#1bakkt TM Second Quarter 2022 Earnings August 11, 2022#2Important notice Unless the context otherwise provides, "we," "us," "our," "Bakkt" 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. 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 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," "position," "evolve," "expand" 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. 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. 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) risks related to disruption of management time from ongoing business operations due to post-closing business combination matters; (ii) the impact of the ongoing COVID-19 pandemic; (iii) changes in the markets in which Bakkt competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (iv) changes in the markets that Bakkt targets; (v) risk that Bakkt may not be able to execute its growth strategies, including identifying and executing acquisitions; (vi) risks relating to data security; and (vii) 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 under the heading "Risk Factors" in Bakkt's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Basis of Presentation "Predecessor" information represents the results of Bakkt Holdings, LLC prior to the business combination with VPC Impact Acquisition Holdings (VIH), which closed on October 15, 2021. "Successor" information represents the results of Bakkt Holdings, Inc. from the date the business combination closed through the end of the applicable period. "Combined" information represents the combination of Predecessor and Successor for the applicable period. Bakkt has provided the Combined information as management uses such information when evaluating the company's results for periods that straddle the closing of the business combination. Combined information has not been calculated in accordance with generally accepted accounting principles ("GAAP"). In addition to the Combined information, this presentation includes a discussion of Adjusted EBITDA, which is a financial measure that is not calculated in accordance with GAAP. For more information regarding Adjusted EBITDA, please see slide 22. bakkt 2#3|bakkt| OUR VISION Connecting the digital economy We power commerce by enabling consumers, businesses and institutions to unlock value from digital assets.#4KEY HIGHLIGHTS / CURRENT ENVIRONMENT Summary of current environment Market context Macro environment - has shifted considerably around us - both in the macroeconomic environment overall, and in cryptocurrency Unsteadiness in crypto - has elongated decision timelines- though not a wholesale exit from the market, shift in sense of urgency of potential partners o Capital more constrained - companies are looking to conserve capital for potential recession Regulation - market anticipation of increased regulatory scrutiny related to cryptocurrencies is impacting activation timelines o Travel disruptions - summer air travel supply constraints partially offsetting robust consumer demand bakkt Our position o Strong balance sheet - ability to self-fund our near- term road map and ~$315mm of available cash and other liquid assets¹ Diverse business - breadth of services provides diverse revenue streams and enables us to help partners with their pain points Robust risk management - our infrastructure provides multiple layers of protection and provides heightened security and compliance o Disciplined capital allocation - highly focused on building our long-term roadmap notwithstanding softness in the market We are well positioned in this environment to be the safe, trusted and innovative platform to deliver widespread utility to our partners and customers As of June 30, 2022. Includes other highly liquid assets such as Treasury bills and notes; excludes restricted cash#5KEY HIGHLIGHTS / MARKET OPPORTUNTIES Our platform meets shifting market demands Crypto capabilities Rewards & loyalty opportunities bakkt Context Despite recent market noise, crypto isn't going away - there is still interest and momentum from our partners and consumers Rewards are increasingly important to consumers amid a challenging economic environment consumers seek to earn rewards in everyday spend, and then use rewards to increase their buying power Our opportunity We expect to activate Bakkt Crypto services with partners in 2H22, with