. The filing does not disclose a full post-transaction total beneficial ownership in the summary provided.
• Filing timeliness: Reported on Form 4 filed 2026-09-25 — filed within the typical 2-business-day window.

Context
Sales to cover tax withholding on vested RSUs are common and generally considered routine administrative transactions rather than affirmative investment decisions. This was a sale (not a purchase or option exercise), so it should be interpreted as tax-related disposition rather than an explicit signal of the COO’s view on Bakkt stock.