Bakkt : 1Q24 Presentation

First Quarter 2024 Earnings

May 15, 2024

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 and accompanying oral 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, Bakkt's guidance and outlook, including for the full fiscal year 2024, and the trends and assumptions underlying such guidance and outlook, Bakkt's cost reduction strategy and expectations regarding cost savings, Bakkt's plans and expectations, including statements about new products and features, growth, Bakkt's expectations regarding crypto market growth, and Bakkt's beliefs regarding its future goals, 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: the Company's ability to continue as a going concern; the Company's ability to grow and manage growth profitably; changes in the Company's business strategy; the Company's future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs; changes in the market in which the Company competes, including with respect to its competitive landscape, technology evolution or changes in applicable laws or regulations; changes in the markets that the Company targets; disruptions in the crypto market that subject the Company to additional risks, including the risk that banks may not provide banking services to the Company; the possibility that the Company 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 the Company's growth strategies, including identifying and executing acquisitions and the Company's initiatives to add new clients; the Company'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 the Company's data security; the impact of any goodwill or other intangible assets impairments on the Company's operating results; and other risks and uncertainties indicated in the Company'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 press release. Unless otherwise required by law, we undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release 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 21-22 and for Free Cash Flow please see slide 23.

Perspectives on the Business

2024 priorities

Laser focused on executing three key priorities to drive shareholder value

Broaden client network and deepen existing relationships

• Collaborate with our clients as partners in growth
• Continue growing our network of crypto native, neobank and fintech clients
• Continue to execute on international "land and expand" strategy

Expand our products and solutions

• Continue development of our own Electronic Communication Network ("ECN"), BakktX, a trading venue designed for institutional traders and crypto market participants
• Advance our recently launched Collaborative Custody solution

Continued improvement of our cost structure

• Continue to reduce our operating expenses through strategic cost restructuring

Performance - Q1 '24 update

Financial Update1,2

• Revenue, net up 32.8% YoY reflecting increased crypto trading revenue
• Notional crypto traded volume up 324% QoQ
• Opex, excluding crypto costs down by 16% YoY from cost reduction initiatives
• Net loss reduced by 53% YoY to $21.3M
• Adjusted EBITDA loss reduced by 44% YoY to $16.3M

Operational Update

• Successfully raised initial net proceeds of $38M3 in an equity financing with institutional investors
• Developing institutional Electronic Communication Network ("ECN") trading platform
• Unchained partnership as key agent for enterprise collaborative custody
• Swan Bitcoin partnership enabling Bitcoin services and trading in 49 states and 22 countries
• Assets under custody grew to a record $1.1 billion on higher coin prices
• Loyalty business positioned to benefit from growing consumer trends

Revenue, net1

Opex, excluding crypto costs2

1 Revenues net of crypto services revenue and crypto costs and execution, clearing and brokerage fees 2 Operating expenses, excluding crypto costs and execution, clearing and brokerage fees

3 Received additional $7.4M in subsequent closing of funds in April 2024

Performance - We believe we are well-positioned to capitalize on crypto market tailwinds

• We are benefiting from strong tailwinds for retail crypto trading due to higher industry wide activity and coin prices

1. Our Q1'24 notional traded volume was 324% higher vs. Q4'23 and overall market activity up 65%

1. March 2024 volume highest for Bakkt Crypto platform since acquisition in April 2023

1. April 2024 trading volume decreased from March 2024 levels, but was still 134% higher than 2023 average

S o u rce : T h e B lo ck; In d u stry d a ta re p re se n ts to ta l cryp to cu rre n cy e xch a n g e vo lu m e .

Performance - Accelerating expense restructuring

Projected results of May restructuring initiative

~20%	~$7mm	~$13mm
Lower headcount	Cash savings in	Annualized cash
(Year-end 20241 vs. 2023)	2024	savings2

1. Headcount includes all exempt and non-exempt employees and contractors, including headcount related to call centers, annualized estimate for 2024
2. $13 million, excluding one-time restructuring charge of $0.8 - $1.0 million, comprised of $7 million in cash savings directly from headcount restructuring and $5.7 million estimated from anticipated reduction in overall planned workforce including available roles and vendor reallocation.

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Strengthening Bakkt's Position

Performance

Platform and	Process and
Products	People

Partners

Platform and Products - What's happening in the market?

The Crypto Trading Market has been built	Institutional investors need a trading platform
primarily for retail investors	purpose-built to align with their needs and
	priorities
As confidence has returned post-FTX, retail-	The SEC's approval of Bitcoin ETFs has sparked an
investor crypto trading volume has increased	increase in the mainstream adoption of crypto.
significantly.	Institutions are expected to play a larger role in
	maturing the crypto market going forward.

There is an immediate opportunity for Bakkt to disrupt the institutional trading and custody markets

Platform and Products - the BakktX ECN

Building on our industry-leading foundation of institutional custody and compliant trading, we plan to launch our own foreign exchange-style ECN "BakktX." Once launched, BakktX aims to offer a high-performance,low-latency,low-cost trading venue for institutions.1

Bakkt Trust: An NYDFS supervised custodian operated by a publicly-traded company.

Bakkt Crypto Solutions: MTLs to operate in all 50 states.

Deep network of liquidity relationships and understanding of institutional liquidity requirements in the crypto marketplace.

BakktX

Will execute trades in real time with minimal slippage and zero rate limits or penalties.

Will leverage Bakkt's deep network of liquidity relationships, designed for institutions in the cryptocurrency marketplace.

Will receive tight spreads in spot crypto markets, plus a low fee structure meant to incentivize trading volumes.

High performance, ultra-low latency

matching engine

Customizable liquidity streams for each, enabling clients to choose who they trade with

Competitive maker and taker fees with

volume-based incentives

1. Operation of BakktX in New York will be subject to regulatory approval. Tokens to be offered via BakktX not yet determined.

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