increased ramp up in 2023 o Investing in our crypto capabilities through-the-cycle; focus on providing widespread utility of crypto to everyday consumers, businesses and institutions Increasing engagement with loyalty platform users through funded offers and incentives o Expanding our loyalty storefront options to provide consumers with more choice o Crypto rewards provide an exciting option for consumers working with partners to activate 5#6KEY HIGHLIGHTS / TRUSTED AND RELIABLE PARTNER Our safe and reliable platform makes us a trusted partner The Bakkt platform was designed to mitigate risk, making us a trusted and reliable partner We separate crypto custody and crypto exchange functions to provide additional protections and minimize potential conflicts of interest Bakkt's custody entity maintains a separate independent board, solely focused on the safe and effective operation of our crypto custody operations as a separate, regulated entity o Crypto held is solely regarded as the consumer's property Crypto is held on behalf of our customers - never used for lending, pledging, or any other similar purposes bakkt BAKKT HOLDINGS, INC. BAKKT MARKETPLACE, LLC Consumer-facing crypto exchange How we're licensed: o Holds a virtual currency business activity license ("BitLicense") from NYDFS o Holds money transmitter licenses throughout the U.S. where required BAKKT TRUST COMPANY LLC Qualified custodian of bitcoin and ether Features of our institutional-grade custody platform: o Licensed by NYDFS, as a limited- purpose trust company and qualified custodian o Leverages both warm and cold digital asset storage with rebalancing to minimize risks o Warm and cold wallets covered by insurance policies#7KEY HIGHLIGHTS / PLATFORM CAPABILITIES Flexible APIs & institutional-grade tech stack enable supporting partners at scale BakktⓇ® Crypto Platform 15 bakkt Buy/sell/hold BUY/SELL Bakkt® Crypto Connect* embedded, API and Bakkt app REWARDS ↑ Convert existing points to crypto* Earn crypto rewards* Credit/debit crypto rewards* PAYMENTS STORAGE * These products are under development and expected to launch later this year. Bakkt® Crypto Payout* Pay with crypto Powering Loyalty 日 Z Loyalty redemption b Pay with Points Cross-brand connected loyalty ecosystem Institutional-grade, security and compliance-focused technology platform built to embed into partner experiences 7#8KEY HIGHLIGHTS / PARTNER INNOVATION Our platform is designed to enable partners to innovate Partners can develop a spectrum of solutions to meet their customers' needs on our platform Activate your city's crypto ecosystem* |bakkt Enable your customers to get that new phone using cash and points Pay your employees in crypto* Enable customers to earn crypto rewards* * These products are under development and expected to launch later this year. Enable your banking customers to buy/sell crypto without having to build the infrastructure yourself* Enable your customers to use rewards points for a magical vacation Institutional-grade, security and compliance-focused technology platform built to embed into partner experiences 8#9KEY HIGHLIGHTS / BUSINESS UPDATES Focused execution Since our last quarterly earnings announcement, we have.... VISA bakkt SIGNED STRATEGIC ALLIANCE ENHANCED MARKET READINESS fiserv. Training for RMs AppMarket launch Go to market collaboration ● Announced partnership with the Mayor of Miami to activate Miami's crypto ecosystem Mayor Francis Suarez ~53 BILLION LOYALTY POINTS REDEEMED ON OUR PLATFORM IN 1H22 SULLIVAN BANK SIGNED on to Bakkt® Crypto Connect A EXPANDING LOYALTY OFFERINGS RELAUNCHED CRUISES IN Q2 We are focused on executing and delivering results, even amid a challenging macroeconomic environment 9#10KEY HIGHLIGHTS / PARTNERSHIP UPDATES Crypto Connect: Working closely with Fiserv to bring our platform to market o Recent launch in Fiserv AppMarket Strong partnership and collaboration with our joint engineering and go-to-market teams o Conducted training for Fiserv relationship managers on Bakkt® Crypto Connect Go to market preparation on other Bakkt crypto products (rewards, payouts) in progress o Ongoing engagement to raise general awareness of our platform bakkt fiserv. Platforms Categories Atlas Newly Added These apps have been topping Appmarket charts. Atlas Business Lending By StreetShares Candidly