Slides
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AUGUST 2026 Q2 2026 Earnings Presentation Bakkt + لا $ 64,679 1.0 BTC
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SECOND QUARTER 2026 EARNINGS CALL Akshay Naheta CHIEF EXECUTIVE OFFICER Daniel Ishag CHIEF COMMERCIAL OFFICER Karen Alexander CHIEF FINANCIAL OFFICER Cody Fletcher INVESTOR RELATIONS TEAM Participants
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Unless the context otherwise provides, “we,” “us,” “our,” “Bakkt” and like terms refer to Bakkt , Inc. and its subsidiaries. FORWARD-LOOKING STATEMENTS This presentation and the accompanying remarks contain “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or our future financial or operating performance. You can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would,” the negative of such terms, and other similar expressions that are intended to identify forward-looking statements. These forward-looking statements are based on management’s current expectations, assumptions, beliefs, intentions and strategies regarding future events and are based on currently available information as to the outcome and timing of future events. We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to our business. Forward-looking statements in this presentation may include, for example, statements about: future financial and operational performance, including trends in digital asset services revenue and trading volumes; expansion and adoption of Bakkt Markets, Bakkt Agent and Bakkt Global; the integration of Distributed Technologies Research Global Ltd. (“DTR”) into our business and platform, the realization of the anticipated benefits and synergies of the acquisition, and the timing and cost of integration activities; our ability to grow our client base, enter into and maintain commercial partnerships and onboard new customers; anticipated benefits of investments and expansion into international markets; development, launch and scalability of our products and platform capabilities, including payment infrastructure and AI-enabled solutions; our liquidity, capital resources and ability to raise capital, including through equity offerings; our cost structure, operating efficiency and capital allocation initiatives; industry growth and adoption of digital assets, stablecoins, tokenization and related technologies; regulatory developments affecting digital assets, payments and stablecoins; and our business strategy and competitive positioning. These forward-looking statements are based on information available as of the date of this presentation and management’s current expectations, forecasts and assumptions, and involve a number of judgments, known and unknown risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. We do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date it was made, whether as a result of new information, future events or otherwise, except as may be required under applicable law. You should not place undue reliance on these forward-looking statements. Should one or more known or unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to: the Company’s ability to grow and manage growth profitably; whether the Company will be able to successfully integrate its operations with those of DTR, including its infrastructure, and achieve the expected benefits therefrom; the operation, reliability, market acceptance and regulatory environment for digital assets, stablecoin-based payment systems and digital settlement infrastructure; changes in the Company’s business strategy; the Company’s adoption of its updated Investment Policy (“Investment Policy”) and related treasury strategy, including the Company’s ability to successfully consummate acquisitions, integrate or manage investments in potential acquisition targets and investees; the price of digital assets, including Bitcoin; risks associated with operating in the digital asset industry, including price volatility, limited liquidity and trading volumes, relative anonymity, potential widespread susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges and other risks inherent in its entirely electronic, virtual form and decentralized network; the fluctuation of the Company’s operating results, including because the Company may be required to account for its digital assets at fair value; the Company’s ability to time the price of its purchase of digital assets pursuant to its strategy; the impact of the market value of digital assets on the Company’s ability to satisfy its financial obligations, including any debt financings; unrealized fair value gains on its digital asset holdings subjecting the Company to the corporate alternative minimum tax; legal, commercial, regulatory and technical uncertainty regarding digital assets and enhanced regulatory oversight of