Bakkt Digital Assets Presentation

Competitive Edge in an Already Disruptive Ecosystem Bakkt is competitively advantaged against peers, creating a sustainable moat $ Cash App $38BN(1) Founded 2013 Key Bakkt Differentiators Robinhood $12BN (3) Founded 2013 venmo $20BN(1) Founded 2009 honey $4BN(3) Founded 2012 b afterpay $25BN(2) Founded 2014 Kraken $4BN(4) Founded 2011 stripe $36BN (3) Founded 2010 chime $15BN (3) Founded 2013 Based on sum-of-the-parts valuation of parent company by broker research. Market capitalization as of January 8, 2021. (1) (2) bakkt| 3 Source: Pitchbook. (4) Source: Coindesk. coinbase $8BN (3) Founded 2012 • • • • Regulated platforms across trading, clearing, custody and payments build confidence and instill trust across the ecosystem Powerful partnerships and integrations with loyalty sponsors, global financial institutions and leading retail brands Continued backing by ICE provides market credibility and industry expertise Structural exchange and payment processing cost advantages lead to defensible pricing moat against competitors; Bakkt users can trade bitcoin at a 50% cost reduction compared to Coinbase Digital asset native, unlike competitors (e.g. PayPal or Square) 16

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