☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 98-1550750 | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||
10000 Avalon Boulevard, Suite 1000 Alpharetta, Georgia | 30009 | |||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading | Name of each exchange on which registered | ||||||||||||
Class A Common Stock, par value $0.0001 per share | BKKT | The New York Stock Exchange | ||||||||||||
Warrants to purchase Class A Common Stock | BKKT WS | The New York Stock Exchange |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||||||||||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||||||||||||||||||
Emerging growth company | ☒ |
Page | |||||||||||
PART | |||||||||||
Item 1. | (Unaudited) | ||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
September 30, 2021 | December 31, 2020 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 708,642 | $ | 1,177,678 | ||||
Prepaid expenses | 134,813 | 234,959 | ||||||
Total Current Assets | 843,455 | 1,412,637 | ||||||
Cash and investments held in Trust Account | 207,396,111 | 207,376,213 | ||||||
TOTAL ASSETS | $ | 208,239,566 | $ | 208,788,850 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | ||||||||
Liabilities | ||||||||
Current Liabilities | ||||||||
Accounts payable and accrued expenses | $ | 6,144,562 | $ | 893,415 | ||||
Accrued offering costs | 0 | 2,230 | ||||||
Total Current Liabilities | 6,144,562 | 895,645 | ||||||
Warrant liabilities | 29,599,970 | 22,513,065 | ||||||
Deferred underwriting fee payable | 7,258,021 | 7,258,021 | ||||||
Total Liabilities | 43,002,553 | 30,666,731 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Class A ordinary shares subject to possible redemption, 20,737,202 shares at $10.00 per share as of September 30, 2021 and December 31, 2020 | 207,372,020 | 207,372,020 | ||||||
Shareholders’ Deficit | ||||||||
Preference shares, $0.0001 par value; 1,000,000 shares authorized; 0shares issued and outstanding | 0 | 0 | ||||||
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized at September 30, 2021 and December 31, 2020 | 0 | 0 | ||||||
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,184,300 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 518 | 518 | ||||||
Additional paid-in capital | 0 | 0 | ||||||
Accumulated deficit | (42,135,525 | ) | (29,250,419 | ) | ||||
Total Shareholders’ Deficit | (42,135,007 | ) | (29,249,901 | ) | ||||
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT | $ | 208,239,566 | $ | 208,788,850 | ||||
Successor | |||||||||||
As of March 31, 2022 (Unaudited) | As of December 31, 2021 | ||||||||||
Assets | |||||||||||
Current Assets: | |||||||||||
Cash and cash equivalents | $ | 355,196 | $ | 391,364 | |||||||
Restricted cash | 16,500 | 16,500 | |||||||||
Customer funds | 630 | 551 | |||||||||
Accounts receivable, net | 19,458 | 18,142 | |||||||||
Prepaid insurance | 27,863 | 32,206 | |||||||||
Other current assets | 8,395 | 4,784 | |||||||||
Total current assets | 428,042 | 463,547 | |||||||||
Property, equipment and software, net | 10,679 | 6,121 | |||||||||
Goodwill | 1,527,119 | 1,527,118 | |||||||||
Intangible assets, net | 383,091 | 388,469 | |||||||||
Deposits with clearinghouse, noncurrent | 15,151 | 15,151 | |||||||||
Other assets | 19,917 | 13,879 | |||||||||
Total assets | $ | 2,383,999 | $ | 2,414,285 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | 64,321 | $ | 64,090 | |||||||
Customer funds payable | 630 | 551 | |||||||||
Deferred revenue, current | 4,385 | 4,629 | |||||||||
Due to related party | 367 | 617 | |||||||||
Other current liabilities | 3,193 | 3,717 | |||||||||
Total current liabilities | 72,896 | 73,604 | |||||||||
Deferred revenue, noncurrent | 4,120 | 4,819 | |||||||||
Warrant liability | 14,996 | 17,424 | |||||||||
Deferred tax liabilities, net | 8,449 | 11,593 | |||||||||
Other noncurrent liabilities | 18,251 | 12,674 | |||||||||
Total liabilities | 118,712 | 120,114 | |||||||||
Commitments and Contingencies (Note 13) | 0 | 0 | |||||||||
Class A common stock ($0.0001 par value, 750,000,000 shares authorized, 57,164,488 shares issued and outstanding as of March 31, 2022 and 57,164,388 shares issued and outstanding as of December 31, 2021) | 6 | 6 | |||||||||
Class V common stock ($0.0001 par value, 250,000,000 shares authorized; 206,003,270 shares issued and outstanding as of March 31, 2022 and 206,271,792 shares issued and outstanding as of December 31, 2021) | 21 | 21 | |||||||||
Additional paid-in capital | 579,957 | 566,766 | |||||||||
Accumulated other comprehensive loss | (14) | (55) | |||||||||
Accumulated deficit | (105,470) | (98,342) | |||||||||
Total stockholders’ equity | 474,500 | 468,396 | |||||||||
Noncontrolling interest | 1,790,787 | 1,825,775 | |||||||||
Total equity | 2,265,287 | 2,294,171 | |||||||||
Total liabilities and stockholders’ equity | $ | 2,383,999 | $ | 2,414,285 |
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Revenues: | ||||||||||||||
