Bakkt, Inc. · NYSE:BKKT
Bakkt — Investor Day (March 2026)
64 slides from Bakkt's investor day presentation, March 2026
Slide 1: Investor Day 2026
Investor March 2026 Day 2026 $74,743.22 1.0 BTC
Slide 2: Important notice
Important notice Unless the context otherwise provides, “we,” “us,” “our,” “Bakkt” and like terms refer to Bakkt Holdings, Inc. and its subsidiaries. FORWARD-LOOKING STATEMENTS This presentation and accompanying remarks contain “forward-looking statements” within the meaning of Section 27A of the U.
Slide 3: Welcome
PRESENTER Akshay Naheta Welcome CEO, BAKKT
Slide 4: Agenda | A new chapter for Bakkt
Investor Day Agenda | A new chapter for Bakkt Welcome and CEO Remarks Our Strategy and What Matters Market and Tailwinds Product Deep Dives Bakkt Markets Bakkt Agent Bakkt Global Financials Closing + Q&A
Slide 5: Our mission
Our mission Build the secure infrastructure and products that make money work in real life, globally.
Slide 6: A next-gen financial ecosystem
The vision for platform A next-gen financial ecosystem
Slide 7: The three growth engines
Who we are The three growth engines To market, faster. Frictionless. Intelligent. Auditable. International expansion. Value creation. Bakkt Markets Bakkt Agent Bakkt Global Institutional-grade Programmable money & AI Expanding technology and infrastructure for digital assets powered finance services
Slide 8: The accelerants
How we win The accelerants Bakkt Agent Bakkt Markets Tier-11 Telco Partnerships Distribution Partnerships 1 Bakkt has entered into partnership arrangements with one or more tier-1 telecommunications operators. Counterparty names are not disclosed at this time at the request of the respective partner
Slide 9: Three core KPIs going forward
What to measure 1 Three core KPIs going forward Bakkt Markets Bakkt Agent Bakkt Global Total Monthly Strategic Transacting Active 3 Asset Volume 2 Users Value 4 1, 2, 3, 4 - ¹ KPIs presented reflect management's strategic framework for evaluating business performance going forward and are not curren
Slide 10: Bakkt + DTR transaction
The value-add Bakkt + DTR transaction Product and Technology Team • New Products • Talent • New Revenue Streams • Global Expansion • Accretive technology • Markets / Agent / Global The DTR acquisition remains subject to customary closing conditions, including shareholder vote, and has not been consu
Slide 11: DTR unlocks Bakkt's access to cross-border volume
TAM DTR unlocks Bakkt’s access to cross-border volume Retail cross-border $67.3tn payment flows by use case Large Enterprise Goods SMB Services $tn Large Enterprise Services Consumer-to-Business SMB Goods Business-to-Consumer Consumer-to-Consumer $44.0tn B2B1 Stablecoin On/Off Ramps Fees on every
Slide 12: Bakkt's regulated infrastructure is already built for GENIUS + CLARITY
The opportunity Bakkt’s regulated infrastructure is already built for GENIUS + CLARITY 01 Institutional Entry 02 Stablecoin Expansion 03 Global Standardization 1 CLARITY Act is proposed federal legislation that has not been enacted into law as of the date of this presentation. There can be no assura
Slide 13: Bakkt Markets
PRESENTER Bakkt Nicholas Baes Markets COO, BAKKT
Slide 14: DTR transaction | Expanding Bakkt Markets capabilities
Bakkt Markets DTR transaction | Expanding Bakkt Markets capabilities Over-the-counter Stablecoin: Compliance stack trading on/off ramp and onboarding Higher-margin execution Payment/settlement fees Faster client onboarding Larger institutional transactions Cross-border transaction volume Scalable co
Slide 15: The institutional digital asset trading layer
Bakkt Markets The institutional digital asset trading layer PRICE DISCOVERY EXECUTION SETTLEMENT Best-Bid-Offer Engine Order Management & Risk Flexible Settlement Rails Aggregates real-time pricing across multiple Every order is validated for minimum size, Three clearing models — Bakkt Marketplace,
Slide 16: Differentiation in the market
Bakkt Markets Differentiation in the market Flexibility Tech stack We let partners choose the structure that fits their business Institutional-grade execution — no one-size-fits-all approach, and no ripping out existing engine with real-time risk infrastructure to plug in. controls, built on modular
Slide 17: Upgraded scale through partnerships and integration
