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   <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>As filed with the Securities and Exchange Commission on April 18, 2025 </B></P>
  <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-&#8195;&#8195;&#8195;</FONT> </B></P>
  <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
  </DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">S-8</FONT> </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>REGISTRATION STATEMENT </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>UNDER </I></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>THE
  SECURITIES ACT OF 1933 </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>BAKKT HOLDINGS, INC. </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of Registrant as specified in its charter) </B></P>
  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">
  
  
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  <TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">98-1550750</FONT></B></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  <TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction of</B></P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>incorporation or organization)</B></P></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)<BR></B></P></TD></TR>
  </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10000 Avalon Boulevard, Suite 1000 </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Alpharetta, Georgia 30009 </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Offices, including zip code) </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stand-Alone Inducement Performance Unit Agreement </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stand-Alone Inducement Restricted Stock Unit Agreement </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Full title of the plan) </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Andrew Main </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>President
  and <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Executive Officer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10000 Avalon Boulevard, Suite 1000 </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Alpharetta, Georgia 30009 </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(678) <FONT STYLE="white-space:nowrap">534-5849</FONT> </B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name, address and telephone number, including area code, of agent for service) </B></P>
  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I>Copies to: </I></P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">
  
  
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  <TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>J. Matthew Lyons</B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Austin D. March</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Wilson
  Sonsini Goodrich&nbsp;&amp; Rosati, P.C.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>900 S. Capital of Texas Highway</B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Las Cimas IV, 5th Floor</B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Austin, TX 78746</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(512) <FONT
  STYLE="white-space:nowrap">338-5400</FONT></B></P></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Marc D&#146;Annunzio</B></P>
  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>General Counsel</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10000
  Avalon Boulevard, Suite 1000</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Alpharetta, Georgia 30009</B></P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(678) <FONT STYLE="white-space:nowrap">534-5849</FONT></B></P></TD></TR>
  </TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a <FONT STYLE="white-space:nowrap">non-accelerated</FONT>
  filer, a smaller reporting company or an emerging growth company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer,&#148; &#147;smaller reporting company,&#148; and &#147;emerging growth company&#148; in Rule <FONT
  STYLE="white-space:nowrap">12b-2</FONT> of the Exchange Act. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">
  
  
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  <TD VALIGN="bottom">Large&nbsp;accelerated&nbsp;filer</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom">&#9744;</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="bottom">Accelerated&nbsp;filer</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom">&#9746;</TD></TR>
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  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
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  <TD VALIGN="bottom">Non-accelerated filer</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom">&#9744;</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="bottom">Smaller&nbsp;reporting&nbsp;company</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom">&#9746;</TD></TR>
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  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
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  <TD VALIGN="bottom"></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom"></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="bottom">Emerging&nbsp;growth&nbsp;company</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom">&#9744;</TD></TR>
  </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
  for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of the Securities Act.&#8194;&#9744; </P>
  <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
  </DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
  </DIV></Center>
  