Net revenues (includes related party net revenues of $20 and affiliate net revenues of $(26), respectively) (1) | $ | 12,532 | $ | 8,145 | ||||||||||
Operating expenses: | ||||||||||||||
Compensation and benefits | 35,088 | 15,233 | ||||||||||||
Professional services | 4,675 | 913 | ||||||||||||
Technology and communication | 4,358 | 2,786 | ||||||||||||
Selling, general and administrative | 9,435 | 6,109 | ||||||||||||
Acquisition-related expenses | 516 | 7,820 | ||||||||||||
Depreciation and amortization | 5,851 | 2,794 | ||||||||||||
Related party expenses (affiliate in Predecessor period) (1) | 367 | 471 | ||||||||||||
Other operating expenses | 728 | 429 | ||||||||||||
Total operating expenses | 61,018 | 36,555 | ||||||||||||
Operating loss | (48,486) | (28,410) | ||||||||||||
Interest income (expense), net | 61 | (49) | ||||||||||||
Gain from change in fair value of warrant liability | 2,428 | — | ||||||||||||
Other expense, net | (462) | (338) | ||||||||||||
Loss before income taxes | (46,459) | (28,797) | ||||||||||||
Income tax benefit (expense) | 3,138 | (23) | ||||||||||||
Net loss | (43,321) | $ | (28,820) | |||||||||||
Less: Net loss attributable to noncontrolling interest | (36,193) | |||||||||||||
Net loss attributable to Bakkt Holdings, Inc. | $ | (7,128) | ||||||||||||
Net loss per share attributable to Bakkt Holdings, Inc. | ||||||||||||||
Class A common stockholders per share: | ||||||||||||||
Basic | $ | (0.12) | (2) | |||||||||||
Diluted | $ | (0.14) | (2) |
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Net loss | $ | (43,321) | $ | (28,820) | ||||||||||
Currency translation adjustment, net of tax | 188 | 79 | ||||||||||||
Comprehensive loss | $ | (43,133) | $ | (28,741) | ||||||||||
Comprehensive loss attributable to noncontrolling interest | (36,046) | |||||||||||||
Comprehensive loss attributable to Bakkt Holdings, Inc. | $ | (7,087) |
For The Three Months Ended September 30, | Nine months Ended September 30, | For the Period from July 31, 2020 (Inception) through September 30, | ||||||||||
2021 | 2021 | 2020 | ||||||||||
General and administrative expenses | $ | 2,241,776 | $ | 5,822,575 | $ | 17,543 | ||||||
Loss from operations | (2,241,776 | ) | (5,822,575 | ) | (17,543 | ) | ||||||
Other income (expense): | ||||||||||||
Other Income | — | 4,476 | — | |||||||||
Interest earned on investments held in Trust Account | 2,669 | 19,898 | 164 | |||||||||
Change in fair value of warrant liabilities | 1,755,959 | (7,086,905 | ) | (2,260,000 | ) | |||||||
Offering costs—warrants | — | — | (754,990 | ) | ||||||||
Total other income (expense), net | 1,758,628 | (7,062,531 | ) | (3,014,826 | ) | |||||||
Net loss | $ | (483,148 | ) | $ | (12,885,106 | ) | $ | (3,032,369 | ) | |||
Weighted average shares outstanding of Class A ordinary shares | 20,737,202 | 20,737,202 | 3,870,968 | |||||||||
Basic and diluted net loss per share, Class A | $ | (0.02 | ) | $ | (0.50 | ) | $ | (0.34 | ) | |||
Weighted average shares outstanding of Class B ordinary shares | 5,184,300 | 5,184,300 | 5,000,000 | |||||||||
Basic and diluted net loss per share, Class B | $ | (0.02 | ) | $ | (0.50 | ) | $ | (0.34 | ) | |||
Class A Common Stock | Class V Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Stockholders’ Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | $ | Shares | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | 57,164,388 | $ | 6 | 206,271,792 | $ | 21 | $ | 566,766 | $ | (98,342) | $ | (55) | $ | 468,396 | $ | 1,825,775 | $ | 2,294,171 | |||||||||||||||||||||||||||||||||||||||||
Share-based compensation (Note 10) | — | — | — | — | 13,190 | — | — | 13,190 | — | 13,190 | |||||||||||||||||||||||||||||||||||||||||||||||||
Unit-based compensation (Note 10) | — | — | — | — | — | — | — | — | 1,118 | 1,118 | |||||||||||||||||||||||||||||||||||||||||||||||||
Forfeiture and cancellation of common units (Note 10) | — | — | (268,522) | — | — | — | — | — | (60) | (60) | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of warrants (Note 8) | 100 | — | — | — | 1 | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment, net of tax | — | — | — | — | — | — | 41 | 41 | 147 | 188 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (7,128) | — | (7,128) | (36,193) | (43,321) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | 57,164,488 | $ | 6 | 206,003,270 | $ | 21 | $ | 579,957 | $ | (105,470) | $ | (14) | $ | 474,500 | $ | 1,790,787 | $ | 2,265,287 |
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance – January 1, 2021, as restated (see Note 2) | 0 | $ | 0 | 5,184,300 | $ | 518 | $ | 0 | $ | (29,250,419 | ) | $ | (29,249,901 | ) | ||||||||||||||
Net loss | — | — | — | 0 | 0 | (33,671,616 | ) | (33,671,616 | ) | |||||||||||||||||||
Balance – March 31, 2021, as restated (see Note 2) | 0 | $ | 0 | 5,184,300 | $ | 518 | $ | 0 | $ | (62,922,035 | ) | $ | (62,921,517 | ) | ||||||||||||||
Net income | — | — | — | 0 | 0 | 21,269,658 | 21,269,658 | |||||||||||||||||||||
