Bakkt SPAC Presentation Deck
Compelling Projected Financial Profile
Active Users(1)
(2025E)
30+ million
Total Revenue per
Active User(1)
bakkt
(2025E)
$210
Unique Sign-Ups
(through 2025E)
46+ million
Total Revenue Less
Transaction-Based
Expenses
(2025E)
$515 million
Active User Growth(¹)
(2021E-2025E CAGR)
36%
Total Revenue Less
Transaction-Based
Expenses
(2021E-2025E CAGR)
75%
Customer
Acquisition Cost(2)
(2025E)
-$7
Adjusted EBITDA Margin
(2025E)(3)
55%
Note: The accounting for revenues from cryptocurrency transactions is currently under review and subject to change. See "Accounting for Cryptocurrency Transactions on side 2. Figures are based on management estimates
Projections assume a January 1, 2021 transaction closing date and related funding for execution of growth strategy.
(1) Active users defined as users who have opened an account and linked it to their bank account.
(2) Calculated as the sum of marketing spend and incentives over new users for the period.
(3) Measured as Adjusted EBITDA divided by Total Revenue Less Transaction-Based Expenses
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