  
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   <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Explanatory Note </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Bakkt Holdings, Inc. (the &#147;Registrant&#148; or the &#147;Company&#148;) is filing this registration statement on Form <FONT
  STYLE="white-space:nowrap">S-8</FONT> (this &#147;Registration Statement&#148;) with the Securities and Exchange Commission (the &#147;SEC&#148;) to register an aggregate of 1,619,143 shares of Class&nbsp;A Common Stock of the Registrant issuable
  upon the vesting and settlement of performance-based restricted stock units (the &#147;Inducement PSUs&#148;) and service-based restricted stock units (&#147;Inducement RSUs&#148; and together with the Inducement PSUs, the &#147;Inducement
  Grant&#148;) to be granted to Akshay Naheta as inducement for acceptance of employment with the Registrant as <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Executive Officer pursuant to the Stand-Alone Performance Unit Agreement and Stand-Alone
  Inducement Restricted Stock Unit Agreement, respectively. The Inducement Grant will be granted outside of the Registrant&#146;s stockholder-approved 2021 Omnibus Incentive Plan (the &#147;Plan&#148;) in reliance on the inducement award exception
  under NYSE Listing Rule 303A.08. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART I </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The information specified in Item 1 and Item 2 of Part I of Form <FONT STYLE="white-space:nowrap">S-8</FONT> is omitted from this Registration
  Statement in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and the introductory note to Part I of Form <FONT STYLE="white-space:nowrap">S-8.</FONT> The documents containing
  the information specified in Part I of Form <FONT STYLE="white-space:nowrap">S-8</FONT> will be delivered to the participant(s) in the Inducement Grant covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.
  </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;3. Incorporation of Documents by Reference. </B></P>
  <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Registrant incorporates by reference the following documents that the Registrant has previously filed with the SEC: </P>
  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="4%">&nbsp;</TD>
  <TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">The Registrant&#146;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1820302/000162828025013959/bakkt-20241231.htm">Form
   <FONT STYLE="white-space:nowrap">10-K</FONT></A> for the fiscal year ended December&nbsp;31, 2024, filed with the SEC on March&nbsp;19, 2025 (the &#147;Annual Report&#148;); </P></TD></TR></TABLE>
  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="4%">&nbsp;</TD>
  <TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">The portions of the Registrant&#146;s Definitive Proxy Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1820302/000182030224000068/bakkt-2024proxyagmfinal412.htm">Schedule
   14A</A> (other than information furnished rather than filed) that are incorporated by reference into the Annual Report, filed with the SEC on April&nbsp;
  19, 2024, to the extent incorporated by reference into Part III of the Registrant&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2023; </P></TD></TR></TABLE>
  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="4%">&nbsp;</TD>
  <TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">The Registrant&#146;s Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the
  Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/1820302/000162828025013121/bakkt-20250317.htm">March<U></U>&nbsp;
  17, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1820302/000162828025013900/bakkt-20250319.htm">March<U></U>&nbsp;
  20, 2025</A>, and <A HREF="http://www.sec.gov/Archives/edgar/data/1820302/000162828025015682/bakkt-20250327.htm">March<U></U>&nbsp;31, 2025</A>; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="4%">&nbsp;</TD>
  <TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">The description of the Registrant&#146;s common stock contained in the Registrant&#146;s Registration
  Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/1820302/000119312521299620/d211377d8a12b.htm">Form <FONT STYLE="white-space:nowrap">8-A</FONT></A> (File <FONT STYLE="white-space:nowrap">No.&nbsp;001-39544)</FONT> filed with the SEC on
  October&nbsp;15, 2021, pursuant to Section&nbsp;
  12(b) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), including any amendment or report filed for the purpose of updating such description, including <A HREF="http://www.sec.gov/Archives/edgar/data/1820302/000182030222000005/a46-descriptionofsecurit.htm">Exhibit
   4.9</A> of the Annual Report. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">All documents filed by the Registrant with the SEC pursuant to Sections 13(a), 13(c), 14
  and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all
  securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents; <I>provided, however</I>, that documents or information deemed to have
  been furnished and not filed in accordance with the rules of the SEC (including, without limitation, information furnished under Item 2.02 or Item 7.01 of Current Reports on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and the exhibits related
  to such items furnished under Item 9.01) shall not be deemed incorporated by reference into this Registration Statement. </P>
   <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>
  
  </DIV></Center>
  
  
  <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
  <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  
  
