Bakkt SPAC Presentation Deck

Strong Unit Economics Annual Cohort Customer Acquisition Cost (CAC)(¹) $15 2020 $11 2021E $10 2022E $12 2023E $8 2024E $7 2025E Average Total Revenue Per Monthly Active User(2) $10 2020 $97 2021E $165 2022E Note: Figures are based on management's estimates. Projections assume a January 1, 2021 transaction closing date and related funding for execution of growth strategy. bakkt Calculated as the sum of marketing spend and incentives over new users for the period. Annual cohorts defined as new users in a calendar year. (2) Active users defined as users who have opened an account and linked it to their bank account. $198 2023E $206 2024E $210 2025E 29

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