Material Agreement (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.

On January 16, 2026, Bakkt Holdings, Inc. (the "Company") entered into a Sales Agreement (the "Sales Agreement") with each of The Benchmark Company, LLC, Virtu Americas LLC, Clear Street LLC, Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, Macquarie Capital (USA) Inc., Rosenblatt Securities Inc. and Roth Capital Partners, LLC (each, a "Sales Agent" and together, the "Sales Agents"), pursuant to which the Company may sell, from time to time, up to an aggregate sales price of $300,000,000 of its Class A common stock, $0.0001 par value per share ("Common Stock" and such amount of shares of Common Stock, the "Shares"), through the Sales Agents. Sales of the Shares made pursuant to the Sales Agreement, if any, may be made by any method deemed to be an "at the market offering" as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended, including sales made in ordinary brokers' transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices and block trades. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price per share of Common Stock, the timing, magnitude and need for capital for the events and transactions described under the caption "Use of Proceeds" in the Prospectus Supplement (as defined below) and determinations by the Company of the appropriate sources of funding for the Company and its subsidiaries.

The offer and sales of the Shares, if any, made pursuant to the Sales Agreement, will be made under the Company's Registration Statement on Form S-3(File No. 333-288361)filed by the Company with the U.S. Securities and Exchange Commission on June 26, 2025 and declared effective on July 3, 2025, as supplemented by a prospectus supplement, dated January 20, 2026 (as amended or supplemented from time to time, the "Prospectus Supplement").

The Company is not obligated to, and it cannot provide any assurances that it will, make any sales of the Shares under the Sales Agreement. The Company will pay each Sales Agent a commission based upon the gross sales price per share of any Shares sold through such Sales Agent as agent under the Sales Agreement, as well as reimbursement of certain expenses described in the Sales Agreement. The Sales Agreement may be terminated by the Company at any time upon three business days' prior written notice to the Sales Agents or by any Sales Agent with respect to itself at any time upon prior written notice to the Company.

This Current Report on Form 8-Kshall not constitute an offer to sell or the solicitation of any offer to buy the Shares, nor shall there be an offer, solicitation or sale of the Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

The foregoing description of the material terms of the Sales Agreement is qualified in its entirety by reference to the full text of the Sales Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference. The legal opinion of Sullivan & Cromwell LLP, counsel to the Company, relating to the Shares is filed as Exhibit 5.1 hereto and the consent of Sullivan & Cromwell LLP is filed as Exhibit 23.1.