Balance – June 30, 2021, as restated (see Note 2) | 0 | $ | 0 | 5,184,300 | $ | 518 | $ | 0 | $ | (41,652,377 | ) | $ | (41,651,859 | ) | ||||||||||||||
Net loss | — | — | — | 0 | 0 | (483,148 | ) | (483,148 | ) | |||||||||||||||||||
Balance – September 30, 2021 | 0 | $ | 0 | 5,184,300 | $ | 518 | $ | 0 | $ | (42,135,525 | ) | $ | (42,135,007 | ) | ||||||||||||||
Class A Voting Units | Class B Voting Units | Class B Warrant | Class C Voting Units | Accumulated Deficit | Accumulated Other Comprehensive Income | Total Member's Equity | Incentive Units | Total Mezzanine Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | $ | Units | $ | Warrants | $ | Units | $ | Units | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | 400,000,000 | $ | 2,613 | 182,500,000 | $ | 182,500 | — | $ | 5,426 | 270,270,270 | $ | 310,104 | $ | (112,504) | $ | 191 | $ | 388,330 | — | $ | 21,452 | $ | 21,452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A voting units (Note 9) | — | 110 | — | — | — | — | — | — | — | — | 110 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unit-based incentive compensation (Note 10) | — | — | — | — | — | — | — | — | — | — | — | — | 870 | 870 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment, net of tax | — | — | — | — | — | — | — | — | — | 79 | 79 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | (28,820) | — | (28,820) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | 400,000,000 | $ | 2,723 | 182,500,000 | $ | 182,500 | — | $ | 5,426 | 270,270,270 | $ | 310,104 | $ | (141,324) | $ | 270 | $ | 359,699 | — | $ | 22,322 | $ | 22,322 |
Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Shareholders’ Deficit | ||||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance – July 31, 2020 (inception) | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | — | — | 5,750,000 | 575 | 24,425 | — | 25,000 | |||||||||||||||||||||
Accretion | 0 | (24,425 | ) | (23,521,731 | ) | (23,546,156 | ) | |||||||||||||||||||||
Forfeiture of Founder Shares | — | — | (565,700 | ) | (57 | ) | 57 | — | ||||||||||||||||||||
Net loss | — | — | — | — | — | (3,032,369 | ) | (3,032,369 | ) | |||||||||||||||||||
Balance – September 30, 2020, as restated (see Note 2) | 0 | $ | 0 | 5,184,300 | $ | 518 | $ | 0 | $ | (26,554,043 | ) | $ | (26,553,525 | ) | ||||||||||||||
Successor | Predecessor | ||||||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | ||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net loss | $ | (43,321) | $ | (28,820) | |||||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||||||||
Depreciation and amortization | 5,851 | 2,761 | |||||||||||||||
Non-cash lease expense | 334 | 365 | |||||||||||||||
Share-based compensation expense (Note 10) | 13,190 | — | |||||||||||||||
Unit-based compensation expense (Note 10) | 157 | 1,256 | |||||||||||||||
Recognition of affiliate capital contribution (Note 7) | — | 110 | |||||||||||||||
Amortization of customer consideration asset (Note 9) | — | 581 | |||||||||||||||
Deferred income tax benefit | (3,144) | — | |||||||||||||||
Impairment of long-lived assets | — | 57 | |||||||||||||||
Gain from change in fair value of warrant liability | (2,428) | — | |||||||||||||||
Cancellation of common units (Note 10) | (60) | — | |||||||||||||||
Other | 280 | 226 | |||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | (1,316) | 99 | |||||||||||||||
Prepaid insurance | 4,343 | 348 | |||||||||||||||
Deposits with clearinghouse affiliate | — | 20,409 | |||||||||||||||
Accounts payable and accrued liabilities | (1,683) | 2,900 | |||||||||||||||
Due to related party (affiliate in Predecessor period) (1) | (250) | (1,981) | |||||||||||||||
Deferred revenues | (943) | (241) | |||||||||||||||
Operating lease liabilities. | 79 | (321) | |||||||||||||||
Customer funds payable | 79 | 133 | |||||||||||||||
Other assets and liabilities (Note 10) | (4,324) | 1,144 | |||||||||||||||
Net cash used in operating activities | (33,156) | (974) | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Capitalized internal-use software development costs and other capital expenditures | (3,122) | (4,054) | |||||||||||||||
Net cash used in investing activities | (3,122) | (4,054) | |||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Payment of finance lease liability | — | (31) | |||||||||||||||
Proceeds from the exercise of warrants (Note 8) | 1 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 1 | (31) | |||||||||||||||
Effect of exchange rate changes | 188 | 79 | |||||||||||||||
Net decrease in cash, cash equivalents, restricted cash and customer funds | (36,089) | (4,980) | |||||||||||||||
Cash, cash equivalents, restricted cash and customer funds at the beginning of the period | 408,415 | 91,943 | |||||||||||||||
Cash, cash equivalents, restricted cash and customer funds at the end of the period | $ | 372,326 | $ | 86,963 | |||||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for income taxes | $ | — | $ | — | |||||||||||||
