Bakkt, Inc.

In this section and elsewhere in this Form 10-K, we use the following terms, which are defined as follows: Client means businesses with whom we contract to provide services to customers on our platform, and includes financial institutions, hedge funds, merchants, retailers, third party partners, and other businesses (except in the accompanying notes to the consolidated financial statements, where we refer to revenue earned from customers, instead of clients). The term customers is in accordance with the Financial Accounting Standards Board ( FASB ) Accounting Standards Codification ( ASC ) 606, Revenue from Contracts with Customers . Digital asset means an asset that is built using blockchain technology, including virtual currencies (as used in the State of New York), coins, cryptocurrencies, stablecoins, and other tokens. Our platform enables transactions in certain supported digital assets. For purposes of this Form 10-K, we use digital assets, virtual currency, coins, and tokens interchangeably. Customer means an individual user of our platform. Customers include as customers of our clients who transact in digital assets through, and have accounts on, our platform (except as defined for ASC 606 purposes above). Founded in 2018, Bakkt, Inc. (the Company ) builds digital financial infrastructure designed to support institutional participation in the digital asset economy.