Bakkt Holdings, Inc. announced today that it will eliminate its existing umbrella partnership‑C corporation (“Up‑C”) structure through a reorganization that will create a new holding company, NewCo, which will replace Bakkt as the listed public company.
Under the proposed reorganization, each share of Bakkt’s Class A common stock will be exchanged for one share of NewCo common stock, and pre‑IPO investor interests will be collapsed into the new common class. The plan also replaces Bakkt’s Class V common stock with NewCo common stock, resulting in a unified share class with identical economic and voting rights for all shareholders.
The company expects the reorganization to close on or about November 3, 2025. CEO Akshay Naheta said the move “simplifies our capital structure and enhances transparency, investability, and scalability,” positioning Bakkt for its next phase of growth and aligning governance with long‑term shareholder interests.
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