Bakkt, Inc. · NYSE:BKKT
Bakkt — VPC Impact Acquisition Holdings — SPAC Merger (May 2021)
86 slides from Bakkt's SPAC merger presentation, May 19, 2021
Slide 1: Analyst Day 5.19.21
Filed by VPC Impact Acquisition Holdings Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934 Subject Company: VPC Impact Acquisition Holdings Commission File No. 001-39544 Date: May 19, 2021 ANALYST DAY 5.19.21 CONFIDE
Slide 2: Important Notice: Disclaimer
IMPORTANT NOTICE Disclaimer This confidential investor presentation (this “Presentation”) is being delivered for informational purposes only to assist interested parties in making their own evaluation with respect to the proposed business combination (the “Business Combination”) between VPC Impact A
Slide 3: Forward-Looking Statements
IMPORTANT NOTICE Forward-Looking Statements Certain statements in this Presentation may be considered forward-looking statements. Forward-looking statements generally relate to future events or VIH’s or Bakkt’s future products and nancial or fi operating performance. For example, projections regardi
Slide 4: Use of Projections
IMPORTANT NOTICE Use of Projections The projections and estimates in this presentation are assumptions that are inherently subject to signicfi ant uncertainties and contingencies, many of which are beyond Bakkt and VIH’s control. Such projections and estimates are included for illustrative purposes
Slide 5: Speakers
SPEAKERS Overview Financials Gavin Michael, Gavin Michael Chie Chief f Ex Executiv ecutive Offic e Ocffi erer Drew LaBenne, Chief Financial Officer Growth Strategy Institutional & Crypto Opportunity Adam White, President Gavin Michael, Chief Executive Officer Consumer, Loyalty & Payments Opportunity
Slide 6: Overview
Overview Gavin Michael Chief Executive Ocffi er CONFIDENTIAL AND PROPRIETARY 4Overview Gavin Michael Chief Executive Ocffi er CONFIDENTIAL AND PROPRIETARY 4
Slide 7: It's hard to manage all of your digital assets
OVERVIEW THE PROBLEM It’s hard to manage all of your digital assets. CONFIDENTIAL AND PROPRIETARY 5OVERVIEW THE PROBLEM It’s hard to manage all of your digital assets. CONFIDENTIAL AND PROPRIETARY 5
Slide 8: It's hard to manage all of your digital assets
OVERVIEW THE PROBLEM It’s hard to manage all of your digital assets. Cryptocurrency Loyalty points Cash Hotel and airline rewards Gift cards Equities In-game assets NFTs CONFIDENTIAL AND PROPRIETARY 6OVERVIEW THE PROBLEM It’s hard to manage all of your digital assets. Cryptocurrency Loyalty points C
Slide 9: It's even harder to use them the way you want
OVERVIEW THE PROBLEM It’s even harder to use them the way you want. CONFIDENTIAL AND PROPRIETARY 7OVERVIEW THE PROBLEM It’s even harder to use them the way you want. CONFIDENTIAL AND PROPRIETARY 7
Slide 10: We're connecting the digital economy
OVERVIEW THE SOLUTION We’re connecting the digital economy. Invest. $1.6+ trillion Convert. in digital assets that consumers Spend & Pay. can’t easily manage. Send. Redeem. SEE ALL IN ONE PLACE UNLOCK VALUE ACROSS ASSET TYPES USE IN EVERYDAY LIFE CONFIDENTIAL AND PROPRIETARY 8OVERVIEW THE SOLUTION W
Slide 11: Buy with crypto
OVERVIEW POSSIBILITIES Buy with crypto. CONFIDENTIAL AND PROPRIETARY 9OVERVIEW POSSIBILITIES Buy with crypto. CONFIDENTIAL AND PROPRIETARY 9
Slide 12: Convert into cash
OVERVIEW POSSIBILITIES 165,000 points Convert into cash. CONFIDENTIAL AND PROPRIETARY 10OVERVIEW POSSIBILITIES 165,000 points Convert into cash. CONFIDENTIAL AND PROPRIETARY 10
Slide 13: Redeem airline miles