By Candidly Atlas Business Lending, offered by Fiserv in partnership with StreetShares, is a rapidly enabled and complete end-to-end digital business lending solution for small business banking teams. CLEARTOUCH DNA PRECISION PREMIER SIGNATURE Lending Candidly enables financial institutions to deliver a whit labeled, data-intelligent student debt management solution and unlock financial wellness for the 47.9 million who have student loans. b b Bakkt® Crypto Connect With Bakkt Enable your accountholders to buy, sell and hold bitcoin and ether on a secure and regulated platform. CLEARTOUCH PREMIER Cryptocurrency PRECISION Bakkt® Crypto Co With Bakkt Enable your account buy, sell and hold bit ether on a secure anb regulated platform/ 2: Candidly By Candidly Candidly enables financial institutions to deliver a white-labeled, data- intelligent student debt management solution and unlock financial wellness for the 47.9 million who have student loans. CLEARTOUCHDNA PRECISION PREMIER SIGNATURE Debt Management, Student Loans USD Bakkt® Crypto Connect With Bakkt NYDIG Sign In Enable your accountholders to buy, sell and hold bitcoin and ether on a secure and regulated platform. NYDIG By NYDIG See More Ⓒ Fiserv has entered into a partnership with NYDIG, which helps to bring Bitcoin everywhere that people bank. PRECISION Cryptocurrency 10 10#11KEY HIGHLIGHTS / PARTNERSHIP UPDATES Crypto Connect: Focused on scalability with Finastra Integrating crypto buy/sell/hold capabilities into broader bank networks o Leveraging partners' distribution channels to market Bakkt® Crypto Connect; provides significant reach ● ● ● bakkt Landing pages on partners' public websites Information within partners' fintech and app marketplaces Educational support and sales collateral for partner sales teams, including upcoming webinars FINASTRA Fusion Fabric.cloud HOME / Partners / Bakkt / Bakkt Crypto Platform Overview Partners Bakkt Crypto Platform Bakkt Digital & Retail Banking Mobile Payments Building Blocks Resources V Enable financial institutions to offer their consumers access to select cryptocurrency markets. Search the marketplace Simple Consumer experience Consumers can Buy/Sell/Hold in crypto directly in their banking app (seamless experience), and will fund those accounts through existing bank accounts without opening an account and Bakkt Crypto Platform allows banks to offer cryptocurrency trading to their consumers in a sean within their existing mobile/digital platform. By adding Crypto Buy/Sell/Hold to their mobile can offer the ability to buy, sell and hold select cryptocurrencies without opening an account an party application. This offer also allows the banks to appeal to a new generation of consumers Crypto has emerged as a viable asset class, with is a large swath of crypto curious consumers. This opens the doors to future revenue drivers, and it's up to the banking services to allow the users to buy, sell and hold cryptocurrencies. By offering in-app cryptocurrency access their accounts, Bakkt avoids funds and cu complexity, and technical challenges of in house and offers a simpler and faster that more complex integrated alternatives using exchanges. Support Outsource regulatory compliance & security complexity/ risk The Bakkt solution handles all the complex compliance and regulatory requirements, including licensing, and institutional grade Faster Time to Market The Bakkt platform will accelerate time to market by taking care of all functional aspect (KYC, onboarding, tax reports.). It is pre integrated to Fusion Digital Banking - helping#12KEY HIGHLIGHTS / MARKETING APPROACH Our brand awareness is building Throughout 1H22, we've gained momentum through marketing initiatives, establishing a strong foundation for continued amplification through the remainder of this year bakkt Ask the Expert Targeted at Business decision makers audience bakkt Bakkt @Bakkt - Jun 2 #AskTheExpert: We sat down with our CPO of Payments, Nicolas Cabrera, to dive deep into the #cryptoeconomy and learn more about how crypto is changing payouts for gig workers. bakkt.com/blog/company/c... ASK THE EXPERT How is crypto changing payouts for gig workers? bokkt 0:00 Ibakkt ALT Thought Leadership Educational materials to provide subject matter expertise Women and Crypto Perceptions, behaviors, and ways for brands to narrow