Bakkt Stock Crashes 35% After Losing Bank of America, Webull as Clients
Bakkt Holdings (BKKT) saw its shares nosedive 35% in after-hours trading on Monday following the revelation that both Bank of America (BAC) and Webull Pay will not be renewing their commercial agreements with the company.
At press time, BKKT shares are priced at $12.83, a dramatic fall from their peak of $1,063 in October 2021, when the company went public via a SPAC merger with VPC Impact Acquisition Holdings.
The loss of these key partners is a major blow to Bakkt’s revenue. In 2023, Bank of America contributed 16% of the firm’s loyalty service revenue, while Webull was responsible for a massive 74% of its crypto service revenue. Their agreements are set to terminate on April 22 and June 14, respectively.
Adding to the turbulence, Bakkt has postponed filing its 2024 annual report, seeking an extension from the U.S. Securities and Exchange Commission (SEC).
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