OVERVIEW POSSIBILITIES Redeem airline miles for . CONFIDENTIAL AND PROPRIETARY 11OVERVIEW POSSIBILITIES Redeem airline miles for . CONFIDENTIAL AND PROPRIETARY 11
Slide 14: Send to friends
OVERVIEW POSSIBILITIES . Send to friends. CONFIDENTIAL AND PROPRIETARY 12OVERVIEW POSSIBILITIES . Send to friends. CONFIDENTIAL AND PROPRIETARY 12
Slide 15: Access at scale
OVERVIEW POSSIBILITIES Access at scale. CONFIDENTIAL AND PROPRIETARY 13OVERVIEW POSSIBILITIES Access at scale. CONFIDENTIAL AND PROPRIETARY 13
Slide 16: We're unlocking value across the ecosystem
OVERVIEW VALUE PROPOSITION We’re unlocking value across the ecosystem. Drive loyalty Unlock captive Access digital among consumer asset markets consumers and spending power at scale businesses Backed by a secure, regulated platform CONFIDENTIAL AND PROPRIETARY 14OVERVIEW VALUE PROPOSITION We’re unlo
Slide 17: We serve three types of customers
OVERVIEW ECOSYSTEM We serve three types of customers. Institutions Consumers Businesses Require secure access Seeking access to Merchant partners looking to digital asset locked value so they to increase customer loyalty, markets at scale can manage, spend, expand relationships, and and send digital
Slide 18: A suite of products to serve customer needs
OVERVIEW ECOSYSTEM A suite of products to serve customer needs. Consumers Businesses Institutions Digital Asset Loyalty Redemption Alternative Payment Methods Secure & Access to Marketplace Rewards universe across Fungible payment ecosystem regulated custody cryptocurrency and and trading new digita
Slide 19: Capabilities accessed across channels
OVERVIEW ECOSYSTEM Capabilities that can be accessed across channels. Consumers Businesses Institutions Digital Asset Marketplace Loyalty Redemption Alternative Payment Methods Partner Apps Bakkt Warehouse Bakkt Branded App and Ecosystems CONFIDENTIAL AND PROPRIETARY 17OVERVIEW ECOSYSTEM Capabilitie
Slide 20: The key: our secure and scalable platform
OVERVIEW ECOSYSTEM The key: our secure and scalable platform. Consumers Businesses Institutions Digital Asset Marketplace Loyalty Redemption Alternative Payment Methods Partner Apps Bakkt Warehouse Bakkt Branded App and Ecosystems INVEST CONVERT SPEND & PAY SEND REDEEM Bakkt platform CONFIDENTIAL AN
Slide 21: Why now?
OVERVIEW Why now? CONFIDENTIAL AND PROPRIETARY 19OVERVIEW Why now? CONFIDENTIAL AND PROPRIETARY 19
Slide 22: Why now?
OVERVIEW Digital cash Cryptocurrency Loyalty points Because and miles digital assets Why now? are driving a new, dynamic economy. 1 Gift cards In-game assets 1 1 Stocks/derivatives NFTs (1) Roadmap items. CONFIDENTIAL AND PROPRIETARY 20OVERVIEW Digital cash Cryptocurrency Loyalty points Because and
Slide 23: What's different now
OVERVIEW WHY NOW? What’s different now: Increase in digital asset Increase in number of adoption — by consumers, digital asset alternatives businesses and institutions to engage customers Greater regulatory Accelerated demand for scrutiny of digital assets digital payment solutions CONFIDENTIAL AND
Slide 24: The Serviceable Addressable Market is large
OVERVIEW WHY NOW? 1 The Serviceable Addressable Market is large . . . 5 In-Game Assets $50bn 4 Loyalty Points/Miles $316bn 2 Gift Cards I L G $703bn $ $ C $ ~$1.6tn $ 3 Cryptocurrency $564bn 2020 (1) Serviceable Addressable Market. Dollar ($) amounts represent notional amounts, not aggregate revenue
Slide 25: ...and growing