Non-cash operating lease right-of-use asset acquired | 5,696 | — | |||||||||||||||
Supplemental disclosure of non-cash investing and financing activity: | |||||||||||||||||
Issuance of Class A voting units in exchange of capital contribution (Note 9) | $ | — | $ | 110 | |||||||||||||
Capitalized internal-use software development costs and other capital expenditures included in accounts payable and accrued liabilities. | 1,909 | 1,810 | |||||||||||||||
Reconciliation of cash, cash equivalents, restricted cash and customer funds to consolidated balance sheet: | |||||||||||||||||
Cash and cash equivalents | $ | 355,196 | $ | 70,248 | |||||||||||||
Restricted cash | 16,500 | 16,500 | |||||||||||||||
Customer funds | 630 | 215 | |||||||||||||||
Total cash, cash equivalents, restricted cash and customer funds | $ | 372,326 | $ | 86,963 |
Nine months Ended September 30, 20 21 | For the Period from July 31, 2020 (Inception) Through September 30, 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (12,885,106 | ) | $ | (3,032,369 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Change in fair value of warrant liabilities | 7,086,905 | 2,260,000 | ||||||
Formation cost paid by Sponsor in exchange for issuance of founder shares | — | 6,606 | ||||||
Interest earned on investments held in Trust Account | (19,898 | ) | (164 | ) | ||||
Transaction costs allocated to warrants | — | 754,990 | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses | 100,146 | (278,363 | ) | |||||
Accounts payable and accrued expenses | 5,248,917 | 0 | ||||||
Net cash used in operating activities | (469,036 | ) | (289,300 | ) | ||||
Cash Flows from Investing Activities: | ||||||||
Investment of cash into T rust Account | — | (200,000,000 | ) | |||||
Net cash used in investing activities | — | (200,000,000 | ) | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from sale of Units, net of underwriting discount paid | — | 196,000,000 | ||||||
Proceeds from sale of Private Placement Units | — | 6,000,000 | ||||||
Payment of offering costs | — | (397,793 | ) | |||||
Repayment of promissory note – related party | — | (82,729 | ) | |||||
Net cash provided by financing activities | — | 201,519,478 | ||||||
Net Change in Cash | (469,036 | ) | 1,230,178 | |||||
Cash – Beginning of period | 1,177,678 | 0 | ||||||
Cash – End of period | $ | 708,642 | $ | 1,230,178 | ||||
Non-Cash investing and financing activities: | ||||||||
Offering costs included in accrued offering costs | $ | — | $ | 2,230 | ||||
Offering costs paid by Sponsor in exchange for issuance of founder shares | $ | — | $ | 18,394 | ||||
Offering costs paid through promissory note | $ | — | $ | 82,729 | ||||
Initial classification of Class A ordinary shares subject to possible redemption | $ | — | $ | 207,372,020 | ||||
Deferred underwriting fee payable | $ | — | $ | 7,000,000 | ||||
As Previously Reported | Adjustment | As Restated | ||||||||||
Balance Sheet as of March 31, 2021 (unaudited) | ||||||||||||
Class A ordinary shares subject to possible redemption | $ | 139,450,500 | $ | 67,921,520 | $ | 207,372,020 | ||||||
Class A ordinary shares | $ | 679 | $ | (679 | ) | $ | — | |||||
Additional paid-in capital | $ | 43,531,612 | $ | (43,531,612 | ) | $ | — | |||||
Accumulated deficit | $ | (38,532,806 | ) | $ | (24,389,229 | ) | $ | (62,922,035 | ) | |||
Total shareholders’ equity (deficit) | $ | 5,000,003 | $ | (67,921,520 | ) | $ | (62,921,517 | ) | ||||
Number of shares subject to redemption | 13,945,050 | 6,792,152 | 20,737,202 | |||||||||
Balance Sheet as of June 30, 2021 (unaudited) | ||||||||||||
Class A ordinary shares subject to possible redemption | $ | 160,720,160 | $ | 46,651,860 | $ | 207,372,020 | ||||||
Class A ordinary shares | $ | 467 | $ | (467 | ) | $ | — | |||||
Additional paid-in capital | $ | 22,262,164 | $ | (22,262,164 | ) | $ | — | |||||
Accumulated deficit | $ | (17,263,148 | ) | $ | (24,389,229 | ) | $ | (41,652,377 | ) | |||
Total shareholders’ equity (deficit) | $ | 5,000,001 | $ | (46,651,860 | ) | $ | (41,651,859 | ) | ||||
Number of shares subject to redemption | 16,072,016 | 4,665,186 | 20,737,202 | |||||||||
Statement of Cash Flows for the three months ended March 31, 2021 (unaudited) | ||||||||||||
Change in value of Class A ordinary shares subject to possible redemption | $ | 33,671,610 | $ | (33,671,610 | ) | $ | — | |||||
Statement of Cash Flows for the six months ended June 30, 2021 (unaudited) | ||||||||||||
Change in value of Class A ordinary shares subject to possible redemption | $ | (12,401,950 | ) | $ | 12,401,950 | $ | — | |||||
Statement of Operation for the three months ended March 31, 2021 (unaudited) | ||||||||||||
Weighted average shares outstanding, Class A ordinary shares | 20,737,202 | — | 20,737,202 | |||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | — | $ | (1.30 | ) | $ | (1.30 | ) | ||||
Weighted average shares outstanding, Class B ordinary shares | 5,184,300 | 0 | 5,184,300 | |||||||||
