SCHEDULE 13G/A 0000902664-24-006542 0000919185 XXXXXXXX LIVE 1 Class A Common Stock, par value $0.0001 per share 09/30/2025 0001820302 Bakkt Holdings, Inc. 05759B305 ONE LIBERTY PLAZA 1 LIBERTY ST FL 3 STE 305-306 NEW YORK NY 10006 Rule 13d-1(b) HIGHBRIDGE CAPITAL MANAGEMENT, LLC DE 691442.00 0.00 691442.00 0.00 691442.00 N 4.2 IA OO The 691,442 shares of Class A Common Stock (as defined in Item 2(a)) are issuable upon exercise of warrants reported herein. Bakkt Holdings, Inc. One Liberty Plaza, One Liberty St., Ste. 305-306, New York, New York 10006 This statement is filed by Highbridge Capital Management, LLC ("Highbridge" or the "Reporting Person"), a Delaware limited liability company and the investment adviser to certain funds and accounts (the "Highbridge Funds"), with respect to the shares of class A common stock, par value $0.0001 per share ("Class A Common Stock"), of Bakkt Holdings, Inc., a Delaware corporation (the "Issuer"), issuable upon exercise of warrants directly held by the Highbridge Funds. The filing of this statement should not be construed as an admission that any of the foregoing persons or the Reporting Person is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein. The address of the business office of the Reporting Person is 277 Park Avenue, 23rd Floor, New York, New York 10172. Highbridge is a Delaware limited liability company. N IA The information required by Item 4(a) is set forth in Row 9 of the cover page for the Reporting Person and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 15,934,137 shares of Class A Common Stock outstanding as of September 3, 2025, as reported in the Issuer's Definitive Proxy Statement on Schedule 14A, filed with the Securities and Exchange Commission on September 9, 2025, and assumes the exercise of the warrants held by the Highbridge Funds. 4.2% The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for the Reporting Person and is incorporated herein by reference. The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for the Reporting Person and is incorporated herein by reference. The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for the Reporting Person and is incorporated herein by reference. The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for the Reporting Person and is incorporated herein by reference. N Y N See Item 2(a). The Highbridge Funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Class A Common Stock reported herein. Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. HIGHBRIDGE CAPITAL MANAGEMENT, LLC /s/ Kirk Rule 11/14/2025