Bakkt shares plunge 35% after company loses two major customers
The company is also delaying the filing of its annual report.
Tom Carreras | Edited by Steven Alpher on 17 Mar 2025 21:22 UTC
Key facts:
- Bakkt Holdings shares fell 35% after losing two major clients, Bank of America and Webull.
- These two companies accounted for a significant portion of Bakkt's revenue from loyalty programs and cryptocurrency services.
- Bakkt also delayed the filing of its annual report.
Shares of Bakkt Holdings (BKKT), a cryptocurrency exchange and custody company, fell sharply on Monday after it was revealed that neither Bank of America (BAC) nor cryptocurrency trading app Webull Pay intend to renew their commercial agreements with the organization.
At the time of writing, BKKT shares were down 35% in over-the-counter trading, hitting $12.83. The stock hit an all-time high in October 2021, when it traded at $106.3 shortly after the company went public through a merger with VPC Impact Acquisition Holdings.
Bank of America accounts for about 16% of Bakkt’s loyalty revenue in 2023, while Webull accounts for 74% of Bakkt’s crypto revenue over the same period. The Bank of America agreement expires on April 22, while the Webull contract expires on June 14.
Bakkt has filed a request for an extension to file its 2024 annual report with the SEC.