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   <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Any statement contained in this Registration Statement, or in a document incorporated or
  deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is incorporated
  or deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. </P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">To the extent that any information contained in any Current Report on Form <FONT STYLE="white-space:nowrap">8-K,</FONT> or any exhibit
  thereto, is or was furnished to, rather than filed with, the SEC, such information or exhibit is specifically not incorporated by reference. </P>
  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;6. Indemnification of Directors and Officers. </B></P>
  <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Section&nbsp;145 of the Delaware General Corporate Law (&#147;DGCL&#148;) authorizes a corporation&#146;s board of directors to grant, and
  authorizes a court to award, indemnity to officers, directors and other corporate agents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company&#146;s Certificate of Incorporation
  contains provisions that limit the liability of the Company&#146;s directors for monetary damages to the fullest extent permitted by the DGCL. Consequently, the Company&#146;s directors will not be personally liable to the Company or its
  stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="5%">&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any breach of their duty of loyalty to the Company or its stockholders; </P></TD></TR></TABLE>
  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="5%">&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
  </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="5%">&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section&nbsp;174 of
  the DGCL; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="5%">&nbsp;</TD>
  <TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
  <TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
  <TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any transaction from which they derived an improper personal benefit. </P></TD></TR></TABLE>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Any amendment, repeal or elimination of these provisions will not eliminate or reduce the effect of these provisions in respect of any act,
  omission or claim that occurred or arose prior to that amendment, repeal or elimination. If the DGCL is amended to provide for further limitations on the personal liability of directors of corporations, then the personal liability of the
  Company&#146;s directors will be further limited to the greatest extent permitted by the DGCL. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In addition, the Company&#146;s bylaws <FONT
  STYLE="white-space:nowrap">(&#147;By-Laws&#148;)</FONT> provide that the Company will indemnify its directors and officers, and may indemnify its employees, agents and any other persons, to the fullest extent permitted by the DGCL. The
  Company&#146;s <FONT STYLE="white-space:nowrap">By-Laws</FONT> also provide that the Company must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited
  exceptions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Further, the Company has entered into or will enter into indemnification agreements with each of its directors and executive
  officers that may be broader than the specific indemnification provisions contained in the DGCL. These indemnification agreements require the Company, among other things, to indemnify its directors and executive officers against liabilities that may
  arise by reason of their status or service. These indemnification agreements also require the Company to advance all expenses reasonably and actually incurred by the directors and executive officers in investigating or defending any such action,
  suit or proceeding. The Company believes that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers. </P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The limitation of liability and indemnification provisions included in the Company&#146;s Certificate of Incorporation, <FONT
  STYLE="white-space:nowrap">By-Laws</FONT> and the indemnification agreements that the Company has entered into or will enter into with its directors and executive officers may discourage stockholders from bringing a lawsuit against the
  Company&#146;s directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against the Company&#146;s directors and executive officers, even though an action, if successful,
  might benefit the Company and its stockholders. Further, a stockholder&#146;s investment may be adversely affected to the extent that the Company pays the costs of settlement and damage awards against directors and executive officers as required by
  these indemnification provisions. </P>
   <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>
  
  </DIV></Center>
  
  
  <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
  <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  
  
  <Center><DIV STYLE="width:8.5in" align="left">
   <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company has obtained insurance policies under which, subject to the limitations of the
  policies, coverage is provided to the Company&#146;s directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to
  public securities matters, and to the Company with respect to payments that may be made by the Company to these directors and executive officers pursuant to the Company&#146;s indemnification obligations or otherwise as a matter of law. </P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Certain of the Company&#146;s <FONT STYLE="white-space:nowrap">non-employee</FONT> directors may, through their relationships with their
  employers, be insured and/or indemnified against certain liabilities incurred in their capacity as members of the board of directors. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;8.
  Exhibits. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">
  
  
  <TR>
  
  <TD></TD>
  
  <TD VALIGN="bottom" WIDTH="4%"></TD>
  <TD WIDTH="93%"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  <TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Exhibit<BR>No.</B></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Description</B></P></TD></TR>
  
  
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>4.1</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1820302/000119312524176416/d133420dex41.htm">Certificate of Incorporation of the Registrant, as amended, as currently in effect (incorporated by reference to Exhibit 4.1 to the Registrant&#146;s
   Registration Statement on Form <FONT STYLE="white-space:nowrap">S-8</FONT> filed with the SEC on July<U></U>&nbsp;9, 2024).</A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>4.2</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1820302/000119312521303985/d219325dex32.htm"><FONT STYLE="white-space:nowrap">By-Laws</FONT><U></U>&nbsp;
  of the Registrant, as currently in effect (incorporated by reference to Exhibit 3.2 to the Registrant&#146;s Form<U></U><FONT STYLE="white-space:nowrap">&nbsp;8-K</FONT><U></U>&nbsp;filed with the SEC on October<U></U>&nbsp;21, 2021).</A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>4.3</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="http://www.sec.gov/Archives/edgar/data/1820302/000119312521303985/d219325dex41.htm">Specimen Class<U></U>&nbsp;
  A Common Stock Certificate of the Registrant (incorporated by reference to Exhibit 4.1 to the Registrant&#146;s Form<U></U><FONT STYLE="white-space:nowrap">&nbsp;8-K</FONT> filed with the SEC on October<U></U>&nbsp;21, 2021).</A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>4.4</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d930118dex44.htm">Form of Performance Stock Unit Agreement by and between Bakkt Holdings, Inc. and Akshay Naheta. </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>4.5</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d930118dex45.htm">Form of Restricted Stock Unit Agreement by and between Bakkt Holdings, Inc. and Akshay Naheta. </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>5.1</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d930118dex51.htm">Opinion of Wilson Sonsini Goodrich and Rosati, P.C. </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>23.1</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d930118dex231.htm">Consent of KPMG LLP, independent registered public accounting firm. </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>23.2</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d930118dex232.htm">Consent of Ernst&nbsp;&amp; Young LLP, independent registered public accounting firm. </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>23.3</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d930118dex51.htm">Consent of Wilson Sonsini Goodrich and Rosati, P.C. (included in Exhibit 5.1). </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>24.1</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="#sig">Power of Attorney (included on signature page). </A></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" NOWRAP>107</TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top"><A HREF="d930118dexfilingfees.htm">Filing Fee Table </A></TD></TR>
  </TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;9. Undertakings. </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="4%" VALIGN="top" ALIGN="left">A.</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">The Registrant hereby undertakes: </P></TD></TR></TABLE>
  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="4%">&nbsp;</TD>
  <TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">To file, during any period in which offers or sales are being made, a post-effective amendment to this
  Registration Statement: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="9%">&nbsp;</TD>
  <TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act; </P></TD></TR></TABLE>
   <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>
  