companies holding digital assets, including the possibility that regulators reclassify any digital assets held by the Company, including Bitcoin, as a security, causing the Company to be in violation of securities laws and be classified as an “investment company” under the Investment Company Act of 1940; enhanced regulatory oversight as a result of the Company’s Investment Policy and related treasury strategy; the possibility of experiencing greater fraud, security failures or operational problems on digital asset trading venues compared to trading venues for more established asset classes, and any malfunction, breakdown or abandonment of the underlying blockchain protocols, or other technological difficulties, which may prevent access to or use of such digital assets; the concentration of the Company’s expected digital asset holdings relative to non-digital assets; the inability to use the Company’s digital asset holdings as a source of liquidity to the same extent as cash and cash equivalents, due to, for example, risks associated with digital assets and other risks inherent in their entirely electronic, virtual form and decentralized network; the Company or a third-party service provider experiencing a security breach or cyber-attack where unauthorized parties obtain access to its digital assets; the loss of access to or theft or data loss of the Company’s or its customers’ digital assets, which could be unrecoverable due to the immutable nature of blockchain transactions; if the Company elects to hold its or its customers’ digital assets through a third-party custodian, the loss of direct control over those digital assets and dependence on the custodian’s security practices and operational integrity, which may lead to the loss of those digital assets as a result of the insolvency of the custodian, theft by employees or insiders of the custodian or if the custodian’s security measures are compromised, including as a result of a cyber-attack; the Company not being subject to the legal and regulatory protections applicable to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers; the non-performance, breach of contract or other violations by counterparties assisting the Company in effecting its Investment Policy and related treasury strategy; the Company’s future capital requirements and sources and uses of cash, including funds to satisfy its liquidity needs; the Company’s ability to raise capital and investments in us, including by our Chief Executive Officer; changes in the market in which the Company competes, including with respect to its competitive landscape, technology evolution or changes in applicable laws or regulations; changes in the markets that the Company targets; volatility and disruptions in the digital asset, digital payments and stablecoin markets that subject the Company to additional risks, including the risk that banks may not provide banking services to the Company and market sentiments regarding digital assets, digital payments and stablecoins; the possibility that the Company may be adversely affected by other macroeconomic, geopolitical, business and/or competitive factors; the Company’s ability to launch new services and products, including with its expected commercial partners, or to profitably expand into new markets and services; the Company’s ability to execute its growth strategies, including identifying and executing acquisitions and divestitures and the Company’s initiatives to add new clients; the Company’s ability to reach definitive agreements with its expected commercial counterparties; the Company’s failure to comply with extensive government regulations, oversight, licensure and appraisals; the uncertain and evolving regulatory regime governing blockchain technologies, stablecoins, digital payments and digital assets; the Company’s ability to establish and maintain effective internal controls and procedures; exposure to any liability, protracted and costly litigation or reputational damage relating to the Company’s data security; the impact of any goodwill or other intangible asset impairments on the Company’s operating results; the Company’s ability to maintain the listing of its securities on the New York Stock Exchange; and other risks and uncertainties indicated in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2025 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. BASIS OF PRESENTATION This presentation includes discussions of non-GAAP financial measures such as EBITDA and Adjusted EBITDA, which are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These non-GAAP measures have no standardized meaning and are not defined under GAAP and, therefore, may not be comparable to similar measures presented by other companies. The presentation of these non-GAAP measures is not intended to be considered