the gender gap Nicolas Cabrera, CPO, Payments Creating Your Business's Crypto Strategy How to get started on connecting your customers to crypto |bakkt| How Crypto Rewards are Transforming Loyalty Cutting edge brands are driving new pathways to loyalty for engaging customers akkt Product Campaigns Awareness-building campaigns that amplify our APIs for businesses bakkt 30 Get gig workers paid fast. Crypto fast. Pay gig workers in crypto with Bakkt. Primary Research Consumer and market research initiatives to inform focus areas bakkt the bakkt pack 12#13Financial results (unaudited) Ibakkt#14FINANCIAL RESULTS / 2Q22 SUMMARY Summary of 2Q22 condensed results o Net revenue of $13.6mm increased by $5.1mm, or 60%, YOY primarily driven by strong transaction revenue from the loyalty redemption business o Expense of $57.1mm increased $17.3mm, or 43%, YOY primarily due to increases in total headcount and non-cash compensation O Total shares of 263.8mm¹ ● ● Class A 75.3mm shares Class V 188.5mm shares 18.7mm Class V shares exchanged to date bakkt $mm's Net revenues Operating expenses Operating loss Interest income (expense), net Gain from FV of warrant liability Other (expense) income Loss before income taxes Income tax benefit (expense) Net loss Less: Net loss for noncontrolling interest Loss attributable to Bakkt Holdings, Inc. Average basic shares (mm) Average diluted shares (mm) Net loss per basic share ($) Net loss per diluted share ($) Successor 2Q22 $13.6 57.1 $(43.6) 0.2 10.3 0.4 $(32.7) 5.1 $(27.6) (23.7) $(3.9) 71.2 71.2 $(0.05) $(0.05) ¹ As of July 31, 2022. Intercontinental Exchange, Inc. ("ICE") owns an aggregate of 66% of shares, consisting of both Class A and Class V 1Q22 $12.5 61.0 $(48.5) 0.1 2.4 (0.5) $(46.5) 3.1 $(43.3) (36.2) $(7.1) 57.2 258.6 $(0.12) $(0.14) Predecessor 2Q21 $8.5 39.8 $(31.3) (0.1) 0.0 (0.3) $(31.7) (0.2) $(31.9) 14#15FINANCIAL RESULTS / 2Q22 ADJUSTED EBITDA 2Q22 Adjusted EBITDA (non-GAAP) o Adjusted EBITDA of ($29.6mm) o Adjusted EBITDA decreased by $4.7mm, or 19%, YOY primarily due to higher operating expenses o Used $39.7mm of cash as we continued to invest in headcount and technology to drive future growth bakkt $mm's Net loss Depreciation and amortization Interest (income) expense Income tax (benefit) expense EBITDA Acquisition-related costs Share-based and unit-based compensation expense (Gain) from change in fair value of warrant liability Other¹ Adjusted EBITDA 2Q22 $(27.6) 6.1 (0.2) (5.1) $(26.8) 0.2 7.1 (10.3) 0.3 $(29.6) Successor ¹Other comprised of ICE transition services expense and cancellation of common units. Note: Adjusted EBITDA is a non-GAAP financial measure. For more information, please refer to the Notes section in this presentation. 1Q22 $(43.3) 5.9 (0.1) (3.1) $(40.7) 0.5 13.3 (2.4) 0.4 $(28.9) Predecessor 2Q21 $(31.9) 3.0 0.1 0.2 $(28.6) 2.5 1.3 0.0 0.0 $(24.9) 15#16FINANCIAL RESULTS / NET REVENUE Net revenue o Net revenue of $13.6mm increased 60% YOY o Subscription and service revenue of $6.6mm increased 35% YoY primarily due to addition of a large financial institution to our loyalty platform o Transaction revenue of $7.0mm increased 99% YoY primarily due to significant improvement in travel activity in loyalty redemptions bakkt $8.5 $3.5 $4.9 2Q21 Net revenue ($mm) 2Q net revenue 60% YoY $9.1 $2.7 $6.4 3Q21 $13.7 $6.8 $6.8 4Q21 Subscription and service Note: 4Q21 subscription and service revenue comprised of $1.1mm and $5.8mm for Predecessor and Successor periods, respectively. 4Q21 transaction revenue comprised of $1.1mm and $5.7mm for Predecessor and Successor periods, respectively. $12.5 $6.5 $6.0 1Q22 Transaction $13.6 $7.0 $6.6 2Q22 16#17FINANCIAL RESULTS / OPERATING EXPENSE Operating expense Total expense of $57.1mm up $17.3mm, or 43%, YOY o Compensation expense of $34.2mm up $14.3mm, or 72%, YOY Noncash compensation expense of $7.1mm increased $5.8mm YoY o SG&A¹ of $9.8mm increased $0.8mm, or 9%, YOY primarily due to continued investments in the business to drive future growth o Other expense² of $13.1mm increased $2.2mm, or 20%, YOY bakkt $39.8 $10.9 $9.0 $19.9 2Q21 Predecessor $39.0 $12.3 $4.4 $22.2 3Q21 Expense ($mm) $52.6 $18.0 $0.8 $33.9 4Q21 predecessor $86.0 $15.3 $8.5 $62.2 4Q21 SUCCessor Successor $61.0 $16.5 $9.4 $35.1 1Q22 Compensation SG&A Other Selling, general and administrative expense. 