#1bakkt TM Third Quarter 2021 Earnings November 12, 2021#2Important notice Forward-Looking Statements This presentation, and the accompanying oral presentation (collectively, this "presentation"), contain "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 Bakkt's plans, objectives, expectations and intentions with respect to future operations, products, services and use of proceeds from the business combination, among others. Forward-looking statements can be identified by words such as "will," "likely," "expect," "continue," "anticipate," "estimate," "believe," "intend," "plan," "projection," "outlook" 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. 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. 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. The following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in such forward-looking statements: (i) a delay or failure to realize the expected benefits from the business combination; (ii) risks related to disruption of management time from ongoing business operations due to post-closing business combination matters; (iii) the impact of the ongoing COVID-19 pandemic; (iv) changes in the markets in which Bakkt competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (v) changes in the markets that Bakkt targets; (vi) risk that Bakkt may not be able to execute its growth strategies, including identifying and executing acquisitions; (vii) risks relating to data security; and (viii) risk that Bakkt may not be able to develop and maintain effective internal controls. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the definitive proxy statement/prospectus filed by Bakkt (under the name VPC Impact Acquisition Holdings) on September 17, 2021 and other filings that Bakkt may, from time-to-time, make with the Securities and Exchange Commission. Non-GAAP Information This presentation contains certain financial information not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). For more information, please see slides 26 through 27. Unless the context otherwise provides, "we," "us," "our," and like terms refer (i) prior to October 15, 2021 (the closing date of the Business Combination), to Bakkt Opco Holdings, LLC (f/k/a Bakkt Holdings, LLC, "Opco") and its subsidiaries and (ii) after October 15, 2021, to Bakkt Holdings, Inc. and its subsidiaries, including Opco. bakkt 2#3bakkt OUR VISION Connect the digital economy We power commerce by enabling consumers, businesses and institutions to unlock value from digital assets.#4OVERVIEW We've built momentum Bakkt was formed out of ICE in 2018, with the vision to build secure & institutional- grade crypto solutions. Since then, we further expanded into other digital assets like loyalty & rewards. bakkt January 2021 Merger announcement with VPC Impact Acquisition Holdings February Initial consumer app rollout; including Bakkt payment option with Starbucks Initial S-4 filed with SEC March April Announced partnership with Cantaloupe May Announced partnership with Wyndham Rewards Completed hiring of full leadership team Onboarded Wells Fargo rewards fulfillment business June July Partnerships with Google and Finastra announced Launched partnership with Choice Hotels August September SEC declares S-4 effective September 17 Partnerships with Mastercard and Fiserv announced October Merger closes. Receive $448 MM deal proceeds to fund the business October 15 Begin trading on NYSE October 18#5OUR VISION / BAKKT PLATFORM Our customers bakkt ос Consumers Enjoy simple, everyday access to crypto, rewards and more Businesses Deepen consumer loyalty and drive increased spending power on loyalty & currency platforms Institutions Access to digital asset markets with speed, security and scale LO 5#6CUSTOMERS CAPABILITIES PLATFORM OUR VISION / BAKKT PLATFORM Our platform bakkt Consumers Zn Loyalty Redemption Bakkt platform 8 Alternative Payment Methods INVEST Businesses CONVERT b Digital Asset Marketplace SPEND & PAY SEND Institutions REDEEM#7OUR VISION / BAKKT PLATFORM One platform, extensive capabilities bakkt Secure and fully regulated platform Cost and ease of use of platform Digital asset native OSS Bakkt platform INVEST CONVERT SPEND & PAY SEND REDEEM Scaled technology stack with full suite of capabilities Powerful and growing ecosystem 24/7 Customer support 7#8GO TO MARKET / B2B2C Go-to-market strategy: B2B2C OJJS Bakkt platform INVEST CONVERT SPEND & PAY SEND REDEEM Differentiated Bakkt platform bakkt fiserv. G CHOICE HOTELS FINASTRA cantaloupe Fun WYNDHAM REWARDSⓇ Scaled through partners TM gåg b 888 Tb .b 8 888 888 388 Provides access to end users 888 8 88 8#9GO TO MARKET / B2B2C One