Marc D’Annunzio, serving as General Counsel and Secretary at Bakkt, Inc. (NYSE: BKKT), executed a sale of 785 shares of Class A Common Stock on February 24, 2026. The transaction generated proceeds of about $7,924, with the per-share execution prices ranging from $10.0114 to $10.1200.
Following the disposition, D’Annunzio retains direct ownership of 117,833 shares of Bakkt stock. That total includes 50,229 shares that are classified as Class A Common Stock but remain subject to restricted stock unit and performance stock unit awards that have not yet vested. In addition to his current shareholdings, D’Annunzio holds stock options exercisable for 132,551 shares of Bakkt’s Class A Common Stock.
The insider sale was carried out pursuant to a Rule 10b5-1 trading plan that D’Annunzio adopted on September 10, 2025. The use of such a plan indicates the trade followed a predetermined schedule or formula established earlier and executed under that arrangement.
Bakkt’s share price has recently come under pressure, with the stock down roughly 8.6% over the last week and quoted at $9.56 at the time of the reporting. The company’s market capitalization stood at $312.49 million. Analysis from InvestingPro included in the company snapshot notes that the stock appears undervalued at current levels, while also highlighting operating challenges: Bakkt reported a negative gross profit margin of 1.32% for the last twelve months as of the third quarter of 2025.
Beyond insider activity, Bakkt provided preliminary financial information for the fourth quarter of 2025. The company estimated gross digital asset revenues would fall between $298 million and $300 million. At the same time, it projected total digital asset costs and related fees to be in the range of $297 million to $299 million, a near offset to revenue in the digital asset segment based on those estimates.
In tandem with those preliminary results, Bakkt announced a $300 million at-the-market equity program. The company noted that, to date, no shares have been sold under that program. Separately, Bakkt has priced a registered direct offering anticipated to raise approximately $48.1 million. That registered direct involves the sale of 3,024,799 shares of Class A common stock and pre-funded warrants and is expected to close in March 2026, subject to customary closing conditions.
Strategically, Bakkt disclosed a partnership with Nexo intended to support Nexo’s re-entry into the U.S. market by leveraging Bakkt’s trading infrastructure to provide compliant digital asset services. The company’s recent financing steps and strategic partnership reflect active efforts to manage capital needs and expand market participation.
Summary
On February 24, 2026, Bakkt General Counsel Marc D’Annunzio sold 785 shares of Class A Common Stock under a prearranged 10b5-1 plan for roughly $7,924. Post-sale, he owns 117,833 shares, including more than 50,000 subject to vesting, and holds options on 132,551 shares. Meanwhile, Bakkt reported preliminary Q4 digital asset revenue and cost estimates that nearly offset one another, launched a $300 million ATM program with no shares yet sold, and priced a registered direct expected to raise about $48.1 million. The company also announced a partnership with Nexo to support U.S. market activity.
Key points
- Insider transaction: Marc D’Annunzio sold 785 shares on February 24, 2026, receiving approximately $7,924 at prices from $10.0114 to $10.1200 per share.
- Ownership and options: After the sale, D’Annunzio directly owns 117,833 shares (including 50,229 subject to vesting) and holds options on 132,551 shares.
- Corporate financing and operations: Bakkt reported preliminary Q4 2025 digital asset revenue and cost estimates that nearly offset each other, initiated a $300 million ATM program with no sales so far, and priced a registered direct offering anticipated to raise about $48.1 million.
Risks and uncertainties
- Profitability challenge: The company reported a negative gross profit margin of 1.32% for the trailing twelve months as of Q3 2025, which underscores operating and margin pressures in digital asset activities.
- Share-price volatility: The stock has exhibited high price volatility and fell about 8.6% over the past week, which can affect shareholder value and the timing of financing actions.
- Potential dilution: Bakkt’s $300 million at-the-market equity program and the registered direct offering expected to raise roughly $48.1 million could increase outstanding shares if executed, subject to customary closing conditions.
InvestingPro subscribers have access to an expanded set of analyses on BKKT, including a Pro Research Report and more than a dozen additional ProTips, along with the platform’s observation that the stock generally trades with high price volatility.