Bakkt Results Presentation Deck

2023 Revenues 2023 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 $335.3mm driven by increase in crypto transaction volumes due to Apex Crypto acquisition ● Loyalty revenues Net revenues of $12.3mm decreased 8% YoY ● • Transaction revenues of $7.3mm increased 6% YoY driven by higher air travel activity in loyalty redemptions Subscription and service revenues of $5.0mm decreased 23% YOY, due to a reduction in volume-based service revenues 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 $14.0 $0.7 $13.4 2022 REVENUES BY PRODUCT ($MM) Loyalty Crypto $14.0 $7.5 $6.5 2022 $13.2 $0.5 $12.7 3022 $15.9 $0.3 $15.6 4Q22 I Subscription and service $13.2 $6.9 $6.3 3Q22 $13.2 $0.4 REVENUES BY LINE ITEM ($MM) $15.9 $8.1 $6.3 4Q22 $12.8 1Q23 Transaction $13.2 $7.7 $5.5 1Q23 $347.6 $335.3 $12.3 2Q23 $347.6 $342.5 35 PO.T 2Q23 15

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