Bakkt Results Presentation Deck

3Q23 Revenues 3023 results include Apex Crypto, which we acquired on April 1, 2023. In accordance with GAAP, we are presenting crypto services revenue on a gross basis Crypto revenues • Gross revenues of $191.8mm driven by increase in crypto transaction volumes YoY due to Apex Crypto acquisition; 43% decline QoQ driven by lower industry wide volumes and lower activity levels from Webull Pay customers Loyalty revenues • Net revenues of $13.0mm increased 2% YoY • Transaction revenues of $6.8mm increased 5% YoY driven by higher air travel activity in loyalty redemptions ● ● Subscription and service revenues of $6.2mm were relatively flat YoY Loyalty revenues are generally seasonally weaker in second and third quarters and stronger in first and fourth quarters 8 Note: All financial data on this slide is unaudited. Bar charts not fit to scale $13.2 $0.5 $12.7 3Q22 REVENUES BY PRODUCT ($MM) Loyalty Crypto $13.2 $6.9 $6.3 3Q22 $15.9 $0.3 $15.6 4Q22 $13.2 $0.4 $12.8 1Q23 I Subscription and service $15.9 $8.1 $7.8 4Q22 $347.6 REVENUES BY LINE ITEM ($MM) $13.2 $7.7 $6.3 1Q23 $335.3 $12.3 2023 Transaction $347.6 $342.5 $5.1 2Q23 $204.8 $191.8 $13.0 3Q23 $204.8 $198.5 $6.2 3Q23 15

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