platform, many experiences Full suite of capabilities in Bakkt branded app bakkt I Bakkt experience bakkt Fully embedded in partner platform Partner Bank O 0 Partially embedded in partner platform 17 Partner Brand E *Illustrative capabilities that can be integrated into partner experiences C Capabilities embedded on partner platform Partner Airline $ |bakkt| Ⓒ Partner-led experience#10GO TO MARKET / CAPABILITIES A few ways we connect the digital economy Crypto Services Access to crypto for all o Crypto buy, sell and hold capabilities o Bringing crypto to consumers within existing bank relationships o A secure, stable, regulated and trusted platform for banks and consumers o Simple onboarding directly from partner app/desktop bakkt Crypto Rewards Ability to earn crypto everyday Crypto rewards built for loyalty, credit/debit card, and merchant funded programs o Transforming established rewards programs by enabling crypto as earn option o Crypto can be managed directly in partners' platform Note: Crypto rewards is a capability that is under development Pay with Digital Assets New ways to access your digital assets o Frictionless access to pay with crypto and rewards points o Unlock value and spending power from rewards points while increasing brand loyalty o Increased access to crypto spend for consumers and merchants Powering Loyalty Programs Programs designed to drive loyalty o For consumers. access to full spectrum travel & experiences, gift cards, Apple & merchandise stores o For brands - turnkey solutions efficiently built to drive loyalty and engagement 10#11PARTNERSHIPS / B2B2C MODEL Collaborating with leading brands Partners to provide access to addressable market of >100mm consumers bakkt Crypto Services fiserv. FINASTRA Crypto Rewards fiserv. Note: Crypto services include crypto rewards held by Bakkt Please refer to the Notes section in this presentation for definitions. Pay with Digital Assets fiserv. CHOICE WYNDHAM HOTELS REWARDSⓇ TM cantaloupe Powering Loyalty Programs WELLS FARGO UNITED MileagePlus. Partnerships with top financial institutions and merchandising players (e.g., Apple Store) 11#12PARTNERSHIPS / MASTERCARD Bringing new innovative card products to market Our partnership with Mastercard can bring our crypto loyalty services to millions of consumers Potential product examples BTC rewards/swipe or tap Double rewards on Bakkt partner spend Link to existing checking account for consumer ease O Holding BTC rewards easy "first step" to deeper buy-sell program Potential promotion examples Every purchase is an entry for a 1BTC giveaway/year 2x rewards for a month after first BTC direct purchase bakkt *For illustrative purposes only credit pb partnerbank bakkt The PartnerBank crypto rewards debit card Powered by Bakkt bakkt (=)) TM PartnerBank sees increase in core banking acquisition and engagement, especially among younger audience Consumers attracted to the story and reframe their perception of the bank brand - "they helped me get started in crypto...." 12#13PARTNERSHIPS / FINASTRA Bringing crypto to consumers through trusted banks Our partnership with Finastra will bring our crypto capabilities to community bank and credit union consumers through Finastra's Fusion Digital Banking solution bakkt *For illustrative purposes only 9:41 pb partnerbank Good afternoon, Shanae My Accounts Checking Savings Bitcoin Powered by bakkt $2,378.25 .... 1234 $4,132.00 .... 1234 $710.56 0.00140734 BTC bakkt TM Highlights: FINASTRA Enables financial institutions to offer consumers access to growing crypto market within existing, trusted banking environment Allows consumers easy crypto on-ramp with no commissions and access from within their trusted digital destinations Bakkt gains efficient access to millions of consumers 13#14PARTNERSHIPS/STARBUCKS Convert and pay with digital assets Our payment method is directly integrated into the Starbucks app to convert digital assets into dollars for everyday use bakkt 11:12 1 X Add payment Credit/debit card Card number mm/yy John Johnson 123 Any Street Atlanta, GA 30345 (404) 123-5678 Update address More payment options Add a gift card Earns 2 per $1 bakht Bakkt Security code Add new Save card 9:41 ◄ Starbucks $ Cash C bakkt.com Choose a primary payment method to use when paying Starbucks Primary payment method: Bitcoin |bakkt| ill? $9,999.99 0.12345678 BTC Confirm Bakkt will fund payment to this merchant using your primary payment method. Any cryptocurrency or digital assets sold to fund a payment to this merchant will be converted to USD at the best price available at the time of payment capture. Tap 'Confirm' to finish payment setup 11:13 1 ◄ Safari