in isolation from, as a substitute for, or as superior to the financial information presented in accordance with GAAP. The Company uses non-GAAP financial measures to assist in evaluating its performance for purposes of business decision-making. The Company believes that presenting non-GAAP financial measures is useful to investors because it (a) provides investors with meaningful supplemental information regarding financial performance by excluding certain items that we believe do not directly reflect our core operations, (b) permits investors to view performance using the same tools that we use to budget, forecast, make operating and strategic decisions, and evaluate historical performance, and (c) otherwise provides supplemental information that may be useful to investors in evaluating our results. These measures are provided on a supplemental basis for transparency and comparability, and do not modify reported GAAP financial results. For more information regarding EBITDA and Adjusted EBITDA, including reconciliations to their corresponding GAAP financial measures, please refer to the EBITDA and Adjusted EBITDA reconciliation on slide 17. These non-GAAP financial measures should be considered alongside other financial performance measures, including net income (loss) from continuing operations and our other financial results presented in accordance with GAAP. Industry and market data used in this presentation have been obtained from third-party industry publications and sources. While we believe these sources are reliable, we have not independently verified the data obtained from these sources nor can we assure you of the data's accuracy or completeness. Any data on past performance contained in this presentation is not an indication of future performance. h Important notice
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Building the financial operating system for the AI & token economy MARKETS Infrastructure AGENT Intelligence GLOBAL Reach customers on regulated rails new corridors, same stack distribution & local partners How the flywheel turns 1 MARKETS provides the regulated infrastructure 24/7 stablecoin settlement & trading capabilities 2 AGENT brings customers onto those rails AI as the interface for your customers 3 GLOBAL opens new geographies and opportunities Large, strategic markets Scale lowers acquisition cost, drives volume Each engine stands alone. Together, every activation makes the platform more valuable. Illustrative strategic framework. Product availability, market activity and outcomes remain subject to applicable approvals, client adoption and market conditions. BAKKT | Q2 2026 BAKKT PLATFORM Three engines, one flywheel
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EXECUTION SCORECARD Execution is strengthening across the platform Q2 progress reflects a stronger commercial foundation and greater readiness to activate. FOUNDATION (75+) ACTIVATING (50–74) ▲ Δ VS Q1’26 FOUNDATION Regulatory Pan-U.S. licenses and global regulatory footprint 85 / 100 ▲ 5 pts FOUNDATION Infrastructure DTR payments rails and settlement engine in-house 80 / 100 STABLE FOUNDATION Technology Modular stack; Agent launch plan on track 80 / 100 ▲ 5 pts FOUNDATION Financial strength No long-term debt, disciplined and positioned to activate 75 / 100 STABLE FOUNDATION Global network Reach across 63+ jurisdictions; strategic positions in Japan and India 75 / 100 ▲ 5 pts FOUNDATION Team + talent Leadership bench strengthened; AI embedded in execution 75 / 100 ▲ 15 pts ACTIVATING Operational efficiency AI-enabled execution and a leaner operating model 60 / 100 ▲ 10 pts ACTIVATING Partners + distribution Sales rebuilt; integrations underway and activation accelerating 50 / 100 ▲ 20 pts The foundation is in place. Commercial activation is the next growth unlock. Illustrative internal management assessment reflecting management’s qualitative assessment of execution progress against internal milestones as of June 30, 2026. Ratings are based on management’s judgment, are not audited or reviewed, do not represent management guidance, and are not a measure of financial performance, operating results or shareholder return. Methodology, weightings and definitions are internal and may change. Forward-looking categories are subject to the risks and uncertainties described under “Forward-Looking Statements” in the Important notice included in this presentation. BAKKT | Q2 2026