  </DIV></Center>
  
  
  <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
  <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  
  
  <Center><DIV STYLE="width:8.5in" align="left">
  
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="9%">&nbsp;</TD>
  <TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">To reflect in the prospectus any facts or events arising after the effective date of this Registration
  Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or
  decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of
  prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &#147;Calculation of Registration Fee&#148;
  table in the effective Registration Statement; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="9%">&nbsp;</TD>
  <TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">To include any material information with respect to the plan of distribution not previously disclosed in
  this Registration Statement or any material change to such information in this Registration Statement; </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><I>provided,
  however,</I> that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant
  pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference in this Registration Statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="4%">&nbsp;</TD>
  <TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">That, for the purpose of determining any liability under the Securities Act, each such post-effective
  amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I> offering thereof. </P></TD></TR></TABLE>
  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="4%">&nbsp;</TD>
  <TD WIDTH="5%" VALIGN="top" ALIGN="left">(3)</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">To remove from registration by means of a post-effective amendment any of the securities being registered
  which remain unsold at the termination of the offering. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="4%" VALIGN="top" ALIGN="left">B.</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act,
  each filing of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s annual report pursuant to Section&nbsp;15(d) of the
  Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
  initial <I>bona fide</I> offering thereof. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR style = "page-break-inside:avoid">
  <TD WIDTH="4%" VALIGN="top" ALIGN="left">C.</TD>
  <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
  officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
  expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for <I><U>indemnification</U></I> against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or
  controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the
  opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be
  governed by the final adjudication of such issue. </P></TD></TR></TABLE>
   <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>
  
  </DIV></Center>
  
  
  <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
  <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  
  
  <Center><DIV STYLE="width:8.5in" align="left">
   <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sig"></A>SIGNATURES </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of
  the requirements for filing on Form <FONT STYLE="white-space:nowrap">S-8</FONT> and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Alpharetta, State of Georgia, on
  the 18th day of April, 2025. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
  
  
  <TR>
  
  <TD WIDTH="7%"></TD>
  
  <TD VALIGN="bottom" WIDTH="1%"></TD>
  <TD WIDTH="92%"></TD></TR>
  
  
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top" COLSPAN="3"><B>BAKKT HOLDINGS, INC.</B></TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="16"></TD>
  <TD HEIGHT="16" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top">By:</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Andrew Main</P></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top">Andrew Main</TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top"><I>President and <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Executive Officer</I></TD></TR>
  </TABLE></DIV> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POWER OF ATTORNEY AND SIGNATURES </B></P>
  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">KNOW ALL BY THESE PRESENT, that each individual whose signature appears below hereby constitutes and appoints each of Andrew Main, Akshay
  Naheta, Marc D&#146;Annunzio, Karen Alexander and Joseph Henderson, and each or any one of them, as such person&#146;s true and lawful <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent with
  full power of substitution and resubstitution, for such person in such person&#146;s name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement on Form <FONT
  STYLE="white-space:nowrap">S-8,</FONT> and to file the same, with all exhibits thereto, and all documents in connection therewith, with the SEC granting unto each said
  <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
  to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all that any said <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> and agent, or any substitute
  or substitutes of any of them, may lawfully do or cause to be done by virtue hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the requirements of the Securities Act,
  this Registration Statement has been signed by the following persons in the capacities and on the dates indicated below. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
  
