Bakkt Digital Assets Presentation

Peer Valuation Perspective ($millions) $275,159 $117,724 PayPal □ Square Median: 27.0x 10.9x Median: 163.1x 27.3x Enterprise Value EV / '21E Revenue $25,564 afterpay 26.6x $137,403 S 35.4x (1) PayPal ☐ Square afterpay S EV / '21E Adjusted EBITDA (2) 36.7x PayPal Source: Market data as of January 8, 2021. 170.2x □ Square 156.1x afterpay 278.0x S Note: Peers are (as shown from left to right) Paypal (NASDAQ: PYPL), Square (NYSE:SQ), AfterPay (ASX:APT) and Shopfiy (NYSE:SHOP). Estimates are based on broker research and represent calendar years for all companies regardless of fiscal year. Peer (1) bakkt companies may calculate non-GAAP measures such as Adjusted EBITDA differently from how Bakkt calculates its Adjusted EBITDA, which reduces its overall usefulness as a comparative measure. (2) Revenue calculated as total revenue less transaction and bitcoin costs. Adjusted EBITDA represents EBITDA after adjusting for certain non-recurring items or non-cash expenses such as stock-based compensation. Peer companies may calculate non-GAAP measures such as Adjusted EBITDA differently from how Bakkt calculates its Adjusted EBITDA, which reduces its overall usefulness as a comparative measure. 34

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