Bakkt Holdings, Inc.

That was cool. Good morning. Thanks, everybody, for coming today to BAC's first Investor Day, both here in person and virtually at homes or in your offices. We really do appreciate you joining. Before we begin, I would like to direct your attention to the four looking statements. Some disclaimers of these materials. Our presentation will include statements regarding future events, business strategy, and market opportunity. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. We encourage you to review the risk factors in our most recent filings with the SEC. And without further ado, I am pleased to introduce BAC's Chief Executive Officer, Akshay Nahita.

Welcome, everyone. This is our first Investor Day, and I want to give you a little bit of not a progress report, but really a view into what we've worked on over the last year, what we've systemically rebuilt, and where we're taking the company from here. We are entering the next phase of BAC's growth with massive momentum behind us, both from a regulatory perspective as well as the economic and financial tailwinds that lie within the sector of payments and financial services. And it's a very precise engineered strategy that we've put together that we – really look forward to disclosing as we go along throughout the year. We've rebuilt our governance, capital structure, and technology, and we have a great line of sight. Our pipeline is primed, the regulatory path is clear, and we are rewriting the definition of category-defining deals. Today is our opportunity to show you exactly what we've built, the immense velocity at which we're moving, and why back this position to lead in this category. Quick overview of the agenda for today. We'll cover five areas. Quick overview of our strategy and the key drivers behind it, the market opportunity and how backed is positioned to capitalize on it. And finally, a product deep dive across our three engines. And a quick review of the year 2025, which was operationally and financially a bit volatile, but we've gone through the restructuring that we had to do. And then finally, Q&A followed by my closing remarks. The mission is simple. Build a secure infrastructure and products that make money work in real life globally. It's the precise description of the problem we are solving. Money is too slow, too expensive, and too opaque for most people and most transactions worldwide. Bakkt is building the infrastructure layer that changes that for institutions, customers, and for companies. Our vision, to build the next-gen financial ecosystem. one that sits between the intersection of programmable money, regulated infrastructure, and AI-driven agentic finance. The analogy I use is that what AWS did for software It let companies build without owning servers. BAC does that for finance. We provide the licensed, regulated, scalable rails so that partners don't have to build them. We've done all the work for them. The world is moving towards programmable money. Stablecoins now settle more than $30 trillion annually. And Bitcoin is becoming a treasury asset for a lot of corporates and sovereigns around the world. And then in the middle of all of this, you have the tokenization opportunity of real world assets, which is moving from pilot to production in real time. Back to this position exactly where all this is breaking out, and we are well on our way to take advantage of these opportunities. So we've organized Bakkt around three engines. These are engines because each one generates its own revenues while powering the others. Bakkt Markets is our institutional-grade infrastructure for digital assets. It gets institutions to markets faster and more safely. Backed Agent is our programmable money and AI-powered agentic finance infrastructure. It is frictionless, intelligent, and fully auditable. And finally, Backed Global, which is our international expansion and strategic value creation engine. We are applying our intellectual capital, technology, and products to the world's highest growth markets through disciplined capital-light investment model. Critically, these three engines are complementary. Markets provides the regulated rails. Agents use those rails to move money globally. That benefits both consumers and businesses. And finally, global leverages all of our understanding in these different areas to take it into new jurisdictions to generate tremendous value for shareholders. And early results are already showing that for back shareholders. The quick accelerants, so we have laid the groundwork over 2025, and we have immense momentum on all kinds of partnerships that are currently underway. I've showcased a few of these partnerships here, but we are deep in discussions with several partners across the ecosystem, and we've got immense momentum on that front. For agent, we've signed up tier one telco partnerships across U.S. and Europe, which will embed connectivity into our fintech product. The