Bakkt SPAC Presentation Deck

Multiple Sources of Revenue Bakkt has a diverse revenue generation model that can monetize transactions through multiple revenue streams Payments Merchant Discount Rates Spread Credit Card Points Airline Miles Convert into $1,000 of Cash Hotel Loyalty Points a. Bakkt earns 2% per transaction fee as revenue b. Revenue booked as $20, all of which flows to Revenue Less Transaction-Based Expenses c. Consumer has $980 of cash to transact at their discretion within the app, or withdraw in cash d. Conversion assumptions may be dependent upon the consumers' status (i.e. Silver vs. Platinum, in case of Delta) Trading Contract Value Spread Transaction Foos Subscription Fees Consumer uses $1,000 of Cash Invests in Bitcoin Transaction Examples a. b. Revenue booked as $1,000, flowing through to $20 of Revenue Less Transaction-Based Expenses c. Consumer has $988 of Bitcoin Bakkt earns 2% spread on each Bitcoin trade Conversion Transaction Fees Spread Converts $1,000 of Bitcoin back into Cash In order to purchase a TV from Best Buy a. Bakkt earns 2% spread once again on the Bitcoin trade b. Revenue booked as $1,000, flowing through to $20 of Revenue Less Transaction-Based Expenses c. Consumer has $988 in cash Transaction Fees P2P Consumer purchases TV for $1,000 through Best Buy's page on the Bakkt app a. Bakkt earns 0.5% merchant discount rate = $5 b. Leaves margin to invest in consumer engagement e. Revenue booked as $5, all of which flows to Revenue Less Transaction-Based Expenses d. Consumer pays $1,000 for TV Note: Revenue descriptions are consistent with the accounting for revenue outlined on slide 21 (1) Conversion rate from loyalty to cash subject to partner terms. bakkt Bakkt anticipates earning 1.25% of spread revenue from each party on a bilateral Bitcoin transaction 6e, 2.50% of total spread revenue from the buyer and seller). Management projections assume an average 2.0% total revenue spread to reflect the potential variability of spread income and capture any potential unilateral transactions. (3) Assumes 1.25% of spread revenue earned from either the buyer or seller. (4) Any gains from Bitcoin investing subject to tax withholding. 21

View entire presentation