Bakkt Holdings Inc. has elected to subscribe to 47,500,000 warrants to be issued by Transchem Ltd., an Indian company listed on BSE Ltd., through a preferential allotment approved by Transchem's board of directors on November 21, 2025. The purchase price for the warrants is approximately $10 million. The warrants may be exercised by Bakkt for shares in Transchem's common stock within 18 months of issuance, in one or more tranches. The investment also includes an option for Bakkt to subscribe for additional warrants. The transaction is subject to shareholder and regulatory approvals, as well as other customary closing conditions. Transchem has identified a potential acquisition target in India engaged in stock broking and registered as both a stockbroker and a depository participant. Bakkt expects to provide further updates regarding the investment structure, possible rebranding, and changes to management and governance as the transaction progresses.