Bakkt, Inc. - Amendment to Schedule 13D Filing

This filing is an Amendment No. 12 to the Schedule 13D filed by Intercontinental Exchange, Inc. ("ICE") and Intercontinental Exchange Holdings, Inc. ("ICEH") concerning Bakkt, Inc. The amendment updates the beneficial ownership percentage of ICE and ICEH due to dilution from the Issuer's issuance of additional shares. ICE and ICEH have not acquired or disposed of any shares of Bakkt's Class A Common Stock in the past 60 days. The Reporting Persons have agreed not to transfer certain shares until the earlier of 120 days after the DTR Purchase Agreement date or the Bakkt stockholder meeting for the DTR Acquisition approval. The ownership percentage is based on 30,562,092 shares outstanding as of March 2, 2026, including 461,360 shares underlying Replacement Warrants. ICE and ICEH collectively beneficially own 7,919,002 shares of Class A Common Stock and 461,360 Replacement Warrant Shares, representing 27.0% ownership.