Bakkt Digital Assets Presentation
Compelling Projected Financial Profile
Active Users(1)
(2025E)
30+ million
Total Revenue per
Active User(1)
(2025E)
$210
Unique Sign-Ups
(through 2025E)
46+ million
Total Revenue Less
Transaction-Based
Expenses
(2025E)
$515 million
Active User Growth (1)
(2021E 2025E CAGR)
-
36%
Customer
Acquisition Cost (2)
(2025E)
~$7
Total Revenue Less
Transaction-Based
Expenses
Adjusted EBITDA Margin
(2025E)(3)
-
(2021E 2025E CAGR)
55%
75%
Note: The accounting for revenues from cryptocurrency transactions is currently under review and subject to change. See "Accounting for Cryptocurrency Transactions" on slide 2. Figures are based on management estimates.
Projections assume a January 1, 2021 transaction closing date and related funding for execution of growth strategy.
Active users defined as users who have opened an account and linked it to their bank account.
Calculated as the sum of marketing spend and incentives over new users for the period.
Measured as Adjusted EBITDA divided by Total Revenue Less Transaction-Based Expenses.
(1)
bakkt
(2)
(3)
46
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