Bakkt Markets Upgraded scale through partnerships and integration Enables U.S. regulated Expands global Consumer app to spend Adds cross-border trading infrastructure customer base digital assets via an payments, settlements Oobit-issued debit card Expands institutional Highlights platform Expands p
Slide 18: From infrastructure to revenue growth: expanding partnerships and capabilities
Bakkt Markets From infrastructure to revenue growth: expanding partnerships and capabilities Regulatory Onboarding New Growing Current Infrastructure Customers Offerings Plug-and-play solution Pan-US MTL coverage Products enabled by DTR + NY BitLicense Access to US customer base Cross-sell across tr
Slide 19: Bakkt Agent
Investor Day Bakkt Agent
Slide 20: Tech + Product
PRESENTERS Ankit Khemka CPO, BAKKT Tech + Remi Tuyaerts Product CTO, DTR
Slide 21: Core pillars that give Bakkt a strategic advantage
Finance is evolving Core pillars that give Bakkt a strategic advantage Technology Efficiency Modular tech stack, Lower cost-to-serve, volume built to scale without linear headcount Programmability Distribution Products built for the world of Existing networks of hundreds programmable finance of mill
Slide 22: Technology
Technology
Slide 23: Here's the tech that makes it all work
Here’s the tech that makes it all work.
Slide 24: A modular fintech platform that's built for scale and safety
Tech A modular fintech platform that’s built for scale and safety. ZAIRA APP HALO AGENT CLIENTS ZAIRA API ONBOARDING API ACCOUNTS API STABLECOIN API BAKKT MARKETS API MESSAGING BUS ZAIRA REFERRAL ESIM CARD BROKER ONBOARD KYC ON/OFFRAMP TREASURY TX AGENT MS MS MS MS MS MS MS MS DATA LAKE AI WORKFORCE
Slide 25: Efficiency
Efficiency
Slide 26: Legacy financial institutions scale with headcount. We scale with automation
Efficiency Legacy financial institutions scale with headcount. We scale with automation. AI agents handle routine ops and risk, end-to-end Bakkt operates Agentic stacks at every layer 1 Statements are forward-looking and reflect management's expectations based on the anticipated operating leverage o
Slide 27: AI powers how we work
Efficiency AI powers how we work Clara Lucy Rafi Knowledge | Internal Anomaly Detection | Internal Coding | Internal Rafi accelerates engineering Ask Clara anything about the Lucy watches every by writing, reviewing, and platform. She reads every transaction for unusual testing code with platform da
Slide 28: Faster, simpler, more reliable money movement
For our consumers, this means faster, simpler, more reliable money movement.
Slide 29: Programmability
Programmability
Slide 30: Building products for a world where money is programmable
Bakkt is building products for a world where money is programmable.
Slide 31: Our composable API products
Programmability Our composable API products Zaira API Accounts API Stablecoin API • Chat-native cross-border • Debit, credit and • 57+ countries payments savings accounts. off-ramp destinations • Voice, Text, Image support • Virtual named accounts in • 15+ currencies • Single API endpoint integratio
Slide 32: Implementation of our products
Programmability Implementation of our products • Embedded in the mortgage journey • Zoth is building a “stablecoin financial infrastructure” • Better waives the mortgage fee, clear consumer value that connects traditional finance assets (like bonds or • Better brings the mortgage relationship; trade
Slide 33: An intelligent, self-evaluating agent swarm powering global remittances
Zaira API An intelligent, self-evaluating SETTLEMENT agent swarm powering global LOGGING AGENT AGENT MONITOR AGENT remittances. KYC AGENT ERROR AGENT ALERT ANALYTICS AGENT AGENT PRIMARY UI AGENT AGENT ROUTING AGENT Orchestration Primary agent, LLM organisting flow of information USER AGENT FX AGENT
Slide 34: Our direct to consumer products
Programmability Our direct to consumer products Zaira app Everyday Money app AI-powered loan underwriting1 • Chat-native remittance app • Full-service mobile • AI-assisted underwriting • Offers global money movement banking for daily use and decisioning from U.S. to 57+ countries • Debit + savings,
Slide 35: Built for everyday money
Programmability Built for everyday money Get paid checking account Save savings + goals Built for the Spend cards + rewards global audience Send cross-border transfers Premium, accessible design. Data-driven insights across Control insights + alerts spend, save, and send.
