Bakkt Results Presentation Deck

FINANCIAL RESULTS 3Q22 Operating expense Total expenses ● • Goodwill and intangible assets non-cash impairments of $1,547.7mm Compensation expenses ● Operating Expense of $60.0mm (excluding impairment) ● A Compensation expense of $37.8mm up $15.6mm, or 70% YoY, including non-cash compensation increase of $8.2mm YoY Invested in hiring through 2022, expect to limit future hiring and leverage pending acquisition of Apex Crypto to further our roadmap in 2023 • We are implementing a restructuring plan as we further focus our business in 4Q; will recognize associated restructuring charge Compensation SG&A Other Impairment Predecessor $39.0 $12.3 $4.4 $22.2 3Q21 $52.6 $18.0 $33.9 Expense ($mm) 4Q21 predecessor $86.0 $15.3 $8.5 $0.8 $62.2 4Q21 successor Successor $61.0 $16.5 $9.4 $35.1 1Q22 $57.1 $13.1 $9.8 $34.2 2Q22 Note: All financial data on this slide is unaudited. 4Q21 Predecessor expense comprised of $33.9mm in Compensation, $0.8mm in SG&A and $18.0mm in Other. 4Q21 Successor expense comprised of $62.2mm in Compensation, $8.5mm in SG&A and $15.3mm in Other. $1,607.8 $14.4 $7.8 $37.8 3Q22 $1,547.7 Impairment charge Bar chart not fit to scale $60.0 Operating expense excl. impairment 21

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