Basic and diluted net loss per share, Class B ordinary shares | $ | (6.50 | ) | $ | 5.20 | $ | (1.30 | ) | ||||
Statement of Operation for the three months ended June 30, 2021 (unaudited) | ||||||||||||
Weighted average shares outstanding, Class A ordinary shares | 20,737,202 | — | 20,737,202 | |||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | — | $ | 0.82 | $ | 0.82 | ||||||
Weighted average shares outstanding, Class B ordinary shares | 5,184,300 | — | 5,184,300 | |||||||||
Basic and diluted net loss per share, Class B ordinary shares | $ | 4.10 | $ | (3.28 | ) | $ | 0.82 | |||||
Statement of Operation for the six months ended June 30, 2021 (unaudited) | ||||||||||||
Weighted average shares outstanding, Class A ordinary shares | 20,737,202 | — | 20,737,202 | |||||||||
Basic and diluted net income per share, Class A ordinary shares | $ | — | $ | (0.48 | ) | $ | (0.48 | ) | ||||
Weighted average shares outstanding, Class B ordinary shares | 5,184,300 | — | 5,184,300 | |||||||||
Basic and diluted net loss per share, Class B ordinary shares | $ | (2.40 | ) | $ | 1.92 | $ | (0.48 | ) |
Successor | Predecessor | ||||||||||||||||
Service Type | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||
Transaction revenue, net(a) | $ | 6,518 | $ | 3,295 | |||||||||||||
Subscription and service revenue | 6,014 | 4,850 | |||||||||||||||
Total revenue | $ | 12,532 | $ | 8,145 |
Successor | Predecessor | ||||||||||||||||
Platform | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||||
Digital asset marketplace(b) | $ | 79 | $ | 87 | |||||||||||||
Loyalty redemption platform | 12,736 | 8,529 | |||||||||||||||
Alternative payment platform(c) | (283) | (471) | |||||||||||||||
Total revenue | $ | 12,532 | $ | 8,145 |
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Beginning of the period contract liability | $ | 9,448 | $ | 8,385 | ||||||||||
Revenue recognized from contract liabilities included in the beginning balance | (1,322) | (1,158) | ||||||||||||
Increases due to cash received, net of amounts recognized in revenue during the period | 379 | 917 | ||||||||||||
End of the period contract liability | $ | 8,505 | $ | 8,144 |
Successor | |||||
Balance as of December 31, 2021 | $ | 1,527,118 | |||
Foreign currency translation | 1 | ||||
Balance as of March 31, 2022 | $ | 1,527,119 |
Predecessor | |||||
Balance as of December 31, 2020 | $ | 233,429 | |||
Foreign currency translation | (16) | ||||
Balance as of March 31, 2021 | $ | 233,413 |
Successor | |||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||
Weighted Average Useful Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Licenses | Indefinite | $ | 241,320 | $ | — | $ | 241,320 | ||||||||||||||||
Trademarks / trade names | Indefinite | 39,470 | — | 39,470 | |||||||||||||||||||
Technology | 4.2 | 67,310 | (7,407) | 59,903 | |||||||||||||||||||
Customer relationships | 8 | 44,970 | (2,572) | 42,398 | |||||||||||||||||||
Total | $ | 393,070 | $ | (9,979) | $ | 383,091 |
Successor | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Weighted Average Useful Life (in years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
Licenses | Indefinite | $ | 241,320 | $ | — | $ | 241,320 | ||||||||||||||||
Trademarks / trade names | Indefinite | 39,470 | — | 39,470 | |||||||||||||||||||
Technology | 4.2 | 67,310 | (3,415) | 63,895 | |||||||||||||||||||
Customer relationships | 8 | 44,970 | (1,186) | 43,784 | |||||||||||||||||||
Total | $ | 393,070 | $ | (4,601) | $ | 388,469 |
Gross proceeds | $ | 207,372,020 | ||
Less: | ||||
Proceeds allocated to Public Warrants | $ | (13,275,495 | ) | |
Class A ordinary shares issuance costs | $ | (11,138,216 | ) | |
Plus: | ||||
Accretion of carrying value to redemption value | $ | 24,413,711 | ||
Class A ordinary shares subject to possible redemption | $ | 207,372,020 | ||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | For the Period from July 31, 2020 (Inception) Through September 30, 2020 | ||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||
Basic and diluted net loss per ordinary share | ||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||
Allocation of net loss, as adjusted | $ | (368,518 | ) | $ | (96,630 | ) | $ | (10,308,085 | ) | $ | (2,577,021 | ) | $ | (1,323,216 | ) | $ | (1,709,153 | ) | ||||||
Denominator: | ||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 20,737,202 | 5,184,300 | 20,737,202 | 5,184,300 | 3,870,968 | 5,000,000 | ||||||||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.50 | ) | $ | (0.50 | ) | $ | (0.34 | ) | $ | (0.34 | ) |
March 31, 2022 | |||||
Year ending December 31: | |||||
Remainder of 2022 | $ | 16,433 | |||
2023 | 21,811 | ||||
2024 | 21,871 | ||||
2025 | 18,896 | ||||
2026 | 7,628 | ||||
Thereafter | 15,662 | ||||
Total | $ | 102,301 |
Successor | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Trade accounts receivable | $ | 14,177 | $ | 11,404 | ||||||||||
