Bakkt Holdings (BKKT) said Thursday it plans to eliminate its existing umbrella partnership-C corporation through a reorganization.

If consummated, Bakkt will become a subsidiary of a new holding company, which will replace it as the listed public company, and will transition to a single class of common stock.

Following the proposed reorganization, each class A common share of Bakkt will be exchanged for one share of the new company. Meanwhile, ownership stakes of Bakkt's pre-IPO investors will be collapsed into and shares of class V common stock of Bakkt will be replaced with the common stock of the new holding company, Bakkt said.

As a result, all Bakkt shareholders will hold common stock of the new company, resulting in a unified share class with identical economic and voting rights for all shareholders, the company said.

Bakkt said it expects to close the reorganization on or about Nov. 3.