Bakkt Shares Fall 35% After Losing Bank of America and Webull Contracts

1 min

Bakkt Holdings (BKKT) experienced a 35% drop in share price, falling to $12.83 after announcing that Bank of America (BAC) and Webull Pay will not renew their commercial agreements.

Key points:

Bank of America contributed approximately 16% of Bakkt’s loyalty service revenue in 2023.
Webull accounted for 74% of Bakkt’s crypto service revenue during the same period.
The contract with Bank of America expires on April 22.
The agreement with Webull ends on June 14.
Bakkt has requested an extension to file its 2024 annual report with the SEC.

Previously, BKKT shares peaked at $1,063 in October 2021 following its merger with VPC Impact Acquisition Holdings.