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Such statements include, but are not limited to, statements regarding our financial projections,\nincluding Bakkt's outlook for the fiscal year 2024, the impacts from the Bakkt Crypto acquisition, the impacts of cost-reduction initiatives, and Bakkt's guidance, plans,\nobjectives, expectations and intentions with respect to future operations, products, services and the application of Bakkt's available cash, among others. Forward-looking\nstatements can be identified by words such as \"will,\" \"likely,\" \"expect,\" \"continue,\" \"anticipate,\" \"estimate,\" \"believe,\" \"intend,\" \"plan,\" \"projection,\" \"outlook,\" \"grow,\"\n\"progress,\" \"potential\" or the negative of these words or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of\nBakkt's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict\nand beyond Bakkt's control. Bakkt's ability to continue as a going concern, actual results and the timing of events may differ materially from the results anticipated in such\nforward-looking statements as a result of the following factors, among others: Bakkt's ability to grow and manage growth profitably; changes in Bakkt's business strategy;\nBakkt's ability to integrate its acquisitions and achieve desired synergies; Bakkt's future capital requirements and sources and uses of cash, including funds to satisfy its\nliquidity needs; Bakkt's inability to maintain the listing of its securities on the New York Stock Exchange; changes in the market in which Bakkt competes, including with\nrespect to its competitive landscape, technology evolution or changes in applicable laws or regulations; changes in the markets that Bakkt targets; disruptions in the crypto\nmarket that subject Bakkt to additional risks, including the risk that banks may not provide banking services to Bakkt; the possibility that Bakkt may be adversely affected\nby other economic, business, and/or competitive factors; the inability to launch new services and products or to profitably expand into new markets and services; the\ninability to execute Bakkt's growth strategies, including identifying and executing acquisitions and Bakkt's initiatives to add new clients; Bakkt's failure to comply with\nextensive government regulation, oversight, licensure and appraisals; uncertain regulatory regime governing blockchain technologies and crypto; the inability to develop\nand maintain effective internal controls and procedures; the exposure to any liability, protracted and costly litigation or reputational damage relating to Bakkt's data\nsecurity; the impact of any goodwill or other intangible assets impairments on Bakkt's operating results; and other risks and uncertainties indicated in Bakkt's filings with\nthe Securities and Exchange Commission. You are cautioned not to place undue reliance on such forward-looking statements. Such forward-looking statements relate only\nto events as of the date on which such statements are made and are based on information available to us as of the date of this presentation. 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The operating data on this slide is unaudited.\nPlease refer to the Notes section in this presentation for definitions.\nSource: The Block; Industry data represents total cryptocurrency exchange volume.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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We are continuing to grow our network of institutional clients, which includes Bitcoin ETF providers and asset managers\nCustody is a key foundation for our clients. 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(\"ICE\") owned an aggregate of 64% of shares, consisting of both Class A and Class V, based on a Schedule 13D/A filed with the SEC by ICE and its affiliates on April 28,2023.\n2 Shares do not include ICE's warrants or the shares they may purchase under the registered direct securities purchase agreement, the closing of which is expected to occur in the coming months. As of March 15, 2024, ICE owned an aggregate of 55% of shares, consisting of both Class A and Class V, based on a Schedule 13D/A filed with the SEC by ICE and its affiliates on March 4, 2024.