Bakkt Holdings, Inc. Files Definitive Proxy Statement for 2024 Annual Meeting

TL;DR

<b>Bakkt Holdings, Inc. filed its definitive proxy statement, detailing 2023 strategic shifts and acquisitions aimed at growth in the evolving crypto market.</b>

AI Summary

Bakkt Holdings, Inc. (BKKT-WT) filed a Proxy Statement (DEF 14A) with the SEC on April 19, 2024. Bakkt Holdings, Inc. filed a Definitive Proxy Statement (DEF 14A) on April 19, 2024. The filing covers the company's 2023 fiscal year, which ended December 31, 2023. The company highlights 2023 as an "inflection point" with investments and strategic decisions aimed at capitalizing on the crypto market. Bakkt has solidified its path as a B2B2C-focused company and expanded its partner ecosystem. The company acquired Apex Crypto in 2023, positioning itself as a crypto infrastructure provider for various businesses.

Why It Matters

For investors and stakeholders tracking Bakkt Holdings, Inc., this filing contains several important signals. The filing provides shareholders with information regarding the upcoming 2024 Annual Meeting of Stockholders, including proposals and director nominations. Bakkt emphasizes its B2B2C strategy and the acquisition of Apex Crypto as key steps to becoming a leading crypto infrastructure provider, potentially driving future revenue and market share.

Risk Assessment

Risk Level: medium — Bakkt Holdings, Inc. shows moderate risk based on this filing. The company operates in the highly volatile and evolving cryptocurrency market, facing significant regulatory uncertainty and macroeconomic headwinds that could impact its business and financial performance.

Analyst Insight

Shareholders should review the proxy statement for details on executive compensation, director nominations, and strategic initiatives to assess the company's future prospects and potential value creation.

Key Numbers

• 2023 — Fiscal Year (Period of report)
• 2024 — Annual Meeting Year (Event year)

Key Players & Entities

• Bakkt Holdings, Inc. (company) — Registrant name
• 2024-04-19 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• Apex Crypto (company) — Acquired company
• Andy Main (person) — New CEO
• VPC Impact Acquisition Holdings (company) — Former company name
• 2020-08-05 (date) — Date of name change
• 10000 Avalon Boulevard, Suite 1000 (address) — Company business address

FAQ

Risk Factors

• Evolving Regulatory Environment [medium — regulatory]: The cryptocurrency regulatory environment continues to evolve, which presents both opportunities and risks for Bakkt's operations and compliance.
• Macroeconomic Headwinds [medium — market]: Significant macroeconomic headwinds in the crypto sector impacted Bakkt in 2023, creating challenges but also opportunities.
• Integration of Apex Crypto [medium — operational]: The successful integration of the Apex Crypto acquisition is crucial for Bakkt to realize its positioning as a crypto infrastructure provider.

Key Dates

• 2024-04-19: Filing Date — Definitive Proxy Statement filed
• 2023-12-31: Fiscal Year End — Reporting period end

Glossary

DEF 14A

Definitive Proxy Statement filed with the SEC. (Provides detailed information to shareholders regarding company matters, including annual meetings and executive compensation.)

B2B2C

Business-to-business-to-consumer. (Indicates Bakkt's strategy to serve businesses that then offer services to end consumers, leveraging its crypto infrastructure.)

Key Financial Figures

• $0.0001 — tanding Class A Common Stock, par value $0.0001 per share (the "Class A Common Stock")

Filing Documents

• bakkt-2024proxyagmfinal412.htm (DEF 14A) — 577KB
• directorindependence.jpg (GRAPHIC) — 22KB
• image_01.jpg (GRAPHIC) — 77KB
• image_1.jpg (GRAPHIC) — 39KB
• image_10.jpg (GRAPHIC) — 14KB
• image_11.jpg (GRAPHIC) — 52KB
• image_122.jpg (GRAPHIC) — 61KB
• image_14.jpg (GRAPHIC) — 36KB
• image_15.jpg (GRAPHIC) — 45KB
• image_16.jpg (GRAPHIC) — 93KB
• image_17.jpg (GRAPHIC) — 113KB
• image_2.jpg (GRAPHIC) — 6KB
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• image_5.jpg (GRAPHIC) — 54KB
• image_61.jpg (GRAPHIC) — 14KB
• image_7.jpg (GRAPHIC) — 49KB
• image_8.jpg (GRAPHIC) — 52KB
• image_9.jpg (GRAPHIC) — 13KB
• proxycardpg1.jpg (GRAPHIC) — 116KB
• proxycardpg2.jpg (GRAPHIC) — 95KB
• 0001820302-24-000068.txt (&nbsp;) — 1897KB

Executive Compensation

Executive Compensation 50 Smaller Reporting Company Status 50 Processes and Procedures for Compensation Decisions 50 Summary Compensation Table for Fiscal 2023 52 Overview of Compensation Approach 53 -v- Employment Arrangements with the Named Executive Officers of Bakkt 53 401(k) Plan 56 Outstanding Equity Awards at Fiscal 2023 Year-End 56 Equity Compensation Plan Information 58

Security Ownership of Certain Beneficial Owners, Directors and Management

Security Ownership of Certain Beneficial Owners, Directors and Management 59 Delinquent Section 16(a) Reports 61 Related Person Transactions 62 Other Matters 67 Stockholder Proposals or Director Nominations for 2025 Annual Meeting 67 Availability of Bylaws 68 2023 Annual Report 68 Householding of Proxy Materials 68 Other Business 69 ANNEX A - AMENDMENT NO. 2 TO 2021 OMNIBUS INCENTIVE PLAN 70 This proxy statement includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding macroeconomic conditions, our ability to achieve the expected benefits of acquisitions, the regulatory environment, our platform's capabilities, our commitments, our strategies and our expectations regarding future equity grants. These statements involve risks and uncertainties. Actual results could differ materially from any future results expressed or implied by the forward-looking statements for a variety of reasons, including due to the risks and uncertainties that are discussed in our most recently filed Annual Report on Form 10-K. Other than as required by law, we assume no obligation to update any forward-looking statements or information, which speak as of their respective dates. References to our website or other links to our publications or other information are provided for the convenience of our stockholders. None of the information or data included on our website or accessible at these links is incorporated into, and will not be deemed to be a part of, this proxy statement or any of our other filings with the U.S. Securities and Exchange Commission (the "SEC"). Unless otherwise noted, share counts, prices per share and related information presented herein does not give effect to the Proposed Reverse Stock Split (as described below). -vi- Leadership Corporate Governance Executive Team We believe that our leadership team has the skills and qualifications needed to drive

View Full Filing

View this DEF 14A filing on SEC EDGAR