distribution partnerships involve category-defining deals, which will improve our immediate reach and will tap into a network of our partners, lowering customer acquisition costs. And we really look forward to announcing significant partnerships along this line over the very near term. With Better and Zoth, we embed our APIs into their product flows, generating volume from day one. And then for the market segment with Nexo, Ascendix, and Ubit, we help expand their liquidity and our global client base. These are all commercial agreements with real volume and real economics. And I'm extremely confident in each of these partnerships and what they're going to deliver for back shareholders. There are three core KPIs for shareholders to follow going forward. For back markets, it's going to be total transacting volume between what we have, which is a legacy brokerage in a box business that back shareholders are aware of, We, with DTR coming into the fold, we've significantly added to our stablecoin on-ramp, off-ramp capabilities. So I expect the total transaction volume within backed markets to expand substantially, and Nick will talk about it during his presentation. For backed agent, the metric is monthly active users. It's a volume business. Users transacting is what drives the revenue, and MAUs is the right measure for platform adoption and distribution reach. And finally, for back global, we look at strategic asset value, the investment and equity value of our global strategy generates. In Japan, we've already made three times our money. In India, we've made five times our money. The methodology is internally defined and incorporates mark-to-market valuations, cash proceeds, and any unrealized gains. These are independently governed businesses in different high-growth markets, and they will also generate revenues for Bakkt, which will then contribute directly to Bakkt's financial statements. These three KPIs will be reported as each product and platform becomes operational. The timing is tied to launch milestones and not a fixed calendar date at this time, and full disclosure on definitions, methodology, and reporting timelines is in the appendix. So let me quickly, briefly touch upon the BACT and DTR transaction. This is foundational to everything you're going to hear today. It is, in our view, a category-defining transaction for digital finance infrastructure. DTR brings us two things, products and people. On the product side, we have a composable API platform that BACT agent which is the cross-border payments capability and expands back markets into stablecoin payment settlements. These aren't roadmap items. They're all live and ready to be deployed. DTR also brings complementary regulatory framework in Europe. They hold the WASP license, which then sits alongside BAC's existing pan-US MTL coverage. and the New York BitLicense. So together, we have the regulated footprint to grow the business across both sides of the Atlantic. On the people front, the DTR team is primarily 90% engineering, and it includes our CTO, Remy, who you will hear from later today, which then brings in world-class engineering talent and a proven track record of building scalable global fintech businesses. The acquisition is subject to customary closing conditions and shareholder approval. So DTR really unlocks cross-border volume for Bakkt on stablecoin payments. This is where really stablecoin technology comes to the fore. The TAM here is enormous. Cross-border payment flows are 44 trillion today and growing quite rapidly to about 67 trillion by 2023, according to 2033, according to FXC intelligence. DTR gives back three specific revenue hooks into that volume. Stablecoin on-ramp, off-ramp fees on every fiat to crypto conversion, embedded financial services revenue on every flow, and a scalable compliance stack that accelerates partner onboarding and therefore volume. Note the TAM figures represent the full global market and our serviceable and obtainable market will be disclosed as we formalize specific corridor strategies. Coming to the regulated front, coming to the regulatory front, we've got immense tailwinds from clarity within the U.S. regulatory environment. The Genius Act on stablecoins was signed last summer, and the Clarity Act on digital asset markets is currently moving through Congress as we speak. While the rest of the industry plays catch-up with these newly passed laws, BAC's infrastructure is already built for it with our licenses and regulatory stack. We built this infrastructure before it was required, and that gives us a durable competitive advantage. The four-part cycle on this slide is not aspirational. It describes our... Current positioning, regulatory alignment, along with infrastructure readiness then helps accelerated adoption, thereby enabling scalable growth. We are in that loop today, and at this time, I would like to introduce Nick Bays to give you a walkthrough on back markets.