Unbilled receivables | 3,995 | 5,448 | ||||||||||||
Other receivables | 1,496 | 1,500 | ||||||||||||
Total accounts receivable | 19,668 | 18,352 | ||||||||||||
Less: allowance for doubtful accounts | (210) | (210) | ||||||||||||
Total | $ | 19,458 | $ | 18,142 |
Successor | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Prepaid expenses | $ | 8,395 | $ | 4,784 | ||||||||||
Total | $ | 8,395 | $ | 4,784 |
Successor | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Internal-use software | $ | 7,191 | $ | 3,550 | ||||||||||
Purchased software | 23 | 17 | ||||||||||||
Office furniture and equipment | 19 | 19 | ||||||||||||
Other computer and network equipment | 3,874 | 2,991 | ||||||||||||
Leasehold improvements | 778 | 277 | ||||||||||||
Property, equipment and software, gross | 11,885 | 6,854 | ||||||||||||
Less: accumulated amortization and depreciation | (1,206) | (733) | ||||||||||||
Total | $ | 10,679 | $ | 6,121 |
Successor | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Operating lease right-of-use assets (Note 16) | 16,563 | 11,239 | ||||||||||||
Other | 3,354 | 2,640 | ||||||||||||
Total | $ | 19,917 | $ | 13,879 |
Successor | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Accounts payable | $ | 12,265 | $ | 10,646 | ||||||||||
Accrued expenses | 19,919 | 20,130 | ||||||||||||
Purchasing card payable | 20,330 | 17,698 | ||||||||||||
Salaries and benefits payable | 6,482 | 13,349 | ||||||||||||
Other | 5,325 | 2,267 | ||||||||||||
Total | $ | 64,321 | $ | 64,090 |
Successor | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Participation units liability, current (Note 10) | $ | 1,547 | $ | 2,027 | ||||||||||
Current maturities of operating lease liability | 331 | 615 | ||||||||||||
Other | 1,315 | 1,075 | ||||||||||||
Total | $ | 3,193 | $ | 3,717 |
Successor | ||||||||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||
Participation units liability, non-current (Note 10) | $ | 1,547 | $ | 2,027 | ||||||||||
Operating lease liability, noncurrent (Note 16) | 16,704 | 10,647 | ||||||||||||
Total | $ | 18,251 | $ | 12,674 |
Successor | |||||||||||||||||||||||
RSUs and PSUs | Number of RSUs and PSUs | Weighted Average Remaining Contractual Term (years) | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value | |||||||||||||||||||
Outsanding as of December 31, 2021 | 2,142 | $ | 9.18 | ||||||||||||||||||||
Granted | 11,834 | $ | 4.33 | $ | 51,260 | ||||||||||||||||||
Forfeited | (194) | ||||||||||||||||||||||
Outsanding as of March 31, 2022 | 13,782 | 2.72 | $ | 5.08 | |||||||||||||||||||
Vested as of March 31, 2022 | — |
Successor | |||||||||||||||||
Type of unit | Compensation Expense | Statement of Operations and Comprehensive Loss Classification | Balance Sheet Classification | ||||||||||||||
Common incentive unit | $ | 1,058 | Compensation and benefits | Noncontrolling interest | |||||||||||||
Participation unit | (961) | Compensation and benefits | Other noncurrent liabilities | ||||||||||||||
Total | $ | 97 |
Predecessor | |||||||||||||||||
Type of unit | Compensation Expense | Statement of Operations and Comprehensive Loss Classification | Balance Sheet Classification | ||||||||||||||
Preferred incentive unit | $ | 507 | Compensation and benefits | Mezzanine equity | |||||||||||||
Common incentive unit | 363 | Compensation and benefits | Mezzanine equity | ||||||||||||||
Participation unit | 386 | Compensation and benefits | Other noncurrent liabilities | ||||||||||||||
Total | $ | 1,256 |
Successor | ||||||||||||||
Common Incentive Units | Number of Common Incentive Units | Weighted Average Remaining Contractual Term (years) | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value | ||||||||||
Outsanding as of December 31, 2021 | 16,339 | 1.79 | $ | 6.30 | $ | 133,240 | ||||||||
Granted | — | |||||||||||||
Forfeited | (269) | $ | 6.30 | |||||||||||
Outsanding as of March 31, 2022 | 16,070 | 1.54 | $ | 6.30 | $ | 131,050 | ||||||||
Vested as of March 31, 2022 | 11,533 | $ | 94,049 |
Predecessor | ||||||||||||||
Preferred Incentive Units | Number of Preferred Incentive Units | Weighted Average Remaining Contractual Term (years) | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value | ||||||||||
Outsanding as of December 31, 2020 | 76,475 | 6.75 | $ | 0.42 | $ | 88,711 | ||||||||
Granted | — | |||||||||||||
Forfeited | — | |||||||||||||
Outsanding as of March 31, 2021 | 76,475 | 6.5 | $ | 0.42 | $ | 141,058 | ||||||||
Vested as of March 31, 2021 | — |
Predecessor | ||||||||||||||
Common Incentive Units | Number of Common Incentive Units | Weighted Average Remaining Contractual Term (years) | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value | ||||||||||
Outsanding as of December 31, 2020 | 26,833 | 6.75 | $ | 0.43 | $ | 25,760 | ||||||||
Granted | — | |||||||||||||
Forfeited | — | |||||||||||||
Outsanding as of March 31, 2021 | 26,833 | 6.5 | $ | 0.43 | $ | 25,760 | ||||||||
Vested as of March 31, 2021 | — |
Successor | |||||
