ALFRED MICHAEL 4

What Happened Alfred Michael, a director of Bakkt, bought a total of 585,000 shares of Bakkt Class A common stock in two open‑market purchases. On 2026-05-15 he acquired 365,000 shares at $8.34 each for $3,044,100, and on 2026-05-18 he acquired 220,000 shares at $8.20 each for $1,804,000 — about $4,848,100 total. These were purchases (insider buys), which are often viewed as a more informative/positive signal than routine sales.

Key Details

• Transaction dates and prices:
  • 2026-05-15: 365,000 shares at $8.34 ($3,044,100)
  • 2026-05-18: 220,000 shares at $8.20 ($1,804,000)
• Shares owned after transaction: Not specified in the filing.
• Footnotes of note:
  • F2: Some shares are held through Alpine Fox LP, which Alfred Michael controls (beneficial ownership via an entity).
  • F4: 28,476 shares reported include RSUs that remain subject to vesting and required continued service.
  • F1 and F3: The filing includes notes that certain prices are weighted averages from multiple prior sales (ranges $7.91–$8.63 and $7.98–$8.93); these refer to previously executed sale transactions and do not change the purchase amounts above.
• Timeliness: Filing date 2026-05-18; transactions occurred 2026-05-15 and 2026-05-18. The Form 4 was filed within the required two business days and is not marked late.

Context

• These were open-market purchases (Transaction code P). The filing does not indicate option exercises, gifts, or tax-withholding events. Purchases by directors can signal confidence but are one data point — combine with other research before drawing investment conclusions.