  
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  <TD VALIGN="bottom"></TD>
  <TD WIDTH="44%"></TD>
  
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  <TD WIDTH="16%"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  <TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>
  
  
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  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Andrew Main</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Andrew Main</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">President, <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Executive Officer and Director<BR>(<I>Principal Executive Officer</I>)</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">April 18, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Karen Alexander</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Karen Alexander</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Chief Financial Officer<BR>(<I>Principal Financial Officer</I>)</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">April 18, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Joseph Henderson</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Joseph Henderson</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Chief Accounting Officer<BR>(<I>Principal Accounting Officer</I>)</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">April 18, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Colleen Brown</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">David C. Clifton</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Director</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">April 18, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ David C. Clifton</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">David C. Clifton</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Director</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">April 18, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Sean Collins</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Sean Collins</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Director</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">April 18, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ De&#146;Ana Dow</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">De&#146;Ana Dow</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Director</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">April 18, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Michelle Goldberg</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Michelle Goldberg</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Director</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">April 18, 2025</TD></TR></TABLE>
  </DIV></Center>
  
  
  <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
  <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  
  
  <Center><DIV STYLE="width:8.5in" align="left">
  
  <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
  
  
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  <TD WIDTH="44%"></TD>
  
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  <TD WIDTH="16%"></TD></TR>
  
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
  <TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Signature</B></P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Date</B></P></TD></TR>
  
  
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Akshay Naheta</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Akshay Naheta</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center"><FONT STYLE="white-space:nowrap">Co-Chief</FONT> Executive Officer and Director</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">April&nbsp;18, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Jill Simeone</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Jill Simeone</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Director</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">April&nbsp;18, 2025</TD></TR>
  <TR STYLE="font-size:1pt">
  <TD HEIGHT="8"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD>
  <TD HEIGHT="8" COLSPAN="2"></TD></TR>
  <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
  <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/ Gordon Watson</P>
  <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Gordon Watson</P></TD>
  <TD VALIGN="bottom">&nbsp;&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">Director</TD>
  <TD VALIGN="bottom">&nbsp;</TD>
  <TD VALIGN="top" ALIGN="center">April&nbsp;18, 2025</TD></TR>
  </TABLE>
  </DIV></Center>
  