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BAKKT MARKETS Regulated infrastructure built to scale One integration connects clients to a growing set of global money-movement and trading capabilities. THE MARKET OPPORTUNITY $320B ATH stablecoin market cap1 $1.79T ATH adjusted on-chain stablecoin volume - June '262 $208T estimated annual cross-border flows3 THE BAKKT PLATFORM 1 KYC core framework across product set 63+ countries 19 currencies 10 chains Onboarding API LIVE One core KYC framework and identity shared across modules.4 Stablecoin API LIVE Fiat-to-stablecoin conversion and settlement rails. Zaira API LIVE Cross-border payment APIs across live fiat corridors. Bakkt Widget LIVE Embeddable fiat-to-crypto on/off-ramp for partners. 1. Aggregate stablecoin market capitalization; all-time high reached during 2026. Source: Artemis Stablecoin Aggregator (artemis.ai), data as of June 30, 2026. 2. Adjusted stablecoin transaction volume for the month of June 2026, an all-time monthly high. "Adjusted" volume excludes inorganic activity such as bot-driven and intra-exchange transactions. Source: Visa Onchain Analytics, powered by Allium (visaonchainanalytics.com), data as of August 5, 2026. 3. Estimated total annual cross-border payment flows across all payment types for 2025. Source: FXC Intelligence, cross-border payments market sizing, March 2026 publication (fxcintel.com). 4. One core KYC framework shared across modules, with product- and market-specific requirements applied as needed. Integrate once. Activate what clients need. Capabilities, coverage and availability vary by product, client, jurisdiction and applicable approvals. BAKKT | Q2 2026
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6 LIVE OFFERINGS A broader product set available for activation. ● Trading infrastructure ● OTC — stablecoins ● OTC — digital assets ● Stablecoin on/off-ramp ● Cross-border via Zaira API ● Bakkt Widget $410M H1'26 TOTAL TRANSACTING VOLUME Payments included for the first time following the May 1 integration. $2.5B FY'26 TTV TARGET Supported by client integrations and activations progressing through defined launch stages. 01 INTEGRATE One technical integration, one regulatory relationship → 02 ACTIVATE Clients switch on products through compliance and launch → 03 SCALE Volume compounds across products on the same rails BAKKT MARKETS Six live offerings. One platform built to activate. Commercial readiness is translating into more client activity across Bakkt's regulated rails. BAKKT MARKETS A broader product set creates more ways to activate client flow. TTV is a measure of transactional activity, not revenue. FY’26 TTV target reflects management’s current expectations and assumes timing of further client activations and product launches, and is a forward-looking statement. See “KPI disclosures” in the Appendix and “Forward-Looking Statements" in the Important notice included in this presentation. BAKKT | Q2 2026
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BAKKT AGENT The intelligence layer for everyday finance Bakkt Agent turns regulated rails into deeper customer relationships and a stronger distribution model for our clients. BUILT TO CONNECT INFRASTRUCTURE, INSIGHT AND ACTION 01 Regulated rails Accounts, payments, cards and cross-border transfers. 02 Financial intelligence Customer financial context to personalize the experience. 03 Customer action A simpler interface that turns insight into action. The intelligence layer amplifies the value of every regulated rail. Illustrative product architecture; availability remains subject to applicable approvals, client integrations and product readiness. BAKKT | Q2 2026
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BAKKT AGENT One regulated platform. Three product paths. Start with embedded finance. Expand into a full financial relationship. 01 AVAILABLE NOW Bakkt Agent Embedded Finance Embed accounts, payments and international transfers into your own experience. Regulated rails through one modular platform 1 core KYC framework, 24/7 stablecoin settlement 63+ countries, 19 currencies, 10 chains Conversational AI interface: ask, understand, act 02 Co-branded card programs Launch co-branded credit-card programs that deepen everyday engagement. Built-in issuing and payments Supported by Bakkt's compliance capabilities, regulated infrastructure and bank partners Designed around your brand and customer relationship 03 TARGETED Q4 2026 Neobank-as-a-Service Integrate a branded financial experience under your brand. Accounts, savings, cards, rewards and cross-border payments Bakkt runs the regulated infrastructure A direct path to a deeper customer relationship BAKKT AGENT A modular path from embedded finance to a deeper customer relationship. Availability varies by client, jurisdiction and applicable approvals. Neobank-as-a-Service targeted for launch in Q4 2026. BAKKT | Q2 2026 TARGETED Q4 2026 TARGETED Q4 2026