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"at": "2026-05-01 23:11:25.13+00", "seconds": 7.151, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de518-384d-762c-8987-b2cf4749ac45/16", "deck": "/decks/019de518-384d-762c-8987-b2cf4749ac45", "deckAnchor": "/decks/019de518-384d-762c-8987-b2cf4749ac45#slide-16", "deckJson": "/decks/019de518-384d-762c-8987-b2cf4749ac45.json" }, "components": [ { "bbox": { "h": 0.289, "w": 0.4406, "x": 0.0458, "y": 0.602 }, "kind": "chart", "text": "NOTIONAL TRADED VOLUME\nLoyalty redemption ($mm)\nCrypto ($mm)\nTotal crypto mkt ($T)\n$800\n$677\n$4.0\n$636\n$3.0\n$531\n$400\n$193\n$263\n$198\n$442\n$2.0\n$366\n$239\n$176\n$200\n$414\n$1.0\n$443\n$334\n$191\n$203\n$0\n$0.0\n4Q22\n1Q23\n2Q23\n3Q23\n4Q23", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:25.13+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f151488-04fa-485e-bda4-47be841748e1", "parentComponentId": null }, { "bbox": { "h": 0.269, "w": 0.4406, "x": 0.5094, "y": 0.304 }, "kind": "chart", "text": "TRANSACTING ACCOUNTS (THOUSANDS)\nLoyalty redemption\nCrypto\n2,000\n1,490\n1,500\n1,180\n1,181\n1,046\n915\n1,000\n956\n687\n740\n592\n700\n500\n534\n493\n441\n454\n215\n0\n4Q22\n1Q23\n2Q23\n3Q23\n4Q23", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:25.13+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d038b83c-1e5e-476d-a4dc-adcfce72645e", "parentComponentId": null }, { "bbox": { "h": 0.269, "w": 0.4406, "x": 0.0458, "y": 0.304 }, "kind": "chart", "text": "CRYPTO-ENABLED ACCOUNTS (MM)\n6.5\n6.2\n6.1\n6.0\n5.8\n5.6\n5.5\n5.0\n4Q22\n1Q23\n2Q23\n3Q23\n4Q23", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:25.13+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d944c50-2825-4899-a179-563c1e9934dc", "parentComponentId": null }, { "bbox": { "h": 0.289, "w": 0.4406, "x": 0.5094, "y": 0.602 }, "kind": "chart", "text": "ASSETS UNDER CUSTODY ($MM)\n$800\n$708\n$660\n$702\n$600\n$496\n$506\n$400\n$200\n$0\n4Q22\n1Q23\n2Q23\n3Q23\n4Q23", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:25.13+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "575cde7d-ffa0-4f45-a3af-b67672c2d95d", "parentComponentId": null }, { "bbox": { "h": 0.144, "w": 0.9375, "x": 0.0303, "y": 0.129 }, "kind": "list", "text": "Crypto enabled accounts of 6.2mm have continued to increase steadily QoQ through 2023\nCrypto trading volume up 6% QoQ as improving industry wide volumes were partially offset by continued lower activity from Webull Pay customers\nLoyalty redemption volume down 9% YoY driven by lower redemption activity in merchandise, travel and gift cards\nAssets under custody of $702mm up 41% YoY due to higher coin prices", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", 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The operating data on this slide is unaudited. Please refer to the Notes section in this presentation for definitions.\nSource: The Block; Industry data represents total cryptocurrency exchange volume.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 7, "loop": { "name": "15_why_now", "slug": "15-why-now", "status": "active", "bestFor": "Sales pitches, fundraising, requesting immediate budget approval", "canonId": "019dd956-6c00-70cd-bd42-6bacc4af726f", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity", "description": "Create temporal urgency by proving that the window of opportunity is opening or closing", "familyLabel": null }, "matchId": "64cb8848-18c1-4a92-b5fb-cef0ba3d2abe", "evidence": "Bakkt presents its solutions and updated outlook, indicating that current market conditions and its platform make it an optimal time for growth and profitability.", "position": 1, "objective": "Why is now the right time to execute on key priorities?", "confidence": 0.6, "extraction": { "at": "2026-07-16 23:15:22.969747+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 17, "type": "setup", "function": "summarize", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 3, "textChars": 1451, "nDataPoints": 30, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-01 23:11:23.427+00", "seconds": 5.378, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de518-384d-762c-8987-b2cf4749ac45/17", "deck": "/decks/019de518-384d-762c-8987-b2cf4749ac45", "deckAnchor": "/decks/019de518-384d-762c-8987-b2cf4749ac45#slide-17", "deckJson": "/decks/019de518-384d-762c-8987-b2cf4749ac45.json" }, "components": [ { "bbox": { "h": 0.299, "w": 0.402, "x": 0.043, "y": 0.203 }, "kind": "list", "text": "$70.3mm of cash, cash equivalents and available-for-sale securities.