Bakkt : 2Q23 Presentation

Second Quarter 2023 Earnings

August 10, 2023

Important notice

Unless the context otherwise provides, "we," "us," "our," "Bakkt" and like terms refer to Bakkt Holdings, Inc. and its subsidiaries.

FORWARD-LOOKING STATEMENTS

This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, but are not limited to, statements regarding the impacts from the Apex Crypto acquisition and Bakkt's guidance, plans, objectives, expectations and intentions with respect to future operations, products, services and the application of Bakkt's available cash, among others. Forward-looking statements can be identified by words such as "will," "likely," "expect," "continue," "anticipate," "estimate," "believe," "intend," "plan," "projection," "outlook," "grow," "progress," "potential" or words of similar meaning. Such forward- looking statements are based upon the current beliefs and expectations of Bakkt's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and beyond Bakkt's control. Actual results and the timing of events may differ materially from the results anticipated in such forward-looking statements as a result of the following factors, among others: Bakkt's ability to grow and manage growth profitably; changes in Bakkt's business strategy; changes in the market in which Bakkt competes, including with respect to its competitive landscape, technology evolution or changes in applicable laws or regulations; changes in the markets that Bakkt targets; disruptions in the crypto market that subject Bakkt to additional risks, including the risk that banks may not provide banking services to Bakkt; the possibility that Bakkt may be adversely affected by other economic, business, and/or competitive factors; the inability to launch new services and products or to profitably expand into new markets and services; the inability to execute Bakkt's growth strategies, including identifying and executing acquisitions and Bakkt's initiatives to add new clients; Bakkt's failure to comply with extensive government regulation, oversight, licensure and appraisals; uncertain regulatory regime governing blockchain technologies and crypto; the inability to develop and maintain effective internal controls and procedures; the exposure to any liability, protracted and costly litigation or reputational damage relating to Bakkt's data security; the impact of any goodwill or other intangible assets impairments on Bakkt's operating results; the impact of any pandemics or other public health emergencies; Bakkt's inability to maintain the listing of its securities on the New York Stock Exchange; and other risks and uncertainties indicated in Bakkt's filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on such forward-looking statements. Such forward-looking statements relate only to events as of the date on which such statements are made and are based on information available to us as of the date of this presentation. Unless otherwise required by law, we undertake no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this presentation or to reflect new information or the occurrence of unanticipated events.

BASIS OF PRESENTATION

This presentation includes discussions of Adjusted EBITDA and Free Cash Flow, which are financial measures that are not calculated in accordance with GAAP. For more information regarding Adjusted EBITDA please see slides 25-26 and for Free Cash Flow please see slide 30.

Business updates

Key investor takeaways

Making strong progress executing on 2023 key priorities, including expanding crypto platform, activating and broadening client network and strategically allocating capital

Winning new custody and crypto trading clients and building strategic alliances, as the synergies of our newly expanded crypto capabilities and best-in-class infrastructure resonates with market participants

Expanding into new international markets

Delivering solid results for our existing loyalty clients as we work together to grow volume

Prudent expense management resulting in improved gross profit margins. We are updating our full year 2023 operating and free cash flow (non-GAAP) outlook; operating cash flow expected to improve over 20% from prior guidance

End-to-end crypto capabilities

From onramps to advanced trading and secure custody

CRYPTO CUSTODY

• Secure custody of assets, founded in traditional finance and built to uphold shifting regulatory standards
• Regulated by NYDFS as a limited- purpose trust company
• Reliable infrastructure with multi- layered security for streamlined management
• Disaster Recovery Services provide encrypted backup package storage to help ensure customer funds are safe and recoverable

CRYPTO TRADING

• Curated, secure, and regulated trading API and UI options to activate trading responsibly
• Deep liquidity provides unparalleled liquidity and price quality and 100% uptime
• Seamless integration & customer experience enables clients to integrate ~45 days, instant funds settlement and failover protection
• Capabilities include coin transfer, advanced order management system and multiple fee structures
• Fiat onramps via ACH, debit card, and wire transfer
• Innovative ways for consumers to access crypto including rewards from redemptions and earning or by getting paid in crypto

LOYALTY REDEMPTION

• Full spectrum of content for loyalty redemption including Apple products & other merchandise, travel & experiences and gift cards
• Flexible turnkey solutions efficiently built to drive loyalty and engagement

Institutional-grade, risk, security and compliance-focused technology platform built to embed into client and partner experiences

* Subject to regulatory approval