Payment options Starbucks Cards MANAGE PAYMENT PayPal Pay bakkt bakkt + Home x9420 PayPal Apple Pay Bakkt Bakkt added Payment Add payment DO 0: Scan Order ▬▬▬ Gift TM > > > > Offers TM 14#15PARTNERSHIPS / CHOICE HOTELS Buy, send and spend Choice Privileges members can now convert their rewards points to cash and... o buy bitcoin o spend with Apple Pay® or Google Pay™ o send to a friend b CHOICE privileges REWARDS. Convert Choice Privileges® points to cash with Bakkt Get up to a 1,500 point bonus! bakkt CHOICE HOTELS® Highlights: Advantages over direct-to- consumer: o Conversion rate (downloads to registrations) is significantly higher o Cost to acquire a customer ~50% lower o Higher return engagement bakkt Note: This slide is an illustrative example; not all collaborations will generate the same results. Based on September 10 - October 18, 2021 data 15#16LOYALTY REDEMPTION / PLATFORM Loyalty redemption powered by Bakkt Rewards redemption platform for Apple Store, merchandise, travel and vacation packages with 12mm+ visits to our platform driving almost $500mm in annual redemption volume WELLS FARGO Wells Fargo Rewards 0 points APSQA CREBS...2451 Merchandise Apple Travel Gift Cards Flights Hello Apsqa Crebs! Going To Check-In City or Airport Hotels Choose Date Rooms Search Hotels 1 Room, 2 Adults Car Rentals Your recent hotel searches Atlanta, GA, US Nov 11, 2021- Nov 16, 2021 1 Room, My Rewards Activities Check-Out Atlanta, GA, US Nov 17, 2021- Nov 20, 2021 2 Rooms, Choose Date Earn Rewards Cruises Vacations Search Hotels Use Rewards Atlanta, GA, US Dec 10, 2021- Dec 13, 2021 1 Room, Sign Off Share Rewards My Rewards ▾ Cart MileagePlus UNITED Authorized Reseller AirPods Shop now > Mac iPhone 13 Pro Shop now > iPad iPhone MacBook Pro Shop now > Watch iPhone 13 Shop now > TV Music Introducing the latest from Apple Including the new AirPods & MagSafe Accessories, it's all right here! HomePod mini New Colors Available November iPad Shop now> Not a member? Join now Accessories Sign in Watch Series 7 Shop now > iPad mini Shop now > Note: Visit and transaction data based on LTM from October 2020 - September 2021; information as of September 30, 2021. Please refer to the Notes section in this presentation for definitions. 16#17Financial results Ibakkt#18FINANCIAL RESULTS Summary of consolidated results o Net revenues of $9.1mm increased by $2.5mm or 38% YoY primarily driven by strong transaction revenue growth from the loyalty redemption business o Operating expenses of $39.0mm increased $14.7mm or 60% YoY primarily due to increased headcount Other income of $1.1mm related to non-recurring gain from the sale of bitcoin to rebalance inventory bakkt $mm's Revenue Expense Operating loss Other income Interest income (exp.), net Income tax (exp.) benefit Net loss 3Q21 $9.1 39.0 (29.9) 1.1 (0.1) (0.0) ($28.8) 2Q21 $8.5 39.8 (31.3) (0.3) (0.1) (0.2) ($31.9) 3Q20 $6.6 24.3 (17.7) (0.1) (0.2) (0.0) ($18.0) 18#19FINANCIAL RESULTS Revenue o Net revenue of $9.1mm increased 38% YOY o Subscription and service revenue of $6.4mm increased 18% YoY primarily due to addition of large financial institution to our loyalty platform o Transaction revenue of $2.7mm increased 133% YoY due primarily to higher customer activity in loyalty redemptions Negative revenue improved $1.4mm year over year primarily due to reduced/removed rebates from trading and clearing bakkt $6.6 $5.5 $1.2 3Q20 $9.4 $5.3 $4.2 4Q20 Transaction Revenue ($mm) $8.1 $4.8 $3.3 1Q21 $8.5 $4.9 $3.5 2Q21 Subscription and service $9.1 $6.4 $2.7 3Q21 19#20FINANCIAL RESULTS Operating expense Compensation expense increased by $9.6mm or 76% YoY due primarily to increases in headcount to support business growth o SG&A¹ increased by $2.8mm or 167% YOY primarily due to an increase of $2.6mm in marketing expenses related to the launch of the consumer platform o Other expenses increased YoY primarily due to merger related costs o YTD merger-related costs were $12.1mm bakkt ¹ Selling, general and administrative expense $24.3 $10 $2 $13 3Q20 $38.2 $21 Expense ($mm) $5 $13 4Q20 Compensation $36.6 $15 $6 $15 1Q21 SG&A $39.8 $11 $20 2Q21 ■ Other $39.0 $12 $4 $22 3Q21 20#21FINANCIAL RESULTS Adjusted EBITDA (non-GAAP) o Adjusted EBITDA¹ of ($24.1)mm for 3Q21 O Adjusted EBITDA decreased by $11.8mm or 96% YoY primarily due to a $10.9mm increase in net loss, a $2.5mm decrease in impairment of technology assets and a $1.0 million increase in non- recurring bitcoin sale income bakkt mm Net loss Add: Depreciation & amortization Add: Interest Add: Income tax EBITDA Add: Acquistion-related Add: Unit-based comp expense Add: Impairment of long-lived assets Less: Non-recurring bitcoin sale income, net Adjusted EBITDA 3Q21 ($28.8) 3.3 0.1 0.0 ($25.5) 1.8 0.6 (1.0) ($24.1) ¹ Earnings before interest, income taxes, depreciation, amortization Note: Adjusted EBITDA is a non-GAAP financial measure. For more information, please refer to the Notes section in this presentation. 