\n4Q23 cash usage of $20.8mm includes $4.4mm of insurance spend\nCapex¹ spend of $1.5mm\nFull year 2023 cash usage of $169.1mm includes ~$55mm of cash purchase price for Bakkt Crypto\nCapex¹ spend of $9.4mm", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:23.427+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6da47f5a-7075-4f71-8421-5d1cf9a062ee", "parentComponentId": null }, { "bbox": { "h": 0.063, "w": 0.777, "x": 0.083, "y": 0.906 }, "kind": "source-note", "text": "Note: Cash usage is calculated using changes in Cash & cash equivalents and Available-for-sale securities and other non-restricted cash balances over a specified time period. Fourth quarter 2023 cash usage of $20.8mm is calculated by adding the change in Cash & cash equivalents and other non-restricted cash balances from 9/30/23 to 12/31/23 of ($15.5)mm with the change in Available-for-sale securities from 9/30/23 to 12/31/23 of ($5.3)mm.\n¹Capex defined as capitalized internal-use software development costs and other capital", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:23.427+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "abe707b8-c63c-4351-843d-4211acae69ef", "parentComponentId": null }, { "bbox": { "h": 0.701, "w": 0.401, "x": 0.489, "y": 0.14 }, "kind": "table", "text": "$mm's\nAssets\nCash & cash equivalents\nAvailable-for-sale securities\nSafeguarding asset for crypto\nOther current assets\nTotal current assets\nGoodwill\nIntangible assets, net\nOther assets\nTotal assets\nLiabilities and stockholders' equity\nCurrent liabilities\nSafeguarding obligation for crypto\nNoncurrent liabilities\nTotal liabilities\nTotal stockholders' equity\nNoncontrolling interest\nTotal equity\nTotal liabilities and stockholders' equity\nAs of 12/31/23\n52.9\n17.4\n701.6\n110.8\n882.6\n68.0\n2.9\n13.3\n966.9\n100.5\n701.6\n29.1\n831.2\n48.3\n87.4\n135.7\n966.9\nAs of 12/31/22\n98.3\n141.1\n15.8\n71.3\n326.5\n15.9\n55.8\n57.4\n455.5\n76.3\n15.8\n27.3\n119.4\n96.3\n239.8\n336.1\n455.5", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:23.427+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20785b14-de32-44ed-a3f0-96ab0a42a34d", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "41901dd8-077d-4045-b0f6-f8d0506e60a3", "evidence": "table/data: $mm's Assets Cash & cash equivalents Available-for-sale securities Safeguarding asset for crypto Other current assets Total current assets Goodwill Intangible assets, net Other assets Total assets Liabilities", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 02:03:10.824442+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 7, "name": "Satisfaction", "beatId": "3771f809-2244-48a0-af1a-fc3c1a297ec6", "matchId": "45f99db4-b710-4306-9243-5d2e15abbd81", "beatType": { "name": "Satisfaction", "slug": "monroes-sequence-satisfaction", "status": "active", "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8", "version": 1, "description": null }, "evidence": "Bakkt presents its solutions, including expanding retail and institutional crypto capabilities, and provides an updated outlook for 2024, satisfying the audience's need for growth and profitability.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 7, "loop": { "name": "15_why_now", "slug": "15-why-now", "status": "active", "bestFor": "Sales pitches, fundraising, requesting immediate budget approval", "canonId": "019dd956-6c00-70cd-bd42-6bacc4af726f", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity", "description": "Create temporal urgency by proving that the window of opportunity is opening or closing", "familyLabel": null }, "matchId": "64cb8848-18c1-4a92-b5fb-cef0ba3d2abe", "evidence": "Bakkt presents its solutions and updated outlook, indicating that current market conditions and its platform make it an optimal time for growth and profitability.", "position": 1, "objective": "Why is now the right time to