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From neobanks to AI-powered finance, Bakkt Agent provides the building blocks. Your customers… Get paid checking account Save savings + goals Spend cards + rewards Send cross-border transfers One branded experience. More opportunities to engage customers every day. Neobank-as-a-Service is targeted for launch in Q4 2026 and remains subject to product readiness, applicable approvals and client launch timing. Introducing Neobank-as-a-Service BAKKT AGENT Illustrative and representative purposes
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VALUE PER CLIENT CLIENT LTV RELATIONSHIP DEPTH 01 EMBED AVAILABLE NOW Accounts · Payments · Transfers 02 ENGAGE Q4 2026 + Co-branded card program1 Accounts · Payments · Transfers 03 EXPAND Q4 2026 + Branded experience · Savings · Rewards1 + Co-branded card program Accounts · Payments · Transfers Same client. Same core KYC framework. More products, more flow. 01 MORE PRODUCTS, MORE VOLUME Each activation creates additional opportunities for fees and transacting volume on the same integration, with onboarding and KYC applied as required by product and market. 02 DATA THAT COMPOUNDS Every product adds financial context. A richer customer profile makes the next product more relevant, better timed and more likely to convert.¹ 03 RETENTION ECONOMICS Expanding a relationship costs less than acquiring a new one, and deeper product adoption can strengthen retention. 1. Use of customer data is subject to applicable privacy laws, consents and client agreements. Illustrative product sequencing; availability varies by client, jurisdiction, applicable approvals and product readiness. Co-branded card programs and Neobank-as-a-Service targeted for launch in Q4 2026. One client. A compounding relationship. Grow the client, not just the client list. Same regulated stack, whichever door they enter. Future capability; subject to product readiness, client integrations, applicable approvals and secure customer authorization. BAKKT | Q2 2026 BAKKT AGENT: COMMERCIAL STRATEGY
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THREE PILLARS Bakkt Global Strategic market access for private markets and tokenized global assets. JAPAN Private-market access Strategic foothold. Stay close to Japan's private-capital and innovation ecosystem, where local relationships matter. RWA fit. Bakkt Markets is being built to support the tokenization, settlement and distribution of eligible private-market and real-world assets. Supply-side advantage. Combine local credibility and potential asset access with Bakkt's global technology and regulated infrastructure. INDIA Broker-led distribution Broker strategy. Advance a broker-led strategy that can include acquisitions and strategic partnerships across a rapidly expanding investor base. Global assets, local reach. Build toward Bakkt-powered access to eligible tokenized global and private-market assets at scale. Consumer opportunity. Deliver through regulated Indian channels, subject to required approvals, product readiness and market conditions. Japan expands asset access. India scales distribution. Bakkt's full stack connects both. Strategic intent only. All product, transaction and market activities remain subject to applicable approvals, product readiness and market conditions. See “Forward-Looking Statements” in the Important Notice included in this presentation. BAKKT | Q2 2026 OPPORTUNITY LAYER Bakkt Global SUPPLY & ACCESS DEMAND & SCALE
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$11.5M $25.5M1 ~2.2x Aug. ‘25 Illustrative Value $9.4M2 $107.9M3 ~11.5x Jun. ‘26 Reported Fair Value Bitcoin Japan Corporation TSE-Listed: 8105 Transchem Ltd. BSE-Listed: 500422 1. $25.5M represents the carrying value of the Company's equity method investment in Bitcoin Japan Corporation (TSE: 8105) as reported in the Company's Form 10-Q ($10.6M as of 6/30/26), plus $14.9M of cash received in connection with the RIZAP arrangement (Nov. '25 – Jan. '26). Excludes $0.3M billed under that arrangement during Q2 '26 and collected end of July '26. The investment is accounted for under the equity method — the Company's share of the investee's book value on a one-quarter lag — and is not marked to market; carrying value does not reflect the quoted market price of the underlying shares. Multiple shown is relative to the approximately $11.5M invested in August 2025. Illustrative and not a guarantee of realizable value. 2. $9.4M represents amounts paid in June 2026, equal to 25% of the aggregate subscription amount for 47,500,000 warrants in Transchem Limited (BSE: 500422), allotted following receipt of required Indian regulatory approvals. Bakkt may exercise the warrants in one or more tranches within 18 months of issuance; the remaining aggregate subscription amount payable upon full exercise was approximately $28.2M as of 6/30/26. 