Bakkt Shares Plummet 35% After Losing Key Partnerships With Bank of America, Webull
Bakkt Holdings (BKKT) suffered a sharp 35% drop in its stock price during after-hours trading on Monday after disclosing that Bank of America (BAC) and Webull Pay would not be renewing their commercial agreements with the company.
At the time of writing, BKKT is trading at $12.83—far from its all-time high of $1,063 in October 2021, when it went public via a SPAC merger with VPC Impact Acquisition Holdings.
The loss of these major clients represents a significant revenue hit for Bakkt. Bank of America accounted for 16% of the company’s loyalty service revenue in 2023, while Webull made up a staggering 74% of its crypto service revenue. Their contracts are set to expire on April 22 and June 14, respectively.
Further compounding investor concerns, Bakkt has delayed the filing of its 2024 annual report and has requested an extension from the U.S. Securities and Exchange Commission (SEC).