OVERVIEW WHY NOW? . . . and growing . . . 5 In-Game Assets $88bn 4 Loyalty Points/Miles 2 $599bn Gift Cards $1.4tn 5 In-Game Assets $50bn ~$5.1tn 4 Loyalty Points/Miles $316bn 3 2 Cryptocurrency Gift Cards ~$1.6tn $3tn $703bn 3 Cryptocurrency $564bn 2020 2025 (1) Serviceable Addressable Market. Doll
Slide 26: ...and is expected to expand
OVERVIEW WHY NOW? . . . and is expected to expand. 5 In-Game Assets $88bn 4 Loyalty Points/Miles 2 $599bn Gift Cards What’s $1.4tn driving growth? 5 In-Game Assets $50bn International growth ~$5.1tn 4 Loyalty Points/Miles $316bn Increased asset class digitization 3 2 Cryptocurrency Gift Cards ~$1.6t
Slide 27: But the landscape is changing quickly
OVERVIEW WHY NOW? But the landscape is changing quickly. More financial Brands are Businesses and Crypto companies Financial services companies, expanding consumers are — large and small — institutions retailers and their loyalty programs rapidly growing are expanding. are expanding merchants are to
Slide 28: Bakkt brings together digital assets unlike any player
OVERVIEW COMPETITIVE EDGE DIGITAL PAYMENTS BANKING Bakkt brings together digital assets unlike any player in the market. RETAIL & CRYPTOCURRENCY REWARDS CONFIDENTIAL AND PROPRIETARY 26OVERVIEW COMPETITIVE EDGE DIGITAL PAYMENTS BANKING Bakkt brings together digital assets unlike any player in the mar
Slide 29: We span the full spectrum of digital assets
OVERVIEW COMPETITIVE EDGE We span the full spectrum of digital assets. 1 Digital Asset Native Gift Card & Store Value Rewards 2 Crypto Wallet & Trading Travel & Rewards Redemption Points Conversion & Pay with Points 3 Roadmap Equities 3 Roadmap NFTs and New Asset Classes Source: Company websites. No
Slide 30: What makes us better
OVERVIEW COMPETITIVE EDGE What makes us better: Powerful Cost and ease Digital asset and growing of use of the native ecosystem Bakkt platform Custody and trading Secure and regulated platform backed by ICE CONFIDENTIAL AND PROPRIETARY 28OVERVIEW COMPETITIVE EDGE What makes us better: Powerful Cost
Slide 31: Bakkt led by experienced leadership
OVERVIEW COMPETITIVE EDGE Bakkt by experienced leadership. Gavin Michael Drew LaBenne Adam White Chief Executive Officer Chief Financial Ocffi er President Nicolas Cabrera Marc D’Annunzio Mark Elliot Chief Product Officer General Counsel EVP, Marketing Nancy Gordon Matt Johnson Josh Klenert EVP, Loy
Slide 32: One platform, many experiences
OVERVIEW PLATFORM APPROACH One platform, many experiences. BAKKT EXPERIENCE PARTNER-LED EXPERIENCE Capabilities embedded Full suite of capabilities Fully embedded Partially embedded on partner platform in Bakkt branded app in partner platform in partner platform Partner Bank Partner Brand Partner Ai
Slide 33: One platform, many value propositions
OVERVIEW HOW WE’LL GROW One platform, many value propositions. FOR INSTITUTIONS FOR CONSUMERS FOR BUSINESSES Unlock value of Secure crypto Lower cost of acceptance captive assets custody Increased conversion Digital asset Regulated futures and engagement aggregation and & options Decreased loyalty l
Slide 34: Bigger... and bolder
OVERVIEW HOW WE’LL GROW Bigger . . . and bolder. SCALING THE PLATFORM CAPABILITIES Grow users WHAT’S NEXT Digital Asset Marketplace International Increase usage and adoption expansion NFTs More partnerships Connected loyalty Loyalty Redemption ecosystems Build new products and features Powering Cent
Slide 35: Institutional & Crypto Opportunity
Institutional & Crypto Adam White President Opportunity CONFIDENTIAL AND PROPRIETARY 33Institutional & Crypto Adam White President Opportunity CONFIDENTIAL AND PROPRIETARY 33
Slide 36: Regulated. Secure. Crypto-native. Scalable.