3. $107.9M represents the fair value of the Transchem warrant position as of 6/30/26, as reported in the Company's Form 10-Q — a Level 3 measurement under ASC 820 prepared by an independent third-party valuation firm, reflecting, among other inputs, a 22% discount for lack of marketability. The warrants are unexercised; fair value is remeasured each reporting period through earnings and may increase or decrease. Not a guarantee of realizable value. 4. Strategic Asset Value (SAV) equals the aggregate value of the Company's Bakkt Global positions as reported in its consolidated balance sheet: the equity method carrying value of the Bitcoin Japan Corporation investment ($10.6M) plus the fair value of the Transchem warrants ($107.9M), approximately $118.6M as of 6/30/26. SAV excludes cash previously received and amounts receivable. See "KPI Disclosures" in the Appendix. $10.6M2 Strategic Asset Value4 Strategic Asset Value4 ~$119M of Strategic Asset Value. Derived from amounts reported in our statements every quarter. Illustrative values and Strategic Asset Value per slide footnotes; fair-value marks may increase or decrease. Not a guarantee of realizable value. BAKKT | Q2 2026 OPPORTUNITY LAYER Bakkt Global
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BAKKT MARKETS Total Transacting Volume² Aggregate notional value of transactions processed across the platform. H1'26 ACTUAL $410M FY'26 $2.5B TARGET BAKKT AGENT Monthly Active Users³ Monthly unique users completing at least one qualifying activity in an applicable Bakkt Agent-powered product. YE'26 25k TARGET BAKKT GLOBAL Strategic Asset Value⁴ Global positions as carried in the balance sheet. Not market value of underlying shares. Q2'26 ACTUAL $119M 1, 2, 3, 4 — KPIs presented are operating and statistical metrics used by management to evaluate performance and are not financial measures prepared in accordance with GAAP. YE’26 targets are management expectations and assume timing of further client activations and product launches, and are forward-looking statements. See “KPI disclosures” in the Appendix and “Forward-Looking Statements” in the Important notice included in this presentation. One KPI per engine. Tracked and updated every quarter. BAKKT | Q2 2026 Three core KPIs1 $10.6M $107.9M WHAT TO MEASURE JAPAN INDIA
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Financials
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FINANCIALS Q2'26 financial foundation Reported GAAP EPS, commercial activation and financial flexibility. Q2'26 GAAP EPS $1.94 per diluted share $80.8M GAAP net income COMMERCIAL ACTIVATION 6 Live commercial offerings Integrated and ready to scale $410M H1'26 Total Transacting Volume Across Bakkt's existing rails1 $2.5B FY'26 TTV target Current target reiterated¹ FINANCIAL FLEXIBILITY $50.7M cash & restricted cash No long-term debt Financial flexibility to invest across Markets, Agent and Global. Reported Q2 earnings. Financial flexibility. Activation ahead. 1. TTV is a measure of transactional activity, not revenue. FY’26 TTV target reflects management’s current expectations and assumes timing of further client activations and product launches, and is a forward-looking statement. See “KPI disclosures” in the Appendix and “Forward-Looking Statements" in the Important notice included in this presentation. BAKKT | Q2 2026
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FINANCIALS EBITDA + Adjusted EBITDA reconciliation Non-GAAP reconciliation retained for comparability and reference. $ in thousands (unaudited) Q2'26 Q2'25 Net income (loss) from continuing operations 80,842 (26,892) Depreciation and amortization 1,052 154 Interest expense (income), net (547) 53 Income tax expense (benefit) 5 76 EBITDA 81,352 (26,609) Share-based and unit-based compensation expense 1,892 5,791 Change in fair value of warrant liability (1,416) 8,604 Change in fair value of Transchem Warrant (98,496) — Impairment of long-lived assets Transaction-related advisory fees 1,246 3,625 — — Loss on sale of Bakkt Trust — 2,307 Debt issuance cost — 87 Adjusted EBITDA loss $(11,797) $(9,820) Adjusted EBITDA is a non-GAAP financial measure and should be considered alongside, and not as a substitute for, the Company’s GAAP financial results. This reconciliation is provided for supplemental transparency and comparability. See “Basis of Presentation” in the Important notice included in this presentation. Non-GAAP reconciliation. See “Basis of Presentation” in the Important notice on slide 3. This slide is intended to accompany, not substitute for, the Company’s GAAP financial information. BAKKT | Q2 2026
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Powering the future of global finance AUGUST 2026 $82,003.32 1.0 BTC
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Appendix
