Bakkt Shares Plunge 35% as Key Clients Bank of America, Webull Exit

Shares of Bakkt Holdings (BKKT) took a sharp 35% dive in after-hours trading on Monday following the company’s disclosure that Bank of America (BAC) and Webull Pay will not renew their commercial agreements.

As of writing, BKKT is trading at $12.83, a stark contrast to its all-time high of $1,063 in October 2021, shortly after its public debut via a merger with VPC Impact Acquisition Holdings.

Bank of America contributed approximately 16% of Bakkt’s loyalty service revenue in 2023, while Webull accounted for a staggering 74% of its crypto services revenue. The contracts are set to expire on April 22 and June 14, respectively, raising concerns about the company’s future revenue streams.

Further adding to investor uncertainty, Bakkt has delayed the submission of its 2024 annual report, seeking an extension with the U.S. Securities and Exchange Commission (SEC).