INSTITUTIONAL & CRYPTO OPPORTUNITY OVERVIEW Regulated. Secure. Crypto-native. Scalable. PRODUCTS AND SERVICES Custody Trading FOUNDATION OF OUR PLATFORM Fully regulated Secure & scalable platform Transparent price discovery Strategic partnership with ICE — technology, infrastructure and products CON
Slide 37: A secure and institutional-grade custody business
INSTITUTIONAL & CRYPTO OPPORTUNITY STRATEGIC PILLARS A secure and institutional-grade custody business. Relationship with ICE ICE INFRASTRUCTURE AND CAPABILITIES uniquely positions us to serve sophisticated financial institutions BANK-LEVEL COMPLIANCE PROGRAM SOPHISTICATED CYBERSECURITY PROGRAM REGU
Slide 38: Leading futures & options business in partnership with ICE
INSTITUTIONAL & CRYPTO OPPORTUNITY STRATEGIC PILLARS Leading futures & options business in partnership with ICE. Trusted & transparent BITCOIN FUTURES & OPTIONS price discovery process PHYSICALLY DELIVERED & CASH-SETTLED CONTRACTS Ability to leverage and CONTRACTS FULLY REGULATED BY THE CFTC commerc
Slide 39: Our differentiator: foundational, secure capabilities
INSTITUTIONAL & CRYPTO OPPORTUNITY COMPETITIVE LANDSCAPE Our differentiator: foundational, secure capabilities to build on in a growing space. CUSTODY TRADING LENDING PRIME BROKERS CLEARING CURRENT OPPORTUNITY TO EXPAND CONFIDENTIAL AND PROPRIETARY 37INSTITUTIONAL & CRYPTO OPPORTUNITY COMPETITIVE LA
Slide 40: Crypto expertise enables growth into other digital assets
INSTITUTIONAL & CRYPTO OPPORTUNITY STRATEGIC PILLARS Crypto expertise . . . Institutional Highly regulated Custody & trading Trusted & infrastructure and compliant business in transparent price & expertise business model partnership with ICE discovery . . . enables our growth into other digital asse
Slide 41: Consumer, Loyalty & Payments Opportunity
Consumer, Loyalty Nicolas Cabrera & Payments Chief Product Ocffi er Opportunity CONFIDENTIAL AND PROPRIETARY 39Consumer, Loyalty Nicolas Cabrera & Payments Chief Product Ocffi er Opportunity CONFIDENTIAL AND PROPRIETARY 39
Slide 42: Product marketing video begins
Product marketing video beginsProduct marketing video begins
Slide 43: Product marketing video ends
Product marketing video endsProduct marketing video ends
Slide 44: Consumer, Loyalty & Payments Opportunity Overview
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY OVERVIEW Network APIs portal Points bank Platforms integrations Anti-fraud Alternative The leading payment methods KYC, AML Regulator licenses Channels OPS digital asset & KYT including MTLs portal Real-time Identity native platform exchange management Third
Slide 45: Connect your digital assets. However you like.
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY OVERVIEW Connect your digital assets. However you like. Cryptocurrency Loyalty points Transfer and maximize Airline rewards value of digital assets Hotel rewards Make everyday Bakkt platform purchases Cash INVEST Invest in emerging CONVERT SPEND & PAY digital
Slide 46: Our capabilities can be leveraged across ecosystems
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY OUR FOUNDATION Our capabilities can be leveraged across ecosystems. 1 CONVERT SEND INVEST REDEEM SPEND & PAY TRADING REDEEM & CONVERT SEND SPEND & PAY Direct pay Travel Direct payments Mobile/web apps Bitcoin Cash Futures Options /virtual card Digital asset “
Slide 47: One platform, many experiences
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY PLATFORM APPROACH One platform, many experiences. BAKKT EXPERIENCE PARTNER-LED EXPERIENCE Capabilities embedded Full suite of capabilities Fully embedded Partially embedded on partner platform in Bakkt branded app in partner platform in partner platform Partn
Slide 48: Invest: trusted, closed-loop crypto trading platform
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY INVEST Trusted, closed-loop crypto trading platform enabled anywhere. Purchase crypto using Purchase confirmed. Manage balances and Send crypto to friends Trade & invest in crypto. funding source of your crypto insights. and family. choice. CONFIDENTIAL AND P
