Bakkt Digital Assets Presentation

Multiple Sources of Revenue Bakkt has a diverse revenue generation model that can monetize transactions through multiple revenue streams Payments Trading Merchant Discount Rates Contract Value Spread Spread Transaction Fees Conversion Transaction Fees Spread Transaction Fees P2P Subscription Fees Transaction Examples Credit Card Points Airline Miles Hotel Loyalty Consumer uses $1,000 of Cash Converts $1,000 of Bitcoin back into Cash Points Convert into $1,000 of Cash (1) Invests in Bitcoin In order to purchase a TV from Best Buy Consumer purchases TV for $1,000 through Best Buy's page on the Bakkt app a. Bakkt earns 2% per transaction fee as a. revenue Bakkt earns 2% spread on each Bitcoin trade(2) a. Bakkt earns 2% spread once again on the Bitcoin trade (2) a. Bakkt earns 0.5% merchant discount rate = $5 b. b. Revenue booked as $20, all of which flows to Revenue Less Transaction-Based Expenses b. Revenue booked as $1,000, flowing through to $20 of Revenue Less Transaction-Based Expenses (2) b. C. Consumer has $980 of cash to transact at Revenue booked as $1,000, flowing through to $20 of Revenue Less Transaction-Based Expenses (2) Leaves margin to invest in consumer engagement C. their discretion within the app, or withdraw in cash C. Consumer has $988 of Bitcoin (3) C. Consumer has $988 in cash (3) (4) d. Revenue booked as $5, all of which flows to Revenue Less Transaction-Based Expenses Consumer pays $1,000 for TV d. Conversion assumptions may be dependent upon the consumers' status (i.e. Silver vs. Platinum, in case of Delta) (1) bakkt 2 Note: Revenue descriptions are consistent with the accounting for revenue outlined on slide 28. Conversion rate from loyalty to cash subject to partner terms. (3) Bakkt anticipates earning 1.25% of spread revenue from each party on a bilateral Bitcoin transaction (i.e., 2.50% of total spread revenue from the buyer and seller). Management projections assume an average 2.0% total revenue spread to reflect the potential variability of spread income and capture any potential unilateral transactions. Assumes 1.25% of spread revenue earned from either the buyer or seller. (4) Any gains from Bitcoin investing subject to tax withholding. 21

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