Bakkt Results Presentation Deck

APEX CRYPTO ACQUISITION UPDATE Acquisition enhances our path to profitability ● ● A Expect Apex Crypto to be accretive to revenue growth rate and adjusted EPS in the first full year following deal close Targeting operating margin expansion in 2023 of >20%¹ Expect free cash flow of ~$80mm through 2025 from the acquisition² and associated restructuring initiatives Expect cash savings through 2025 of ~$20-$25mm, primarily due to headcount and technology efficiencies 1 Assumes full year impact on operating margin 2 Excluding deal costs Apex Crypto trading volume 2022E 2023E 106% CAGR Free cash flow from strategic initiatives Total cumulative incremental free cash flow of ~$80mm 2025E 2024E 2025E 8

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