Slide 49: Convert: extract value from locked rewards points
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY CONVERT Extract value from locked rewards points. View and manage Convert points to Choose crypto Select funding View and manage balances. cash. amount. source. balances. CONFIDENTIAL AND PROPRIETARY 47CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY CONVERT Extract
Slide 50: Spend & Pay: buy gift cards using asset of choice
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY SPEND & PAY Buy gift cards using asset class of your choice. You’re done! Choose from over 200 Select gift card Fund using cash, Choose recipient and merchant partners. and amount. crypto or rewards. include a message. CONFIDENTIAL AND PROPRIETARY 48CONSUMER,
Slide 51: Send assets of your choice
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY SEND Send assets of your choice. Cash Gift cards Crypto CONFIDENTIAL AND PROPRIETARY 49CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY SEND Send assets of your choice. Cash Gift cards Crypto CONFIDENTIAL AND PROPRIETARY 49
Slide 52: Pay: payment options integrated into partner ecosystem
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY PAY Payment options integrated into partner ecosystem. Select Bakkt as funding source Register or sign in to Select funding source Balance reloaded and ready for Starbucks card. Bakkt account. — cash, crypto, rewards, for caffeine. points. Note: Payment integ
Slide 53: Pay: debit card offering flexibility and convenience
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY PAY Debit card that offers flexibility and convenience. Bakkt Card available Personalize your card. Fund your debit card using Use your debit card in our branded app. the asset of your choice. anywhere Apple Pay or Google Pay are accepted. Note: Debit card is
Slide 54: Redeem: full-service rewards redemption platform
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY REDEEM Full-service rewards redemption platform. Search for flights, hotels, vacation See pricing in both reward Split payment between packages and more. points and dollars. currencies of your choice. CONFIDENTIAL AND PROPRIETARY 52CONSUMER, LOYALTY & PAYMENT
Slide 55: Redeem loyalty points for name-brand products
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY REDEEM Redeem loyalty points for name-brand products. Shop and purchase using rewards points. CONFIDENTIAL AND PROPRIETARY 53CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY REDEEM Redeem loyalty points for name-brand products. Shop and purchase using rewards points.
Slide 56: We're continuing to add new features and products
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY ROADMAP We’re continuing to add new features and products. Crypto More Crypto ETFs New digital In-game currency Crypto & crypto NFTs assets assets BTC Buy currencies lending and Sell More Loyalty Stretch Store Value Store Value Loyalty and View & Rewards Rewa
Slide 57: Enabling partnerships
CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY ENABLING PARTNERSHIPS Expanding Consumers consumer Businesses capabilities INVEST CONVERT enables our SPEND & PAY SEND REDEEM partnership strategy. New Products & Services CONFIDENTIAL AND PROPRIETARY 55CONSUMER, LOYALTY & PAYMENTS OPPORTUNITY ENABLING PARTNE
Slide 58: Go-to-Market Strategy
Go-to-Market Sheela Zemlin Strategy Chief Revenue Ocffi er CONFIDENTIAL AND PROPRIETARY 56Go-to-Market Sheela Zemlin Strategy Chief Revenue Ocffi er CONFIDENTIAL AND PROPRIETARY 56
Slide 59: Partnership opportunities in every sector
GO-TO-MARKET STRATEGY OPPORTUNITIES Partnership opportunities in every sector. Deepening relationships . . . . . . with many types of businesses Points exchange FINANCIAL INSTITUTIONS RETAIL • • Banks E-commerce and omnichannel Crypto brokerage • • Card issuers Quick-service restaurants • • Fintech
Slide 60: One platform, many experiences