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1. KPIs presented are operating and statistical metrics used by management to evaluate performance and are not financial measures prepared in accordance with GAAP. Definitions and measurement methodologies are set out below and in the Company's Form 10-Q for the period ended June 30, 2026. The Company may refine definitions and methodologies as the underlying products and investment strategy develop; material methodology changes will be disclosed and, where practicable, prior-period information will be presented on the revised basis. 2. Total Transacting Volume ("TTV") is the aggregate notional value of transactions processed through Bakkt's platforms during the period, including: (i) digital asset purchases and sales routed through client platforms; (ii) institutional and business-to-business payments, including cross-border stablecoin payments; (iii) peer-to-peer fiat transfers; (iv) consumer and business payments processed through Bakkt's infrastructure; and (v) other transaction activity routed through Bakkt's platforms. Beginning May 1, 2026, TTV includes activity processed through the payment infrastructure acquired on April 30, 2026; activity of the acquired business before that date is not included and prior periods have not been recast. The relationship between TTV and revenue differs by transaction type: for digital asset purchases and sales, where crypto services revenue is presented on a gross basis, the notional value of transactions is generally also recognized as revenue, with substantially offsetting crypto costs and execution, clearing and brokerage fees; for payments and transfer activity, the associated fees and spreads, rather than the notional value, are recognized as revenue. TTV is an operating metric of transactional activity and is not a substitute for revenue determined in accordance with GAAP; it does not represent profitability, assets held by the Company, or cash flow. 3. A Monthly Active User ("MAU") is a unique platform user that completes at least one qualifying activity in an applicable Bakkt Agent-powered product during the calendar month. The Company has not begun reporting MAU because the applicable Bakkt Agent consumer and partner products have not yet launched commercially at scale; the approximately 25,000 figure is a management expectation for year-end 2026 and is a forward-looking statement. MAU is expected to be reported after the relevant products launch and sufficient activity exists, subject to product development, regulatory requirements, and execution of commercial agreements. There can be no assurance as to the timing or scale of such launches. 4. Strategic Asset Value ("SAV") is the aggregate value of the Company's Bakkt Global strategic positions as reported in its consolidated balance sheet: the sum of (i) the carrying value of the Company's equity method investment in Bitcoin Japan Corporation (TSE: 8105) and (ii) the fair value of the Company's warrant position in Transchem Limited (BSE: 500422), in each case as reported in the Company's consolidated financial statements. Positions are included in SAV from allotment or acquisition and removed upon disposal; cash previously received and amounts receivable are excluded (and are reflected in the Company's illustrative value presentations on slide 13 of this presentation). Because its components are measured under different accounting frameworks — the equity method, which reflects the Company's share of investee book value on a one-quarter lag and is not marked to market, and fair value under ASC 820, which reflects among other inputs a discount for lack of marketability — SAV does not represent the market value of the underlying shares, liquidation value, net asset value, revenue, income, or cash flow, and actual realizable value may differ materially. SAV methodology was revised in the second quarter of 2026 to correspond to amounts reported in the Company's financial statements; the previously communicated measure incorporated mark-to-market valuations, cash received, and committed amounts. APPENDIX KPI disclosures
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$ in thousands As of 6/30/26 (unaudited) As of 12/31/25 Assets Current assets Cash and cash equivalents $49,980 $26,962 Restricted cash 718 575 Customer funds 20,582 14,662 Investments 311 235 Accounts receivable, net 11,276 12,070 Prepaid insurance 924 2,749 Other current assets 13,609 14,947 Total current assets 97,400 72,200 Property, equipment and software, net 2,085 1,660 Goodwill 156,690 64,658 Intangible assets, net 22,862 5,550 Equity method investment 10,645 11,149 Derivative Asset — 3,352 Transchem Warrants 107,906 — Other assets 6,012 4,219 Total assets $403,600 $162,788 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued liabilities $9,847 $14,876 Customer funds payable 20,582 14,662 Deferred revenue, current — 789 Other current liabilities 591 2,703 Total current liabilities 31,020 33,030 Warrant liability 10,616 16,732 Other noncurrent liabilities 7,574 244 Total liabilities 49,210 50,006 Stockholders' equity Class A Common Stock $0.0001 par value, 560,000,000 shares authorized, 45,059,802 shares issued and outstanding as of June 30, 2026 and 25,523,039 shares issued and outstanding as of December 31, 2025 4 3 Additional paid-in capital 1,189,365 1,017,004 Accumulated other comprehensive loss 1,001 947 Accumulated deficit 835,980 905,172 Total equity 354,390 112,782 Total liabilities and stockholders' equity $403,600 $162,788 APPENDIX: FINANCIALS Balance Sheet
