Bakkt Holdings, Inc.: Undervalued Growth Potential in Digital Assets with Strategic InnovationsWe continue to consider the company’s shares as compelling, particularly given the extent to which the company’s optionality extends across multiple trends tied to the global adoption of digital assets. 797-4919 Page 2 ► We believe BKKT’s portfolio of licenses has created a durable strategic moat for the company. BKKT holds a Services (NYDFS) BitLicense as well as a full set of money transmitter licenses (MTLs) across all 50 U.S. states, a allowing it to compliantly facilitate crypto trading, transfers, and settlement nationwide.