GO-TO-MARKET STRATEGY DEPLOYMENT One platform, many experiences. BAKKT EXPERIENCE PARTNER-LED EXPERIENCE Capabilities embedded Full suite of capabilities Fully embedded Partially embedded on partner platform in Bakkt branded app in partner platform in partner platform Partner Bank Partner Brand Part
Slide 61: Easy-to-use crypto brokerage
GO-TO-MARKET STRATEGY CAPABILITIES Easy-to-use crypto brokerage. Partner Bank Partner Bank Partner Bank Partner Bank Partner Bank Partner Bank Select Buy from Specify Bitcoin Select funding Preview and View Bitcoin balance Order confirmed. Bitcoin Wallet. amount. source. confirm order. in Wallet. No
Slide 62: Fully embedded rewards in partner ecosystems
GO-TO-MARKET STRATEGY CAPABILITIES Fully embedded rewards in partner ecosystems. Partner Bank Partner Bank Partner Bank Partner Bank Partner Bank 50,000 50,000 50,000 50,000 45,000 LOYALTY POINTS LOYALTY POINTS LOYALTY POINTS LOYALTY POINTS LOYALTY POINTS Sign in to Select Crypto Specify Preview and
Slide 63: Payment options across currencies and channels
GO-TO-MARKET STRATEGY CAPABILITIES Payment options across currencies and channels. BROWSER IN-STORE MOBILE APP DEBIT CARD Note: Illustrative capabilities that can be integrated into partner experiences. CONFIDENTIAL AND PROPRIETARY 61GO-TO-MARKET STRATEGY CAPABILITIES Payment options across currenci
Slide 64: New partnerships to drive scale and user growth
GO-TO-MARKET STRATEGY PARTNERSHIPS New partnerships to drive scale and user growth. Working to enable utilization Pay with crypto and of Choice Privileges® rewards pay with points through Bakkt app Access to more than one million Expand point unattended retail devices redemption options Branding opp
Slide 65: Adding new partners and deepening with existing
GO-TO-MARKET STRATEGY OPPORTUNITIES Adding new partners — and deepening with existing. FINANCIAL PLATFORMS TRAVEL & INSTITUTIONS & PAYMENTS ENTERTAINMENT RETAIL 200+ gift card Partnerships with merchants include leading financial Home Depot, Xbox, institutions including Subway, Uber and Bank of Amer
Slide 66: Financials
Financials Drew LaBenne Chief Financial Ocffi er CONFIDENTIAL AND PROPRIETARY 64Financials Drew LaBenne Chief Financial Ocffi er CONFIDENTIAL AND PROPRIETARY 64
Slide 67: Diverse revenue streams
FINANCIALS PILLARS Diverse revenue streams. CONVERSION CRYPTOCURRENCY SUBSCRIPTION & FEES & SPREAD BUY & SELL PLATFORM FEES Partner Revenue spread Revenue integration and earned on spread earned platform fees for cryptocurrency on conversion leveraging Bakkt trades activity capabilities CONFIDENTIAL
Slide 68: Projected user growth
FINANCIALS PROJECTED USER GROWTH Driving growth through a multitude of channels. LEVERAGING OUR PARTNER NETWORK . . . . . . WE ADD PARTNERS AND USERS 31M Illustrative 27M projected user Expand Onboard 1 growth offerings to partners to consumers & 23M platform businesses 18M Embed 9M capabilities Gro
Slide 69: Investment plan: projected operating expenses
FINANCIALS INVESTMENT PLAN PROJECTED OPERATING EXPENSES ($ millions) Y1E Y2E Y3E Y4E Y5E Non-marketing expenses $153 $199 $229 $249 $260 Marketing 106 117 102 65 60 Total $259 $316 $331 $314 $320 Investment Cost structure focused on data No additional advantage, and analytics investment leverage ICE
Slide 70: Projection summary
FINANCIALS PROJECTION SUMMARY PROJECTED FINANCIALS CAGR ($ millions) Y1E Y2E Y3E Y4E Y5E Y1E-Y5E 1 Total Revenue $889 $3,030 $4,681 $5,741 $6,597 % YoY Growth 241% 55% 23% 15% 2 Transaction-Based Expenses (834) (2,806) (4,325) (5,302) (6,082) Total Revenue Less Transaction-Based Expenses $55 $224 $3
Slide 71: Illustrative transaction overview
FINANCIALS ILLUSTRATIVE TRANSACTION OVERVIEW 1 SOURCES & USES PRO FORMA OWNERSHIP ($millions, except per share figures) PIPE % Sources Amount % 12% Cash Held in SPAC Trust $207 8% VIH Public Shareholders Issuance of Shares to Target 2,082 80% 8% 2 PIPE 325 12% Total Sources $2,614 100% % VIH Founder
Slide 72: Growth Strategy