  </BODY></HTML>
metadata_documents: [{"type": "S-8", "sequence": "1", "filename": "d930118ds8.htm", "description": "S-8", "secsgml_size_bytes": 59356}]
metadata_filer: {"company-data": {"conformed-name": "Bakkt Holdings, Inc.", "cik": "0001820302", "assigned-sic": "6199", "organization-name": "09 Crypto Assets", "ein": "981550750", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-286645", "film-number": "25850914"}, "business-address": {"street1": "10000 AVALON BOULEVARD, SUITE 1000", "city": "ALPHARETTA", "state": "GA", "zip": "30009", "phone": "678-534-5849"}, "mail-address": {"street1": "10000 AVALON BOULEVARD, SUITE 1000", "city": "ALPHARETTA", "state": "GA", "zip": "30009"}, "former-company": {"former-conformed-name": "VPC Impact Acquisition Holdings", "date-changed": "20200805"}}
text: S-8
  As filed with the Securities and Exchange Commission on April 18, 2025
  Registration
  No. 333-
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C. 20549
  FORM
  S-8
  REGISTRATION STATEMENT
  UNDER
  THE
  SECURITIES ACT OF 1933
  BAKKT HOLDINGS, INC.
  (Exact name of Registrant as specified in its charter)
  Delaware
  98-1550750
  (State or other jurisdiction of
  incorporation or organization)
  (I.R.S. Employer
  Identification No.)
  10000 Avalon Boulevard, Suite 1000
  Alpharetta, Georgia 30009
  (Address of Principal Executive Offices, including zip code)
  Stand-Alone Inducement Performance Unit Agreement
  Stand-Alone Inducement Restricted Stock Unit Agreement
  (Full title of the plan)
  Andrew Main
  President
  and
  Co-Chief
  Executive Officer
  10000 Avalon Boulevard, Suite 1000
  Alpharetta, Georgia 30009
  (678)
  534-5849
  (Name, address and telephone number, including area code, of agent for service)
  Copies to:
  J. Matthew Lyons
  Austin D. March
  Wilson
  Sonsini Goodrich & Rosati, P.C.
  900 S. Capital of Texas Highway
  Las Cimas IV, 5th Floor
  Austin, TX 78746
  (512)
  338-5400
  Marc D'Annunzio
  General Counsel
  10000
  Avalon Boulevard, Suite 1000
  Alpharetta, Georgia 30009
  (678)
  534-5849
  Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
  non-accelerated
  filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule
  12b-2
  of the Exchange Act.
  Large accelerated filer
  ☐
  Accelerated filer
  ☒
  Non-accelerated filer
  ☐
  Smaller reporting company
  ☒
  Emerging growth company
  ☐
  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
  for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
  Explanatory Note
  Bakkt Holdings, Inc. (the "Registrant" or the "Company") is filing this registration statement on Form
  S-8
  (this "Registration Statement") with the Securities and Exchange Commission (the "SEC") to register an aggregate of 1,619,143 shares of Class A Common Stock of the Registrant issuable
  upon the vesting and settlement of performance-based restricted stock units (the "Inducement PSUs") and service-based restricted stock units ("Inducement RSUs" and together with the Inducement PSUs, the "Inducement
  Grant") to be granted to Akshay Naheta as inducement for acceptance of employment with the Registrant as
  Co-Chief
  Executive Officer pursuant to the Stand-Alone Performance Unit Agreement and Stand-Alone
  Inducement Restricted Stock Unit Agreement, respectively. The Inducement Grant will be granted outside of the Registrant's stockholder-approved 2021 Omnibus Incentive Plan (the "Plan") in reliance on the inducement award exception
  under NYSE Listing Rule 303A.08.
  PART I
  INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
  The information specified in Item 1 and Item 2 of Part I of Form
  S-8
  is omitted from this Registration
  Statement in accordance with the provisions of Rule 428 under the Securities Act of 1933, as amended (the "Securities Act"), and the introductory note to Part I of Form
  S-8.
  The documents containing
  the information specified in Part I of Form
  S-8
  will be delivered to the participant(s) in the Inducement Grant covered by this Registration Statement as specified by Rule 428(b)(1) under the Securities Act.
  PART II
  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
  Item 3. Incorporation of Documents by Reference.
  The Registrant incorporates by reference the following documents that the Registrant has previously filed with the SEC:
  (a)
  The Registrant's Annual Report on
  Form
  10-K
  for the fiscal year ended December 31, 2024, filed with the SEC on March 19, 2025 (the "Annual Report");
  (b)
  The portions of the Registrant's Definitive Proxy Statement on
  Schedule
   14A
  (other than information furnished rather than filed) that are incorporated by reference into the Annual Report, filed with the SEC on April 
  19, 2024, to the extent incorporated by reference into Part III of the Registrant's Annual Report on Form
  10-K
  for the fiscal year ended December 31, 2023;
  (c)
  The Registrant's Current Reports on Form
  8-K
  filed with the
  Commission on
  March
  17, 2025
  ,
  March
  20, 2025
  , and
  March
  31, 2025
  ; and
  (d)
  The description of the Registrant's common stock contained in the Registrant's Registration
  Statement on
  Form
  8-A
  (File
  No. 001-39544)
  filed with the SEC on
  October 15, 2021, pursuant to Section 
  12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including any amendment or report filed for the purpose of updating such description, including
  Exhibit
   4.9
  of the Annual Report.
  All documents filed by the Registrant with the SEC pursuant to Sections 13(a), 13(c), 14