execute on key priorities?", "confidence": 0.6, "extraction": { "at": "2026-07-16 23:15:22.969747+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 18, "type": "setup", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 3, "textChars": 1229, "nDataPoints": 10, "notes": null, "elementsJson": null, "confidence": 0.9, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-01 23:11:22.75+00", "seconds": 4.565, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de518-384d-762c-8987-b2cf4749ac45/18", "deck": "/decks/019de518-384d-762c-8987-b2cf4749ac45", "deckAnchor": "/decks/019de518-384d-762c-8987-b2cf4749ac45#slide-18", "deckJson": "/decks/019de518-384d-762c-8987-b2cf4749ac45.json" }, "components": [ { "bbox": { "h": 0.505, "w": 0.36, "x": 0.585, "y": 0.22 }, "kind": "chart", "text": "OPERATING EXPENSES¹ ($mm)\n$240.\n↓19%\n$195\n↓~13-18%\n$160-$170\n2022\n2023\n2024E target 2", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:22.75+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0dd8436c-6908-4447-8056-51b73865e3b7", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.52, "x": 0.048, "y": 0.216 }, "kind": "list", "text": "Available cash, cash equivalents and AFS securities as of 2/29/24 (pre-capital raise) of $38.1mm\nCash usage in January and February was unusually high due to timing of annual payments and a $4.9mm increase in surety bond collateral\nReceived ~$38mm in cash related to net proceeds from preliminary close of Third Party Offering\nExpect $68mm - $72mm of available cash, cash equivalents and AFS securities at 3/31/24\nOur current cash, cash equivalents and AFS securities are expected to provide sufficient capital to fund operations for at least the next 12 months\nContinued discipline and focus on prudent expense management\n2H23 operating expenses¹ down 42% from 1H23\n2024 operating expenses 1,2 expected to decline ~13-18% from 2023\nFocus on controllable profitability levers including increasing recurring revenue streams", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:22.75+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4fa9ee8-e365-4365-9e6a-e3cad317f19d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.816, "x": 0.109, "y": 0.93 }, "kind": "source-note", "text": "1 Operating expenses excluding crypto costs, execution, clearing and brokerage fees and goodwill, intangible and long-lived assets impairments.\n1,2 Expected 2024 operating expenses as depicted on this slide is based on midpoint of expected range for 2024 outlook. For more information on outlook, please refer to slide 19.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:22.75+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ad73d3a-0076-4712-b193-5c05d1df61a2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 7, "name": "Satisfaction", "beatId": "3771f809-2244-48a0-af1a-fc3c1a297ec6", "matchId": "45f99db4-b710-4306-9243-5d2e15abbd81", "beatType": { "name": "Satisfaction", "slug": "monroes-sequence-satisfaction", "status": "active", "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8", "version": 1, "description": null }, "evidence": "Bakkt presents its solutions, including expanding retail and institutional crypto capabilities, and provides an updated outlook for 2024, satisfying the audience's need for growth and profitability.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 7, "loop": { "name": "15_why_now", "slug": "15-why-now", "status": "active", "bestFor": "Sales pitches, fundraising, requesting immediate budget approval", "canonId": "019dd956-6c00-70cd-bd42-6bacc4af726f", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Context (Trends) -> The Trigger Event -> The Window of Opportunity", "description": "Create temporal urgency by proving that the window of opportunity is opening or closing", "familyLabel": null }, "matchId": "64cb8848-18c1-4a92-b5fb-cef0ba3d2abe", "evidence": "Bakkt presents its solutions and updated outlook, indicating that current market conditions and its platform make it an optimal time for growth and profitability.", "position": 1, "objective": "Why is now the right time to execute on key priorities?", "confidence": 0.6, "extraction": { "at": "2026-07-16 