Amendment No. 9 to Schedule 13D for Bakkt Holdings, Inc.

Intercontinental Exchange, Inc. (ICE) and Intercontinental Exchange Holdings, Inc. (ICEH) filed Amendment No. 9 to their Schedule 13D regarding their holdings in Bakkt Holdings, Inc. The amendment reports the entry into a Tax Receivable Agreement (TRA) Amendment, a Contribution Agreement, and an Up-C Collapse Waiver. These agreements are related to the planned reorganization of Bakkt, which will eliminate its umbrella partnership-C-corporation structure and result in Bakkt becoming a wholly owned subsidiary of a new holding company, NewCo. The Up-C Collapse Waiver includes ICEH's agreement not to transfer certain warrants until the earlier of the consummation of the Up-C Collapse or November 14, 2025. The amendment also updates the aggregate percentage of common stock owned by ICE and ICEH due to dilution caused by Bakkt's issuance of additional shares of Class A Common Stock.