  and 15(d) of the Exchange Act on or after the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered have been sold or that deregisters all
  securities then remaining unsold shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents;
  provided, however
  , that documents or information deemed to have
  been furnished and not filed in accordance with the rules of the SEC (including, without limitation, information furnished under Item 2.02 or Item 7.01 of Current Reports on Form
  8-K
  and the exhibits related
  to such items furnished under Item 9.01) shall not be deemed incorporated by reference into this Registration Statement.
  1
  Any statement contained in this Registration Statement, or in a document incorporated or
  deemed to be incorporated by reference herein, shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document which also is incorporated
  or deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
  To the extent that any information contained in any Current Report on Form
  8-K,
  or any exhibit
  thereto, is or was furnished to, rather than filed with, the SEC, such information or exhibit is specifically not incorporated by reference.
  Item 6. Indemnification of Directors and Officers.
  Section 145 of the Delaware General Corporate Law ("DGCL") authorizes a corporation's board of directors to grant, and
  authorizes a court to award, indemnity to officers, directors and other corporate agents.
  The Company's Certificate of Incorporation
  contains provisions that limit the liability of the Company's directors for monetary damages to the fullest extent permitted by the DGCL. Consequently, the Company's directors will not be personally liable to the Company or its
  stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for the following:
  •
  any breach of their duty of loyalty to the Company or its stockholders;
  •
  any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;
  •
  unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of
  the DGCL; or
  •
  any transaction from which they derived an improper personal benefit.
  Any amendment, repeal or elimination of these provisions will not eliminate or reduce the effect of these provisions in respect of any act,
  omission or claim that occurred or arose prior to that amendment, repeal or elimination. If the DGCL is amended to provide for further limitations on the personal liability of directors of corporations, then the personal liability of the
  Company's directors will be further limited to the greatest extent permitted by the DGCL.
  In addition, the Company's bylaws
  ("By-Laws")
  provide that the Company will indemnify its directors and officers, and may indemnify its employees, agents and any other persons, to the fullest extent permitted by the DGCL. The
  Company's
  By-Laws
  also provide that the Company must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited
  exceptions.
  Further, the Company has entered into or will enter into indemnification agreements with each of its directors and executive
  officers that may be broader than the specific indemnification provisions contained in the DGCL. These indemnification agreements require the Company, among other things, to indemnify its directors and executive officers against liabilities that may
  arise by reason of their status or service. These indemnification agreements also require the Company to advance all expenses reasonably and actually incurred by the directors and executive officers in investigating or defending any such action,
  suit or proceeding. The Company believes that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.
  The limitation of liability and indemnification provisions included in the Company's Certificate of Incorporation,
  By-Laws
  and the indemnification agreements that the Company has entered into or will enter into with its directors and executive officers may discourage stockholders from bringing a lawsuit against the
  Company's directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against the Company's directors and executive officers, even though an action, if successful,
  might benefit the Company and its stockholders. Further, a stockholder's investment may be adversely affected to the extent that the Company pays the costs of settlement and damage awards against directors and executive officers as required by
  these indemnification provisions.
  2
  The Company has obtained insurance policies under which, subject to the limitations of the
  policies, coverage is provided to the Company's directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to
  public securities matters, and to the Company with respect to payments that may be made by the Company to these directors and executive officers pursuant to the Company's indemnification obligations or otherwise as a matter of law.
  Certain of the Company's
  non-employee
  directors may, through their relationships with their
  employers, be insured and/or indemnified against certain liabilities incurred in their capacity as members of the board of directors.
  Item 8.
  Exhibits.
  EXHIBIT INDEX
  Exhibit
  No.
  Description
  4.1
  Certificate of Incorporation of the Registrant, as amended, as currently in effect (incorporated by reference to Exhibit 4.1 to the Registrant's
   Registration Statement on Form
  S-8
  filed with the SEC on July
  9, 2024).
  4.2
  By-Laws
  of the Registrant, as currently in effect (incorporated by reference to Exhibit 3.2 to the Registrant's Form