Slide 36: Distribution
Distribution
Slide 37: Plug into existing networks to turn consumer attention into businesses
Plug into existing networks to turn consumer attention into large, durable businesses
Slide 38: Global telecom distribution partnerships
Partnerships Global telecom distribution partnerships Telecom markets are highly concentrated. Typically two to three operators serve most customers. We have plans to partner with leading operators in geographies where we launch1. That gives immediate reach through their existing distribution channe
Slide 39: Accelerating time-to-scale and revenue growth with a cost advantage
Partnerships Accelerating time-to-scale and revenue growth with a cost advantage The engine: Bakkt Bakkt’s regulated rails, compliance, and security underpin the product at scale. Leveraging owned The catalyst: Disruptive partnerships marketing engine Unparalleled brand trust and reach drive awarene
Slide 40: Global: Strategic International Expansion
Global: Strategic International Expansion
Slide 41: Building independently governed businesses in high-growth markets
Building independently governed businesses in the world’s highest-growth markets.
Slide 42: Scalable, repeatable model
Bakkt Global Scalable, repeatable model HIGH GROWTH OPPORTUNITIES Cash invested Ownership stake Capital discipline PRODUCTS + UNIQUE BUSINESS SERVICES STRATEGY Recurring revenue Strategic Shareholder Value Compounding Growth INDEPENDENT GOVERNANCE 1 The Bakkt Global investment model is in its early
Slide 43: Japan Business
Bakkt Global Japan Business $37.0M1 Bitcoin Japan Corporation 3x TSEListed: 8105 $11.5M Powering AI Bitcoin Economy Detailed Business Strategy at AGM Aug. ‘25 Current Value 1 TSE:8105 share price of 206 JPY/share @ 159.74 JPY/USD × 16,864,650 shares owned = $21.7M market value; plus $14.9M cash r
Slide 44: India Business
Bakkt Global India Business $50.7M3 $10M Warrant Subscription 5x Pending Regulatory Approval $10.0M1 Broker/Dealer M&A Rollout Global + Tokenized Investments 2 Mar. ‘26 Current Value 1 $10.0M represents total warrant subscription commitment for 47,500,000 warrants in Transchem Limited (BSE: 500422)
Slide 45: What's in store for 2026?
What’s in store for 2026? New partnerships New opportunities Global scale …More ahead
Slide 46: Accelerating time-to-scale and revenue growth with a cost advantage
Partnerships Accelerating time-to-scale and revenue growth with a cost advantage The engine: Bakkt Bakkt’s regulated rails, compliance, and security underpin the product at scale. Leveraging owned The catalyst: Disruptive partnerships marketing engine Unparalleled brand trust and reach drive awarene
Slide 47: How we got here
Investor Day How we got here
Slide 48: Governance and leadership refresh
New people, new direction Governance and leadership refresh Leadership Board of Directors Akshay Naheta Sean Akshay CHIEF EXECUTIVE OFFICER Collins Naheta Ankit Khemka Karen Alexander Colleen Mike CHIEF PRODUCT OFFICER CHIEF FINANCIAL OFFICER Brown Alfred Nicholas Baes Marc D’Annunzio CHIEF OPERATIN
Slide 49: 2025: from transformation to acceleration
Reflecting on the past 12 months 2025: from transformation to acceleration Leadership reset Focus regained Capital structure Full platform governance rebuilt digital asset simplified re-architecture for execution infrastructure platform capital flexibility restored positioning bakkt for scale • Appo
Slide 50: Financials
PRESENTER Karen Alexander Financials CFO, BAKKT
Slide 51: FY'25 results: continuing operations year-over-year
Financials FY’25 results: continuing operations year-over-year Net Income (Loss) from Continuing Operations Adjusted EBITDA $34 Revenues Operating Expenses 1 All financial figures presented are in thousands. Revenue figures represent gross crypto services revenue, substantially all of which is offs
