Bakkt Results Presentation Deck

Key investor takeaways Throughout 2023 we have made substantial progress against our goal laid out earlier this year, to simplify our business and focus resources on areas with strong product market fit, scalability and a clear path to profitability Despite a difficult environment for crypto markets, we have made headway on our key priorities. Our teams have been nimble in adjusting our strategy quickly to overcome challenges in the environment The headway we have made in 2023 creates a significant signed backlog of client activity that drives revenue growth in 2024 ● MARKET CONTEXT Crypto trading volumes remain muted with industry wide volumes down 23% QoQ US continues to lack clear regulatory framework for crypto Institutional investors looking for crypto ETFs and digital asset tokenization ● ● ● ● OUR ACTIONS Prioritize international expansion - expect to be live in nine new markets by year-end Activate new clients quickly - nearly all recently signed clients have been onboarded/activated Focus on custody - further enhancements to our highly-regarded custody platform Prudently manage expenses - operating expenses (excl. crypto costs, ECB and intangible assets impairments) down 26% YoY Reduce revenue volatility revenue model shifting to increase subscription-based revenues 4

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