Bakkt SPAC Presentation Deck

Peer Valuation Perspective (Smillions) Median: 27.0x Median: 163.1x $275,159 PayPal 10.9x 36.7x $117,724 Square 27.3x Square 170.2x Square Enterprise Value EV/21E Revenue $25,564 afterpay EV /'21E Adjusted EBITDA (2) 26.6x afterpay 156.1x afterpay $137,403 35.4x 278.0x Source Market daca es of January 8, 201 Note: Peers are as shows from left to right) Pypal (NASDAQ PYPL Squae (NYSE 50). AfterPay (ASXAPT) and Shopfy (NYSE SHOP. Estimates are based on broker research and represent calendar years for all companies repardess of focal year Per bakkt companies may calculate non GAAP measures such as Adjusted EBITDA differently from how Bakit calculates its Adjusted EBITDA, which reduces its overall usefulness as a comparative measure. Revenue calculated as total revenue less transaction and bitcoin costs 121 Adjusted EBITDA represents EBITDA ater adjusting for certain non recurring deme or non-cash expenses such as stock sesed compensation Peer companies may calculate noe-GAAP measures such as Ajued EBITDA differently from how Bakit calculates Adjusted EBITDA, which reduces its overal usefulness as a comparative measure 34

View entire presentation