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            <liveTestFlag>LIVE</liveTestFlag>



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            <issuerName>BAKKT HOLDINGS, INC.</issuerName>
            <secFileNumber>001-39544</secFileNumber>
            <issuerAddress>
                <ns2:street1>10000 Avalon Blvd.</ns2:street1>
                <ns2:city>Alpharetta</ns2:city>
                <ns2:stateOrCountry>GA</ns2:stateOrCountry>
                <ns2:zipCode>30009</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>(678) 534-5849</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>DEANA DOW</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
                <relationshipToIssuer>Director</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>Class A Common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>8th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>19200</noOfUnitsSold>
            <aggregateMarketValue>247530.24</aggregateMarketValue>
            <noOfUnitsOutstanding>6734323</noOfUnitsOutstanding>
            <approxSaleDate>05/15/2025</approxSaleDate>
            <securitiesExchangeName>NYSE</securitiesExchangeName>
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        <securitiesToBeSold>
            <securitiesClassTitle>Class A Common</securitiesClassTitle>
            <acquiredDate>06/06/2023</acquiredDate>
            <natureOfAcquisitionTransaction>Restricted stock vesting under a registered plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>7772</amountOfSecuritiesAcquired>
            <paymentDate>06/06/2023</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <securitiesToBeSold>
            <securitiesClassTitle>Class A Common</securitiesClassTitle>
            <acquiredDate>06/06/2024</acquiredDate>
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            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>11428</amountOfSecuritiesAcquired>
            <paymentDate>06/06/2024</paymentDate>
            <natureOfPayment>Services Rendered</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>05/15/2025</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ De'Ana Dow</signature>
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144
0001424020
XXXXXXXX
LIVE
0001820302
BAKKT HOLDINGS, INC.
001-39544
10000 Avalon Blvd.
Alpharetta
GA
30009
(678) 534-5849
DEANA DOW
Officer
Director
Class A Common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
8th Floor
New York
NY
10004
19200
247530.24
6734323
05/15/2025
NYSE
Class A Common
06/06/2023
Restricted stock vesting under a registered plan
Issuer
N
7772
06/06/2023
Services Rendered
Class A Common
06/06/2024
Restricted stock vesting under a registered plan
Issuer
N
11428
06/06/2024
Services Rendered
Y
05/15/2025
/s/ De'Ana Dow