Akshay Sudhir Naheta Increases Stake in Bakkt, Inc. to 22.3% Following DTR Acquisition

On May 4, 2026, Akshay Sudhir Naheta filed a Schedule 13D/A reporting a significant increase in his holdings of Bakkt, Inc. (BKKT) Class A Common Stock. Following the closing of a Share Purchase Agreement on April 30, 2026, Naheta acquired 7,927,831 Consideration Shares in exchange for his equity interests in Distributed Technologies Research Global Ltd. (DTR). This transaction combined DTR's business with Bakkt's. Naheta now beneficially owns 11,138,989 shares, representing 22.3% of the class. This total includes 9,026,408 shares of Class A Common Stock, options to acquire 1,308,725 shares, and 803,856 performance-based restricted stock units (PSUs). Naheta disclaims beneficial ownership of additional shares held solely as a nominee and custodian for former DTR equity holders. The acquisition was made for strategic purposes, and Naheta may engage in future discussions regarding the company's corporate structure or capitalization in his capacity as a significant shareholder and director.