Slide 52: FY'25: legacy impact
Financials FY’25: legacy impact Loyalty Divestiture $34.6M Sold 10/1/25 to Roman DBDR; Loss from discontinued operations Up-C Collapse $26.9M Completed 11/3/25; TRA settlements; clean cap structure, non-controlling interest zeroed out Restructuring expenses $5.3M Severance and platform restruc
Slide 53: The result: a clean platform with capital to execute
Financials The result: a clean platform with capital to execute Removed Current 01 Discontinued operations Cash as at 2/28/26 02 Long-term debt 03 Non-controlling interest ~$88M 1 ¹ Cash and cash equivalents as of December 31, 2025 per audited balance sheet plus gross proceeds from registered direct
Slide 54: Q&A Closing Remarks
Investor Day Q&A + Closing Remarks
Slide 55: Powering the future of global finance
Powering the future March 2026 of global finance $74,743.22 1.0 BTC
Slide 56: Appendix
Investor Day Appendix
Slide 57: Stablecoins, inevitable
Appendix Stablecoins, inevitable $200T Legacy rails SWIFT, ACH, Brick & Mortar Banks Stablecoins $6T infrastructure eats payment networks over the Application & payments layer next decade Stripe, Circle, Chime, Revolut $2T Market infrastructure Coinbase, Zero Hash, Paxos, Copper, Bakkt ¹ Represents
Slide 58: B2B2C
Appendix B2B2C CLIENT LAYER BAKKT LAYER EXTERNAL PARTNER LAYER 1 2b Customer Client System Bakkt Trade Engine Liquidity Providers Trading Application Ux/Ui BBO · OMS · Risk Controls Two - Eight Per Asset Pair 3a 3b Bakkt Reconciliation Client File · LP File 3c 4a 4b Fiat Funding Onramp Banking Netwo
Slide 59: Diverse revenue model
Appendix Diverse revenue model Bakkt Markets Bakkt Agent¹ Bakkt Global Bakkt Institutional Bakkt f(x) APIs White Label Solutions Investment Management Fees Stablecoin Net Asset Market Making Trading Volume Flow of Funds AUM Transaction Volume Value ("NAV") + × × × + × OTC Spreads Spread Spread % Fee
Slide 60: KPI disclosures
Financials KPI disclosures 1. KPIs presented are forward looking and reflect management's strategic framework for evaluating business performance going forward. These metrics are not currently reported in the Company's SEC filings, including its Annual Report on Form 10-K or quarterly earnings relea
Slide 61: FY25 Condensed Balance Sheet
Financials FY25 Condensed Balance Sheet $ in thousands (unaudited) December 31, 2025 December 31, 2024 Discontinued operations completed Assets Assets held for sale fully wound down ($17.5M → $0), non-core Cash & cash equivalents 26,962 39,049 businesses exited Restricted Cash 575 24,889 Equity meth
Slide 62: FY25 Condensed P&L
Financials FY25 Condensed P&L $ in thousands, except for share information (unaudited) FY25 FY24 Revenue down 32% YoY ($3.4B → $2.3B) Crypto services revenue 2,335,243 3,441,056 In line with broader crypto market1 and the reduction in revenues Total Revenue from the reduced services to Webull in Q1’
Slide 63: Non-GAAP Financial Metrics Disclosure
Financials Non-GAAP Financial Metrics Disclosure This release includes discussions of non-GAAP financial measures such as EBITDA and Adjusted EBITDA, which are financial measures that are not calculated in accordance with generally accepted accounting principles in the United States of America (“GAA
Slide 64: FY25 EBITDA and Adjusted EBITDA Reconciliation (non-GAAP)
Financials FY25 EBITDA and Adjusted EBITDA Reconciliation (non-GAAP) $ in thousands (unaudited) FY25 FY24 Improved to ($33.6M) loss vs ($57.3M) loss Net loss from continuing operations 97,658 94,411 Depreciation and amortization 607 343 $23.7M improvement YoY, driven from $18.3 million Interest