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  "documentTitle": "Bakkt | SPAC Presentation Deck | 34 slides",
  "authorId": "bakkt",
  "authorName": "Bakkt",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2021-01-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 7,
  "pageCount": 34,
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  "nextPage": 8,
  "slideType": "traction",
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  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "Includes a table of capital investment, a logo grid of stakeholders, and a pie chart of ownership.",
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  "slideHref": "/slides/019de510-4769-7582-a8d9-21e9d3967e7a/7",
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  "components": [
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      "kind": "chart",
      "text": "Pro Forma Ownership: Bakkt Equity Holders 78%, PIPE 12%, VIH Public Shareholders 8%, VIH Founder Shares 2%",
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      "kind": "disclaimer",
      "text": "(1) Represents ownership on a fully-diluted basis. (2) Pro forma cash includes $82 million of cash on Bakkt balance sheet. Minimum cash condition is $425 million. (3) Represents ICE pro forma economic interest, ICE's effective voting interest will be below 50%. Represents ownership on a fully-diluted basis.",
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      "kind": "image",
      "text": "BCG, ICE, Microsoft, PayU, Starbucks",
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      "kind": "list",
      "text": "Bakkt is currently 81% owned by ICE but also maintains marquee strategic and venture capital stakeholders including Boston Consulting Group, Microsoft's M12, Starbucks and PayU. In building this platform, ICE and minority investors have contributed more than $880 million of capital and assets to date, leveraging ICE's leading competency of creating and operating market infrastructure. ICE is rolling 100% of its equity stake and has anchored the PIPE with a $50 million commitment. Pro forma $574 million cash to accelerate growth.",
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      "kind": "table",
      "text": "Series A - Cash invested $183; Series A - ICE asset contribution $400; Series B - $39.2mm of cash invested and contribution of $260.8mm of B2S assets acquired by ICE $300; Total $883",
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      "kind": "title",
      "text": "Bakkt Has Strong Institutional Support",
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      "evidence": "table/data: Series A - Cash invested $183; Series A - ICE asset contribution $400; Series B - $39.2mm of cash invested and contribution of $260.8mm of B2S assets acquired by ICE $300; Total $883",
      "confidence": 0.9
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      "evidence": "The document presents the iceberg loop on pages 7-8, highlighting Bakkt's strong institutional support and traction.",
      "position": 0,
      "objective": "Highlighting Bakkt's strong institutional support and traction",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
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