2 Other expense is comprised of professional services, technology and communication, acquisition-related, depreciation and amortization, related party and other. Note: 4Q21 Predecessor expense comprised of $33.9mm in Compensation, $0.8mm in SG&A and $18.0mm in Other. 4Q21 Successor expense comprised of $62.2mm in Compensation, $8.5mm in SG&A and $15.3mm in Other. $57.1 $13.1 $9.8 $34.2 2Q22 17#18FINANCIAL RESULTS / KPIS Key performance indicators o 2Q22 transacting accounts across the Bakkt platform up 10% YoY o Digital asset conversion volume up 60% YoY bakkt Strong YoY growth led by loyalty redemption from increased travel activity ¹ Represents performance on a Combined basis. See disclaimers for additional information. Please refer to the Notes section in this presentation for definitions. 619 2Q21 $128 Transacting accounts (000) 2Q 10% YoY 2Q21 560 3Q21 $105 867 3Q21 4Q21 Digital asset conversion volume ($mm) 2Q 1 60% YoY $222 4Q21 678 1 1Q22 $182 681 1Q22 2Q22 $205 2Q22 18#19OUTLOOK / GUIDANCE Updated guidance for FY 2022 Revenue o Net revenue expected to grow to $57mm - $62mm o Expect to use $135mm - $140mm of cash in 2022 in 2022, or a -45% - 60% increase compared to Combined net revenue for 2021 o Prior FY 2022 guidance of $150mm-$170mm o We used ~$76mm of cash in 1H22 Prior FY 2022 guidance of $60mm-$80mm o Lower 2H22 cash burn outlook reflects a ~15-20% reduction from 1H22 level driven by prudent Updated outlook reflects elongated crypto decision timelines and summer air travel supply constraints expense management while continuing to deliver on our roadmap o Assumes macro environment that supports strong merchandise loyalty redemption volume in the seasonally strong 4th quarter Cash burn bakkt Strong available liquidity, with ~$315mm of available cash and other liquid assets¹ on hand Guidance is subject to market conditions through the remainder of the year We expect to continue to invest in growing the business, and therefore expect to recognize quarterly net losses during 2022 Note: Guidance assumes no further significant disruptions from COVID-19 pandemic; potential acquisitions and other significant opportunities are not included in this guidance. See disclaimers for more information regarding forward-looking statements, which includes all guidance provided herein. ¹ Includes other highly liquid assets such as Treasury bills and notes; excludes restricted cash. 19#20CLOSING REMARKS We are well-positioned to connect the digital economy Our key priorities remain consistent and we are laser focused on execution: Build out and activate partnerships o Invest in products and capabilities o Deepen relationships with existing partners o Execute on expansion opportunities bakkt We are positioned well and are focused on long-term growth o Strong balance sheet o Diversified business provides flexibility on revenue and with partners o Robust risk management o Disciplined capital allocation We are committed to delivering long-term sustainable value to our partners, customers and shareholders 20#21Notes Ibakkt#22NOTES Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure, which we define 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 tied measures used by other companies. In addition to the items above, Adjusted EBITDA as a non-GAAP financial measure also excludes interest income (expense) and other income (expense), and income tax (expense) 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: o share-based and unit-based compensation expense, including changes in the fair value of our participation unit liability, 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; o changes in the fair value of our warrant liability, which in any specific period may not directly correlate to the underlying performance of our business operations, and do not necessarily reflect future cash outlays as the liability is measured at each reporting date; o 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 o non-GAAP measures do not reflect changes in, or cash requirements for, our working capital needs. Because of these limitations, Adjusted EBITDA should be considered alongside other financial performance measures, including net loss and our other financial results presented in accordance with GAAP. bakkt 22#23NOTES Definitions Financial Combined: Represents the combination of Predecessor and