Thank you, Akshay. I'm Nick Bays, CEO at Bakkt. I'm going to walk you through Bakkt Markets, our institutional digital asset trading business, and how we're expanding it through our partner ecosystem and the DTR transaction. The DTR transaction doesn't just build out Bakkt Agent. It materially expands Bakkt Markets. Three specific capability additions. Over-the-counter trading infrastructure that enables higher margin execution and larger institutional transactions. Stablecoin on and off ramps that add payment and settlement fees alongside cross-border transaction volume. And a scalable compliance stack that accelerates client onboarding and drives revenue growth. Pre-DTR, back markets was a spot trading and custody business. Post-DTR is a full-spectrum institutional digital finance platform, spot, OTC, stablecoin settlement, and cross-border payments. The revenue model expands accordingly. Execution spreads on OTC, settlement fees on stablecoin flows, and onboarding-driven volume from the compliance stack. Let's talk through the institutional digital asset trading layer. The back markets platform has three core components that work together as a single institutional execution layer. Best bid offer engine. We aggregate real-time pricing across multiple venues to provide clients the tightest spreads on every trade. That is institutional grade price discovery. Order management and risk. Every order is pre-validated for minimum size, holding, sufficiency, and marketability before execution. Non-marketable orders are held rather than rejected. Exceptions surface in real time. Flexible funding rails. We offer three fiat funding models. You can use BAC's banking relationships and infrastructure. You can bring your own banking infrastructure. Or you can integrate with our partner, Apex FinTech Solutions, to offer a consolidated funding model across TradFi and digital assets. This allows each client to use the funding and brokerage infrastructure that fits their platform. All of this is done on credentialed infrastructure that's SOC 1 and SOC 2 certified. Let's now talk about differentiation in the market. We offer four competitive advantages that are difficult to replicate. Flexibility. We don't force partners into a single structure. They choose the fund rails, the business model, and the integration depth that works for them. Tech stack. Institutional grade execution engine with real-time risk controls built on modular APIs. The same architectural principle as the agent platform. Composable, scalable, and auditable. Offerings, from spot trade to fiat on and off ramps to cross-border stablecoin payments via DTR. That breadth of product across one regulatory relationship is unique in the market. Compliance and governance. We offer MTL coverage across all 50 states plus a New York BIT license. When a partner works with BAC, they go live without navigating their own licensing. Our regulatory infrastructure becomes theirs. For fintech companies, payment providers, exchanges, and brokers who want U.S. market access, that is an enormous time-to-market advantage. Now let's talk a little bit more about our partnerships and integration. Four strategic partners, each expanding a different dimension of the back markets platform. Nexo. We enable US-regulated trading infrastructure and expands our digital, excuse me, expands our institutional partner network and drives transaction-based revenue growth. Next goes a tier one digital asset lender with global institutional relationships. Their network is our network. AscendX, expands our global customer base and demonstrates platform demand and scalability, recurring revenue through activity. AscendX proves the B2B2C model works at international scale. UBIT, a consumer app that lets users spend digital assets via an UBIT-issued debit card. It powers the buy, sell, deposit, and withdraw flows. Our stablecoin and onboard APIs enable bank transfer on and off ramps across 30-plus EU and Asia countries. Lastly, but not least, DTR. Adds cross-border payments and stable coin settlements. Expands the product suite well beyond trading and supports ongoing platform upgrades. DTR is the infrastructure layer that allows back markets to evolve from a trading platform into a complete digital finance infrastructure. Pull the three things together. Regulatory infrastructure, onboarding new customers, and growing current offerings. Let's talk regulatory infrastructure. Again, partners don't need to run their own licensing processes. They use ours as a plug-and-play solution. This is how we gain access to the U.S. customer base quickly. Onboarding new customers. Third-party custodians and liquidity providers expand our offering set. Durable banking relationships provide the Fiat rails. These are the relationships that let us say yes to institutions, to institutional clients on day one. growing our current offering. Stablecoin settlement and on-off ramps are the new revenue layer, enabled by DTR. That turns back markets from a trading business into a payments infrastructure business, cross-selling trading, custody, and payments from a single institutional relationship. The bottom line for Back Markets, this is a high margin recurring revenue business that gets better as volume grows and as each partner adds liquidity into the ecosystem. Now I'd like to hand it over to Remy and Ankit to review Back to Agent.