Growth Gavin Michael Strategy Chief Executive Ocffi er CONFIDENTIAL AND PROPRIETARY 70Growth Gavin Michael Strategy Chief Executive Ocffi er CONFIDENTIAL AND PROPRIETARY 70
Slide 73: Pillars of opportunity: bigger and bolder
GROWTH STRATEGY PILLARS OF OPPORTUNITY Bigger . . . and bolder. SCALING THE PLATFORM CAPABILITIES Grow users WHAT’S NEXT Digital Asset Marketplace International Increase usage and adoption expansion NFTs More partnerships Connected loyalty Loyalty Redemption ecosystems Build new products and feature
Slide 74: International expansion
GROWTH STRATEGY The future of NFTs. International International expansion expansion CONFIDENTIAL AND PROPRIETARY 72GROWTH STRATEGY The future of NFTs. International International expansion expansion CONFIDENTIAL AND PROPRIETARY 72
Slide 75: International expansion
GROWTH STRATEGY INTERNATIONAL EXPANSION The future of NFTs. NEAR-TERM EXPANDING OUR ENABLING MARKETS CAPABILITIES GLOBAL SCALE Australia Connecting Partnerships Canada global digital with worldwide UK asset systems footprint EU CONFIDENTIAL AND PROPRIETARY 73GROWTH STRATEGY INTERNATIONAL EXPANSION T
Slide 76: NFTs
GROWTH STRATEGY The future of NFTs. NFTs CONFIDENTIAL AND PROPRIETARY 74GROWTH STRATEGY The future of NFTs. NFTs CONFIDENTIAL AND PROPRIETARY 74
Slide 77: NFTs opportunities
GROWTH STRATEGY NFTs The future of NFTs. OPPORTUNITIES CRYPTO & DIGITAL CAPABILITIES AS WITH NEW & ASSET EXPERIENCE ENABLERS OF NFTs EXISTING PARTNERS Artists/creators Retailers Custody Secure Brands Liquidity Transparent Consumers Asset Scalable platform Investors management Financial institutions
Slide 78: Connected loyalty ecosystems
GROWTH STRATEGY The future of NFTs. Connected loyalty ecosystems CONFIDENTIAL AND PROPRIETARY 76GROWTH STRATEGY The future of NFTs. Connected loyalty ecosystems CONFIDENTIAL AND PROPRIETARY 76
Slide 79: Connected loyalty ecosystems
GROWTH STRATEGY CONNECTED LOYALTY ECOSYSTEMS The future of NFTs. Consumer at the center — engage across full spectrum Data- and tech-focused connectivity Personalized loyalty solutions at center of value creation Individual currencies exchanged and/or a common currency for Conversion Purpose promoti
Slide 80: Powering Central Bank Digital Currencies (CBDCs)
GROWTH STRATEGY The future of NFTs. Powering Central Bank Digital Currencies (CBDCs) CONFIDENTIAL AND PROPRIETARY 78GROWTH STRATEGY The future of NFTs. Powering Central Bank Digital Currencies (CBDCs) CONFIDENTIAL AND PROPRIETARY 78
Slide 81: Powering CBDCs
GROWTH STRATEGY POWERING CBDCs INSTITUTIONAL-GRADE FRONT-END PLATFORM DEVELOPMENT Custody Consumer-facing app Processing Partner and API Settlement capabilities Clearing Secure by design, regulation at our core CONFIDENTIAL AND PROPRIETARY 79GROWTH STRATEGY POWERING CBDCs INSTITUTIONAL-GRADE FRONT-E
Slide 82: Closing
Closing Gavin Michael Chief Executive Ocffi er CONFIDENTIAL AND PROPRIETARY 80Closing Gavin Michael Chief Executive Ocffi er CONFIDENTIAL AND PROPRIETARY 80
Slide 83: Key themes
CLOSING KEY THEMES Bakkt platform as the enabler Tapping into large unmet across consumers, businesses need across digital assets and institutions Digital asset native and Diverse revenue streams and secure by design as multiple pathways to growth advantages to build scale CONFIDENTIAL AND PROPRIETA
Slide 84: Thank you
Thank you CONFIDENTIAL AND PROPRIETARY 82Thank you CONFIDENTIAL AND PROPRIETARY 82
Slide 85: Q&A
Q&A Gavin Michael Drew LaBenne Chief Executive Ocffi er Chief Financial Officer CONFIDENTIAL AND PROPRIETARY 83Q&A Gavin Michael Drew LaBenne Chief Executive Ocffi er Chief Financial Officer CONFIDENTIAL AND PROPRIETARY 83
Slide 86: Appendix: Risk Factors Summary
APPENDIX: RISK FACTORS SUMMARY 1. Bakkt’s business model is newly developed, untested and continually evolving and may encounter 12. Bakkt relies on third parties, over which it has no control, in many aspects of its business which additional risks and challenges as it grows and changes. creates add
VPC Impact Acquisition Holdings — SPAC Merger (May 2021) on 6ix