Bakkt Digital Assets Presentation

Strong Unit Economics Annual Cohort Customer Acquisition Cost (CAC) (1) Average Total Revenue Per Monthly Active User (2) $15 $11 $10 $12 $97 $8 $7 2020 2021E 2022E 2023E 2024E 2025E $10 $165 $210 $206 $198 2020 2021E 2022E 2023E 2024E 2025E 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. 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. Active users defined as users who have opened an account and linked it to their bank account. bakkt (1) (2) 29 29

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