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$ in thousands Q2ʼ26 Unaudited) Q2ʼ25 Unaudited) Revenues: Crypto services $170,149 $568,103 Total Revenues 170,149 568,103 Operating expenses: Crypto costs 167,938 561,074 Execution, clearing and brokerage fees 1,318 4,139 Compensation and benefits 6,958 10,169 Professional services 7,194 4,028 Technology and communication 1,700 1,345 Selling, general and administrative 2,330 3,271 Depreciation and amortization 1,052 154 Impairment of long-lived assets 1,246 — Other operating expenses 26 44 Total operating expenses 189,762 584,224 Operating loss from continuing operations 19,613 16,121 Interest income (expense), net 547 53 Change in fair value of warrant liability 1,416 8,604 Change in fair value of Transchem warrant 98,496 — Other income (expense), net 284 2,038 Income (loss) from continuing operations before income taxes and equity in net earnings of affiliates 81,130 26,816 Income tax expense 5 76 Net income (loss) from continuing operations before equity in net earnings of affiliates 81,125 26,892 Loss from equity method investment 283 — Net income (loss) from continuing operations 80,842 26,892 Net loss from discontinued operations, net of tax — 3,260 Net income (loss) 80,842 30,152 Less: Net income attributable to noncontrolling interest — 15,418 Net income (loss) attributable to Bakkt, Inc. $80,842 $14,734 Net income (loss) per share attributable to Class A common stockholders Basic $ 1.96 $ 2.16 Diluted $ 1.94 $ 2.16 APPENDIX: FINANCIALS Income Statement
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$ in thousands 6 Months Ended 6/30/26 Unaudited) 6 Months Ended 6/30/25 Unaudited) Cash flows from operating activities: Net (loss) income 69,191 $ 13,915 Adjustments to reconcile loss to net cash (used in) provided by operating activities: Depreciation and amortization 1,118 374 Non-cash lease expense — 566 Share-based compensation expense 4,697 9,681 Impairment of long-lived assets 1,246 — Loss on sale of Bakkt Trust — 2,301 Gain on lease assignment — 1,755 Gain from change in fair value of warrant liability 6,116 23,644 Loss on equity method investment 504 — Change in fair value of Transchem warrant and derivative asset 97,820 — Professional fees paid in stock 1,125 — Other 58 87 Changes in operating assets and liabilities: Accounts receivable 349 1,672 Prepaid insurance 1,824 1,904 Deposits with clearing house — — Accounts payable and accrued liabilities 5,029 3,592 Unsettled crypto trades 1,304 — Due to related party — 2,360 Deferred revenue 745 535 Operating lease liabilities 573 2,698 Customer funds payable 5,920 67,230 Assets and liabilities of businesses held for sale — 3,476 Other assets and liabilities 657 493 Net cash used in operating activities 26,910 95,929 Cash flows from investing activities: Capitalized internal-use software development costs and other capital expenditures 1,987 149 Proceeds from Sale of Bakkt Trust — 4,518 Cash received from settlement of derivative arrangement 2,677 — Purchase of investments 14 — Consideration for the Acquisition of DTR 3,200 — Consideration for the acquisition of Gyzer 253 — Investment in Swan 250 — Investment in Transchem warrant 9,410 — Net cash (used in) provided by investing activities 12,437 4,369 Cash flows from financing activities: Proceeds from the exercise of warrants — 1 Withholding tax payments on net share settlements on equity awards 329 1,712 Proceeds from Equity offerings 69,602 — Cash paid for Equity offerings 2,541 — Exercise of stock options 500 — Proceeds from borrowings on revolving credit facility — 5,000 Repayments on revolving credit facility — 5,000 Cash paid for financing costs — 775 Proceeds from issuance of convertible debentures, net of issuance costs — $23,750 Net cash provided by financing activities 67,232 21,264 Effect of exchange rate changes 54 915 Net increase (decrease) in cash, cash equivalents, restricted cash, customer funds and deposits 27,939 69,381 Cash, cash equivalents, restricted cash, customer funds and deposits at the beginning of the period 44,902 153,746 Cash, cash equivalents, restricted cash, customer funds and deposits at the end of the period $ 72,841 $ 84,365 APPENDIX: FINANCIALS Cash Flow Statement
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