23:15:22.969747+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 19, "type": "setup", "function": "quantify_opportunity", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 4, "textChars": 1534, "nDataPoints": 20, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-01 23:11:23.253+00", "seconds": 4.544, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de518-384d-762c-8987-b2cf4749ac45/19", "deck": "/decks/019de518-384d-762c-8987-b2cf4749ac45", "deckAnchor": "/decks/019de518-384d-762c-8987-b2cf4749ac45#slide-19", "deckJson": "/decks/019de518-384d-762c-8987-b2cf4749ac45.json" }, "components": [ { "bbox": { "h": 0.59, "w": 0.329, "x": 0.593, "y": 0.202 }, "kind": "list", "text": "Key Assumptions\nGross Crypto Revenue, Crypto Costs and ECB\nRange is based on a range of retail trading engagement\nmetrics\nExpect 2x - 3x growth in crypto trading accounts with\nsignificant contribution from new clients\nActivation of crypto coin pairs in second half 2024 to\nsupport international retail trading demand\nAddition of institutional clients with steady ramp-up in\nassets under custody in 2H'24\nCrypto costs and ECB in line with gross crypto revenue\nOperating expenses¹\nIntegration of regulated entities beginning March 2024\nNo acquisition/inorganic transaction expenses\nAssume no further impairments and non-cash\ncompensation consistent with 2023 levels. Expect\n$13mm-$16mm of non-cash comp and $0.5mm-$1.5mm\nof depreciation and amortization.", "attrs": {}, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:23.253+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d3074f4-97f4-4815-95c2-47574847d2fa", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.799, "x": 0.085, "y": 0.91 }, "kind": "source-note", "text": "1 Operating expenses excluding crypto costs, execution, clearing and brokerage fees and goodwill, intangible and long-lived assets impairments.\nNote: All financial data on this slide is unaudited. Free cash flow is a non-GAAP financial measure. For more information, please refer to the Notes section in this presentation.", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:23.253+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9bc385f4-59f0-4293-9d0a-349cd6a6d9fb", "parentComponentId": null }, { "bbox": { "h": 0.53, "w": 0.495, "x": 0.05, "y": 0.202 }, "kind": "table", "text": "FINANCIAL METRIC\nOUTLOOK\nRevenues\nTotal revenues of $3,292mm - $5,114mm\nGross crypto revenues of $3,239mm -\n$5,057mm\nNet loyalty revenues of $53mm - $57mm\nCrypto costs and ECB\n$3,220mm - $5,027mm\nTotal operating expenses¹\n$160mm - $170mm\nOperating cash flow usage\n($58mm - $72mm)\nFree Cash Flow (non-GAAP)\nusage\n($65mm $79mm)\nEnd of year available cash,\ncash equivalents and\navailable-for-sale securities\n$35mm $50mm", "attrs": {}, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "KPI table", "slug": "kpi", "status": "active", "canonId": "019de52d-0324-7799-a84e-d0885a8ad400", "version": 1, "description": null }, "framework": null }, "subkind": "kpi", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:23.253+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a18eb5e2-6fe4-4ac8-9d46-75563a00f630", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.68, "x": 0.069, "y": 0.086 }, "kind": "title", "text": "Updating our expected full year 2024 outlook", "attrs": {}, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-01 23:11:23.253+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95b19cc8-f931-4520-92a6-1be700953cbe", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 20, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 7, "name": "Satisfaction", "beatId": "3771f809-2244-48a0-af1a-fc3c1a297ec6", "matchId": "45f99db4-b710-4306-9243-5d2e15abbd81", "beatType": { "name": "Satisfaction", "slug": "monroes-sequence-satisfaction", "status": "active", "canonId": "019dd9b8-16a5-73c8-a3ce-00850dc2cbd8", "version": 1, "description": null }, "evidence": "Bakkt presents its solutions, including expanding retail and institutional crypto capabilities, and provides an updated outlook for 2024, satisfying the audience's need for growth and profitability.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. 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