Successor for the applicable period. This is a non-GAAP figure Predecessor: Represents the results of Bakkt Holdings, LLC prior to 10/15/21 Successor: Represents the results of Bakkt Holdings, Inc. from 10/15/21 onward bakkt Operational Digital asset conversion volume: Dollar value of transaction volume across loyalty redemption, crypto buy/sell and gift card purchases Transacting accounts: Unique accounts that perform transactions on the Bakkt platform each month 23#24NOTES Balance sheet (unaudited) bakkt $mm's Assets Current Assets: Cash and cash equivalents Restricted cash Customer funds Available-for-sale securities Accounts receivable, net Prepaid insurance Safeguarding asset for cryptoassets Other current assets. Total current assets Property, equipment and software, net Goodwill Intangible assets, net Deposits with clearinghouse, noncurrent (affiliate in Predecessor period) Other assets Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities Customer funds payable Deferred revenue, current Due to related party (affiliate in Predecessor period) Safeguarding obligations for cryptoassets Other current liabilities Total current liabilities Deferred revenue, noncurrent Warrant liability Deferred tax liabilities, net Other noncurrent liabilities Total liabilities Stockholders' equity: Class A common stock ($0.0001 par value, 750,000,000 shares authorized, 75,343,724 shares issued and outstanding as of 6/30/22 and 57,164,388 shares issued and outstanding as of 12/31/21) Class V common stock ($0.0001 par value, 250,000,000 shares authorized, 188,438,938 shares issued and outstanding as of 6/30/22 and 206,271,792 shares issued and outstanding as of 12/31/21) Additional paid-in capital Accumulated other comprehensive (loss) Accumulated deficit Total stockholders' equity and members' equity. Noncontrolling interest Total equity Total liabilities and stockholders' equity As of 6/30/22 Successor $126.8 16.5 0.6 188.7 21.8 23.6 147.1 7.7 532.8 21.3 1,527.1 377.7 15.2 24.1 $2,498.1 $65.6 0.6 4.1 0.6 147.1 2.1 220.1 3.9 4.7 22.4 22.4 273.5 0.0 0.0 718.6 (0.1) (109.4) 609.1 1,615.6 2,224.7 $2,498.1 As of 12/31/21 $391.4 16.5 0.6 0.0 18.1 32.2 0.0 4.8 463.5 6.1 1,527.1 388.5 15.2 13.9 2,414.3 $64.1 0.6 4.6 0.6 0.0 3.7 73.6 4.8 17.4 11.6 12.7 120.1 0.0 0.0 566.8 (0.1) (98.3) 468.4 1,825.8 2,294.2 $2,414.3 24#25NOTES Statement operations (unaudited) of bakkt $mm's Revenues: Net revenues (includes related party net revenues of $14 and affiliate net revenues of $(17), respectively) Operating expenses: Compensation and benefits Professional services Technology and communication Selling, general and administrative Acquisition-related expenses Depreciation and amortization Related party expenses (affiliate in Predecessor period) Other operating expenses Total operating expenses Operating loss Interest income (expense), net Gain from change in fair value of warrant liability Other income (expense), net Loss before income taxes Income tax benefit (expense) Net loss Less: Net loss attributable to noncontrolling interest Net loss attributable to Bakkt Holdings, Inc. Net loss per share attributable to Bakkt Holdings, Inc. Class A common stockholders per share: Basic Diluted Successor 2Q22 $13.6 34.2 1.9 4.2 9.8 0.2 6.1 0.3 0.5 57.1 (43.6) 0.2 10.3 0.4 (32.7) 5.1 (27.6) (23.7) $(3.9) $(0.05) $(0.05) 1Q22 $12.5 35.1 4.7 4.4 9.4 0.5 5.9 0.4 0.7 61.0 (48.5) 0.1 2.4 (0.5) (46.5) 3.1 (43.3) (36.2) $(7.1) $(0.12) $(0.14) Predecessor 2Q21 $8.5 19.9 0.8 3.9 9.0 2.5 3.0 0.5 0.3 39.8 (31.3) (0.1) 0.0 (0.3) (31.7) (0.2) (31.9) 25#26NOTES Combined Revenue reconciliation - Non-GAAP (unaudited) bakkt $mm's Net revenue Predecessor Successer 1/1/21 - 10/14/21 10/15/21 - 12/31/21 $28.0 $11.5 Combined 2021 $39.4 26#27NOTES Adjusted EBITDA reconciliation - Non-GAAP (unaudited) bakkt $mm's Net loss Depreciation and amortization Interest (income) expense Income tax (benefit) expense EBITDA Acquisition-related transaction costs Share-based and unit-based compensation expense (Gain) from change in fair value of warrant liability ICE transition services expense Cancellation of common units Adjusted EBITDA 2Q22 $(27.6) 6.1 (0.2) (5.1) $(26.8) 0.2 7.1 (10.3) 0.3 0.0 $(29.6) Successor 1Q22 $(43.3) 5.9 (0.1) (3.1) $(40.7) 0.5 13.3 (2.4) 0.4 (0.1) $(28.9) Predecessor 2Q21 $(31.9) 3.0 0.1 0.2 $(28.6) 2.5 1.3 0.0 0.0 0.0 $(24.9) 27