Three Months Ended March 31, 2022 | |||||
Net Loss per share: | |||||
Numerator – basic and diluted: | |||||
Net loss | $ | (43,321) | |||
Less: Net loss attributable to noncontrolling interest | (36,193) | ||||
Net loss attributable to Bakkt Holdings, Inc. – basic | (7,128) | ||||
Net loss and tax effect attributable to noncontrolling interests | (28,787) | ||||
Net loss attributable to Bakkt Holdings, Inc. – diluted | $ | (35,915) | |||
Denominator – basic and diluted: | |||||
Weighted average shares outstanding – basic | 57,164,421 | ||||
Effect of dilutive securities: | |||||
Opco common units | 201,453,166 | ||||
Weighted average shares outstanding – diluted | 258,617,587 | ||||
Net loss per share – basic | $ | (0.12) | |||
Net loss per share – diluted | $ | (0.14) |
Successor | |||||
Three Months Ended March 31, 2022 | |||||
RSUs and PSUs | 13,781,817 | ||||
Public warrants | 7,140,935 | ||||
Opco warrants | 793,352 | ||||
Opco unvested incentive units | 4,537,296 | ||||
Total | 26,253,400 |
Payments Due by Period | |||||||||||||||||||||||||||||
Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | |||||||||||||||||||||||||
Purchase obligations | $ | 2,250 | $ | 8,750 | $ | 9,000 | $ | — | $ | 20,000 |
Successor | ||||||||||||||
As of March 31, 2022 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Liabilities: | ||||||||||||||
Warrant liability—public warrants | $ | 14,996 | $ | 14,996 | $ | — | $ | — | ||||||
Total Liabilities | $ | 14,996 | $ | 14,996 | $ | — | $ | — |
Successor | ||||||||||||||
As of December 31, 2021 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Liabilities: | ||||||||||||||
Warrant liability—public warrants | $ | 17,424 | $ | 17,424 | $ | — | $ | — | ||||||
Total Liabilities | $ | 17,424 | $ | 17,424 | $ | — | $ | — |
Description | September 30, 2021 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Cash and Investments held in Trust Account | $ | 207,396,111 | $ | 207,396,111 | $ | 0 | $ | 0 | ||||||||
Liabilities: | ||||||||||||||||
Warrant Liability – Public Warrants | $ | 16,694,484 | $ | 16,694,484 | $ | 0 | $ | 0 | ||||||||
Warrant Liability – Private Placement Warrants | $ | 12,905,486 | $ | 0 | $ | 0 | $ | 12,905,486 | ||||||||
Description | December 31, 2020 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | ||||||||||||
Assets: | ||||||||||||||||
Cash and Investments held in Trust Account | $ | 207,376,213 | $ | 207,376,213 | $ | 0 | $ | 0 | ||||||||
Liabilities: | ||||||||||||||||
Warrant Liability – Public Warrants | $ | 11,509,147 | $ | 11,509,147 | $ | 0 | $ | 0 | ||||||||
Warrant Liability – Private Placement Warrants | $ | 11,003,918 | $ | 0 | $ | 0 | $ | 11,003,918 | ||||||||
September 30, 2021 | December 31, 2020 | |||||||
Stock price | $ | 10.11 | $ | 10.08 | ||||
Exercise price | $ | 11.50 | $ | 11.50 | ||||
Risk-free rate | 0.98 | % | 0.36 | % | ||||
Volatility | 27.0 | % | 25.0 | % | ||||
Term (in years) | 5.0 | 5.0 | ||||||
Dividend yield | 0.0 | % | 0.0 | % |
Private Placement | ||||
Fair value as of January 1, 2021 | $ | 11,003,918 | ||
Change in fair value | 12,110,456 | |||
Fair value as of March 31, 2021 | $ | 23,114,374 | ||
Change in fair value | (9,592,439 | ) | ||
Fair value as of June 30, 2021 | $ | 13,521,935 | ||
Change in fair value | (616,449 | ) | ||
Fair value as of September 30, 2021 | $ | 12,905,486 | ||
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Revenues: | ||||||||||||||
Net revenues(1) | $ | 12,532 | $ | 8,145 | ||||||||||
Operating expenses: | ||||||||||||||
Compensation and benefits | 35,088 | 15,233 | ||||||||||||
Professional services | 4,675 | 913 | ||||||||||||
Technology and communication | 4,358 | 2,786 | ||||||||||||
Selling, general and administrative | 9,435 | 6,109 | ||||||||||||
Acquisition-related expenses | 516 | 7,820 | ||||||||||||
Depreciation and amortization | 5,851 | 2,794 | ||||||||||||
Related party expenses (affiliate in Predecessor period)(2) | 367 | 471 | ||||||||||||
Impairment of long-lived assets | — | — | ||||||||||||
Other operating expenses | 728 | 429 | ||||||||||||
Total operating expenses | 61,018 | 36,555 | ||||||||||||
Operating loss | (48,486) | (28,410) | ||||||||||||
Interest income (expense), net | 61 | (49) | ||||||||||||
Gain from change in fair value of warrant liability | 2,428 | — | ||||||||||||
Other income (expense), net | (462) | (338) | ||||||||||||
Loss before income taxes | (46,459) | (28,797) | ||||||||||||
Income tax benefit (expense) | 3,138 | (23) | ||||||||||||
Net loss | $ | (43,321) | $ | (28,820) | ||||||||||
Less: Net loss attributable to noncontrolling interest | (36,193) | |||||||||||||
Net loss attributable to Bakkt Holdings, Inc. | (7,128) | |||||||||||||
Net loss per share attributable to Bakkt Holdings, Inc. | ||||||||||||||
Class A common stockholders per share: | ||||||||||||||
Basic | $ | (0.12) | (3) | |||||||||||
Diluted | $ | (0.14) | (3) |
Successor | Predecessor | |||||||||||||||||||||||||