2Q21 ($31.9) 3.0 0.1 0.2 ($28.6) 2.5 1.3 ($24.9) 3Q20 ($18.0) 2.2 0.2 0.0 ($15.6) 0.8 2.5 ($12.3) 21#22FINANCIAL RESULTS / KPIS Key performance metrics o Transacting accounts across the Bakkt platform of 1.7mm year-to-date o Digital asset conversion volume up significantly YoY due to higher loyalty redemption bakkt o 4Q20 spike driven by seasonality in loyalty redemption Please refer to the Notes section in this presentation for definitions. 465 3Q20 $70 Transacting accounts (000) 3Q20 765 4Q20 538 4Q20 1Q21 $95 1.7mm Digital asset conversion volume ($mm) $165 1Q21 619 2Q21 $128 560 2Q21 3Q21 $105 3Q21 22#23FINANCIAL RESULTS / STOCK OWNERSHIP Post-business combination stock ownership Approximately 257.4mm total shares outstanding ~50.0mm Class A shares - includes IPO shares that were not redeemed, founder shares and PIPE shares O These are outstanding shares and used for calculating basic EPS -207.4mm Class V shares - issued as merger consideration in the business combination along with equal number of Opco common units which are, together, paired interest with a right to convert into Class A shares after lock-up period and vesting, if applicable, subject to certain expectations -198.7mm shares¹ are evaluated as potential Class A shares in the calculation of diluted EPS but excluded when the effect would be anti-dilutive - all potential Class A shares are anti-dilutive in periods of net loss available to Class A shareholders Does not include shares issuable upon warrant exercise or future equity incentive grants ICE owns an aggregate of 68% of shares, consisting of both Class A and Class V ICE's voting rights are subject to a voting agreement, which limits ICE to vote only an aggregate of 30% of its voting power bakkt 16.5mm warrants² - 10.4mm public and 6.1mm private which may exercise beginning on Nov. 15th 2021 ¹ Excludes 0.8mm warrants which can be exercised for Class V share if vested and 8.7mm incentive units which vest post-combination (anti-dilutive) 2 Does not include warrants to purchase 0.7mm Opco common units and an equal number of Class V shares held by a legacy Opco owner Note: Information on this slide is as of October 15, 2021, after giving effect to the business combination, PIPE transaction and redemption shares 23#24CLOSING Key priorities Continued focus on connecting the digital economy We will utilize recent deal funding to execute on our strategic plan o Build out partnerships, with our B2B2C model o Enhance products & capabilities to support existing & new partnerships o Deepen consumer relationships with our partners o Evaluate and execute on potential expansion opportunities bakkt 24#25Notes Ibakkt#26NOTES Statement regarding non-GAAP financial measures We present Adjusted EBITDA as a non-GAAP financial measure. We believe that Adjusted EBITDA provides relevant and useful information, which is used by management in assessing the performance of our business. Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to our evaluation of operating results. Adjusted EBITDA provides management with an understanding of earnings before the impact of investing and financing transactions and income taxes, and the effects of aforementioned items that do not reflect the ordinary earnings of our operations. This measure may be useful to an investor in evaluating our performance. Adjusted EBITDA is not a measure of our financial performance under GAAP and should not be considered as an alternative to net income (loss) or other performance measures derived in accordance with GAAP. Our definition of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies. In addition to the items above, Adjusted EBITDA as a non-GAAP financial measure also excludes interest income and other income, and income tax benefit, as these items are not components of our core business operations. Non-GAAP financial measures like Adjusted EBITDA have limitations, should be considered as supplemental in nature and are not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following: • unit-based compensation expense, which has been excluded from Adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations, has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of our compensation strategy; the intangible assets being amortized, and property and equipment being depreciated, may have to be replaced in the future, and