  8-K
  filed with the SEC on October
  21, 2021).
  4.3
  Specimen Class
  A Common Stock Certificate of the Registrant (incorporated by reference to Exhibit 4.1 to the Registrant's Form
  8-K
  filed with the SEC on October
  21, 2021).
  4.4
  Form of Performance Stock Unit Agreement by and between Bakkt Holdings, Inc. and Akshay Naheta.
  4.5
  Form of Restricted Stock Unit Agreement by and between Bakkt Holdings, Inc. and Akshay Naheta.
  5.1
  Opinion of Wilson Sonsini Goodrich and Rosati, P.C.
  23.1
  Consent of KPMG LLP, independent registered public accounting firm.
  23.2
  Consent of Ernst & Young LLP, independent registered public accounting firm.
  23.3
  Consent of Wilson Sonsini Goodrich and Rosati, P.C. (included in Exhibit 5.1).
  24.1
  Power of Attorney (included on signature page).
  107
  Filing Fee Table
  Item 9. Undertakings.
  A.
  The Registrant hereby undertakes:
  (1)
  To file, during any period in which offers or sales are being made, a post-effective amendment to this
  Registration Statement:
  (i)
  To include any prospectus required by Section 10(a)(3) of the Securities Act;
  3
  (ii)
  To reflect in the prospectus any facts or events arising after the effective date of this Registration
  Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or
  decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of
  prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee"
  table in the effective Registration Statement; and
  (iii)
  To include any material information with respect to the plan of distribution not previously disclosed in
  this Registration Statement or any material change to such information in this Registration Statement;
  provided,
  however,
  that paragraphs (A)(1)(i) and (A)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant
  pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.
  (2)
  That, for the purpose of determining any liability under the Securities Act, each such post-effective
  amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
  bona fide
  offering thereof.
  (3)
  To remove from registration by means of a post-effective amendment any of the securities being registered
  which remain unsold at the termination of the offering.
  B.
  The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act,
  each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the
  Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the
  initial
  bona fide
  offering thereof.
  C.
  Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
  officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
  expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for
  indemnification
  against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or
  controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the
  opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be
  governed by the final adjudication of such issue.
  4
  SIGNATURES
  Pursuant to the requirements of the Securities Act, the registrant certifies that it has reasonable grounds to believe that it meets all of
  the requirements for filing on Form
  S-8
  and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Alpharetta, State of Georgia, on
  the 18th day of April, 2025.
  BAKKT HOLDINGS, INC.
  By:
  /s/ Andrew Main
  Andrew Main
  President and
  Co-Chief
  Executive Officer
  POWER OF ATTORNEY AND SIGNATURES
  KNOW ALL BY THESE PRESENT, that each individual whose signature appears below hereby constitutes and appoints each of Andrew Main, Akshay
  Naheta, Marc D'Annunzio, Karen Alexander and Joseph Henderson, and each or any one of them, as such person's true and lawful
  attorney-in-fact
  and agent with
  full power of substitution and resubstitution, for such person in such person's name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement on Form
  S-8,
  and to file the same, with all exhibits thereto, and all documents in connection therewith, with the SEC granting unto each said
  attorney-in-fact
  and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
  to all intents and purposes as such person might or could do in person, hereby ratifying and confirming all that any said
  attorney-in-fact
  and agent, or any substitute
  or substitutes of any of them, may lawfully do or cause to be done by virtue hereof.
  Pursuant to the requirements of the Securities Act,
  this Registration Statement has been signed by the following persons in the capacities and on the dates indicated below.
  Signature
  Title
  Date
  /s/ Andrew Main
  Andrew Main
  President,
  Co-Chief
  Executive Officer and Director
  (
  Principal Executive Officer
  )
  April 18, 2025
  /s/ Karen Alexander
  Karen Alexander
  Chief Financial Officer
  (
  Principal Financial Officer
  )
  April 18, 2025
  /s/ Joseph Henderson
  Joseph Henderson
  Chief Accounting Officer
  (
  Principal Accounting Officer
  )
  April 18, 2025
  /s/ Colleen Brown
  David C. Clifton
  Director
  April 18, 2025
  /s/ David C. Clifton
  David C. Clifton
  Director
  April 18, 2025
  /s/ Sean Collins
  Sean Collins
  Director
  April 18, 2025
  /s/ De'Ana Dow
  De'Ana Dow
  Director
  April 18, 2025
  /s/ Michelle Goldberg
  Michelle Goldberg
  Director
  April 18, 2025
  Signature
  Title
  Date
  /s/ Akshay Naheta
  Akshay Naheta
  Co-Chief
  Executive Officer and Director
  April 18, 2025
  /s/ Jill Simeone
  Jill Simeone
  Director
  April 18, 2025
  /s/ Gordon Watson
  Gordon Watson
  Director
  April 18, 2025