($ in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | $ Change | % Change | ||||||||||||||||||||||
Net revenues | $ | 12,532 | $ | 8,145 | $ | 4,387 | 53.9 | % |
Successor | Predecessor | |||||||||||||||||||||||||
($ in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | $ Change | % Change | ||||||||||||||||||||||
Compensation and Benefits | $ | 35,088 | $ | 15,233 | $ | 19,855 | 130.3 | % |
Successor | Predecessor | |||||||||||||||||||||||||
($ in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | $ Change | % Change | ||||||||||||||||||||||
Professional Services | $ | 4,675 | $ | 913 | $ | 3,762 | 412.0 | % |
Successor | Predecessor | |||||||||||||||||||||||||
($ in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | $ Change | % Change | ||||||||||||||||||||||
Technology and Communication | $ | 4,358 | $ | 2,786 | $ | 1,572 | 56.4 | % |
Successor | Predecessor | |||||||||||||||||||||||||
($ in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | $ Change | % Change | ||||||||||||||||||||||
Selling, General and Administrative | $ | 9,435 | $ | 6,109 | $ | 3,326 | 54.4 | % |
Successor | Predecessor | |||||||||||||||||||||||||
($ in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | $ Change | % Change | ||||||||||||||||||||||
Acquisition-related expenses | $ | 516 | $ | 7,820 | $ | (7,304) | (93.4 | %) |
Successor | Predecessor | |||||||||||||||||||||||||
($ in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | $ Change | % Change | ||||||||||||||||||||||
Depreciation and amortization | $ | 5,851 | $ | 2,794 | $ | 3,057 | 109.4 | % |
Successor | Predecessor | |||||||||||||||||||||||||
($ in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | $ Change | % Change | ||||||||||||||||||||||
Gain from change in fair value of warrant liability | $ | 2,428 | $ | — | $ | 2,428 | n/m |
Successor | Predecessor | |||||||||||||||||||||||||
($ in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | $ Change | % Change | ||||||||||||||||||||||
Other expense, net | $ | (462) | $ | (338) | $ | (124) | 36.7 | % |
Successor | Predecessor | |||||||||||||||||||||||||
($ in thousands) | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | $ Change | % Change | ||||||||||||||||||||||
Income tax benefit (expense) | $ | 3,138 | $ | (23) | $ | 3,161 | n/m |
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Net cash flows used in operating activities | $ | (33,156) | $ | (974) | ||||||||||
Net cash flows used in investing activities | $ | (3,122) | $ | (4,054) | ||||||||||
Net cash flows provided by (used in) financing activities | $ | 1 | $ | (31) |
Payments Due by Period | |||||||||||||||||||||||||||||
Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total | |||||||||||||||||||||||||
Purchase obligations(1) | $ | 2,250 | $ | 8,750 | $ | 9,000 | $ | — | $ | 20,000 | |||||||||||||||||||
Future minimum operating lease payments(2) | (2,642) | 5,537 | 5,765 | 14,536 | 23,196 | ||||||||||||||||||||||||
Total contractual obligations | $ | (392) | $ | 14,287 | $ | 14,765 | $ | 14,536 | $ | 43,196 |
Successor | Predecessor | |||||||||||||
Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | |||||||||||||
Net loss | (43,321) | (28,820) | ||||||||||||
Depreciation and amortization | 5,851 | 2,794 | ||||||||||||
Interest (income) expense | (61) | 49 | ||||||||||||
Income tax (benefit) expense | (3,138) | 23 | ||||||||||||
EBITDA | (40,669) | (25,954) | ||||||||||||
Acquisition-related expenses | 516 | 7,820 | ||||||||||||
Share-based and Unit-based compensation expense | 13,347 | 1,256 | ||||||||||||
Gain from change in fair value of warrant liability | (2,428) | — | ||||||||||||
ICE transition services expense | 367 | — | ||||||||||||
Cancellation of common units | (60) | — | ||||||||||||
Adjusted EBITDA | (28,927) | (16,878) |
Incorporated by Reference | ||||||||||||||||||||
Exhibit Number | Description | Form | File No. | Exhibit | Filing Date | |||||||||||||||
3.1 | 8-K | 001-39544 | 3.1 | October 21, 2021 | ||||||||||||||||
3.2 | 8-K | 001-39544 | 3.2 | October 21, 2021 | ||||||||||||||||
31.1* | ||||||||||||||||||||
31.2* | ||||||||||||||||||||
32.1† | ||||||||||||||||||||
32.2† | ||||||||||||||||||||
101.INS* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. | |||||||||||||||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document | |||||||||||||||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||||||||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||||||||||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||||||||||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||||||||||||||
104* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Bakkt Holdings, Inc. | ||||||||||||||
Date: | By: | /s/ Gavin Michael | ||||||||||||
Gavin Michael | ||||||||||||||
Chief Executive Officer (Principal Executive Officer) | ||||||||||||||
Date: | By: | /s/ Andrew | ||||||||||||
Andrew | ||||||||||||||
Chief Financial Officer (Principal Financial Officer) |