Bakkt Digital Assets Presentation

Projected User Growth Conservative growth assumptions given increasing digital asset adoption today versus 2015 bakkt active users (M)(1) Robinhood active users (M) 31 $ Cash App active users (M) 13 6 18 23 27 22 0 2020 2021E 2022E 2023E 2024E 2025E bakkt Sources: News sources, company announcements and presentations. 3 6 10 3 7 15 24 24 30 2015 2016 2017 2018 2019 1H 2020 2015 2016 2017 2018 2019 1H 2020 <1 Note: Projections assume a January 1, 2021 transaction closing date and related funding for execution of growth strategy. (1) Figures are based on management's estimates. 27

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