the non- GAAP financial measures do not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or other capital commitments; and • non-GAAP measures do not reflect changes in, or cash requirements for, our working capital needs. ● Because of these limitations, the non-GAAP financial measures should be considered alongside other financial performance measures, including net loss and our other financial results presented in accordance with GAAP. bakkt 26#27NOTES Definitions Addressable market: Total number of consumers that our announced partners serve through their products and services Digital asset conversion volume: Dollar value of transaction volume across loyalty redemption, crypto buy/sell and gift card purchases Return engagement: After 3 days of initial download and inactivity, the percentage of users who re-launch the app Transacting accounts: Unique accounts that perform transactions on the Bakkt platform each quarter bakkt 27#28NOTES Balance sheet bakkt Balance Sheet ($ in thousands) Assets Current assets: Cash and cash equivalents Restricted cash Customer funds Accounts receivable, net Investment in shares of affiliate stock, current Deposits with clearinghouse affiliate, current Other current assets Total current assets Property, equipment and software, net Goodwill Intangible assets, net Deposits with clearinghouse affiliate, noncurrent Other assets Total assets Liabilities and Members' Equity Current liabilities: Accounts payable and accrued liabilities Customer funds payable Deferred revenue, current Due to affiliates Other current liabilities Total current liabilities Deferred revenue, noncurrent Deferred tax liabilities, net Other liabilities Total liabilities Mezzanine equity: Incentive units Members' equity: Class A voting units Class B voting units Class B warrant Class C voting units Class C warrant Accumulated other comprehensive income Accumulated deficit Total members' equity Total liabilities and members' equity September 30, 2021 (Unaudited) $22,106 16,500 357 13,280 7,232 59,475 20,067 233,429 57,336 15,151 4,272 $397,730 $57,286 357 4,255 2,312 2,380 66,590 4,111 95 3,179 73,975 23,574 3,071 187,926 310,104 969 173 (202,062) 300,181 $397,730 December 31, 2020 $75,361 16,500 81 10,408 1,823 20,200 7,690 132,063 19,957 233,429 62,199 15,150 5,578 $468,376 $42,915 01 4,282 1,856 1,943 51,077 4,103 95 3,319 58,594 21,452 2,613 182,500 5,426 310,104 191 (112,504) 388,330 $468,376 28#29NOTES Income statement bakkt Income Statement ($ in thousands) Revenues: Net revenues (net revenues from affiliate of $111. $1,149, $154 and $2.153, respectively) Operating expenses: Compensation and benefits Professional services Technology and communication Selling, general and administrative Acquisition-related expenses Depreciation and amortization Affiliate expenses Impairment of long-lived assets Other operating expenses Total operating expenses Operating loss Interest income (expense), net Other income (expense), net Loss before income taxes Income tax expense Net loss Currency translation adjustment, net of tax Comprehensive loss Three Months Ended September 30, 2020 2021 $9,142 22,225 3,334 3,148 1,766 3,270 471 341 39.004 (29,062) (96) 1,123 (20.035) (12) $(28,847) (191) $(29,038) $6,629 12,637 2.392 2.311 1,664 2,232 471 2,450 180 24.337 (17,708) (169) 83 (17,960) (11) $(17,971) Nine Months Ended September 30, 2021 $25,773 57.375 5,006 9,851 19.514 12.075 9,090 1,413 1.038 115,370 (89,597) (239) 473 (89,363) (195) $(89,558) (18) $(17,884) $(89,576) 2020 $19,067 30,500 4.657 6,950 3,472 11,477 5,536 2,611 3,843 366 69,448 (50,381) 25.5 146 (49,980) (36) $(50,016) $(50,096) 29#30NOTES Adjusted EBITDA reconciliation - Non-GAAP bakkt Reconciliation of GAAP Net Income / (Loss) to Non-GAAP Adjusted EBITDA ($ in thousands) Nine Months Ended September 30 Net loss Add: Depreciation and amortization Add/(Less): Interest (income) expense Add/(Less): Income tax (benefit) expense EBITDA Add: Acquisition-related transaction costs Add: Unit-based compensation expense Add: Restructuring charges Add: Impairment of long- lived assets Less: Non-recurring bitcoin sale income, net Less: Transition services to Bakkt Clearing Adjusted EBITDA Three Months Ended September 30, 2021 $(28,847) 3,270 96 12 (25,469) 1,766 604 (1,024) $(24,123) 2020 $(17,971) 2,232 169 11 (15,559) 0.29 2,450 $(12,280) 2021 $189,550) 9.09.0 239 195 (80,026) 12,075 3,116 (1,024) $(65,859) 2020 $(50,016) 5,536 (255) 36 (44,699) 11,477 370 3,043 $(29,009 Year Ended December 31, 2020 $(79,605) 8,159 (123) 391 [7.178) 13,372 2,032 500 15,292 (196) $(40,040) 2019 $(32,976) 324 (3,280) (199) (36.131) 731 10.673 (145) $(24,872) 30