Bakkt Shares Plunge as Crypto Firm Loses Major Customers

Bakkt’s stock plummeted by over 33% following news that Bank of America and Webull, two of its largest clients, will not renew their contracts. Bank of America, responsible for 16% of Bakkt’s loyalty service revenue in 2023, will end its agreement next month. Meanwhile, Webull, which contributed 74% of Bakkt’s crypto services revenue, will exit in June.

Adding to investor concerns, Bakkt has delayed filing its 2024 annual report with the SEC. Founded in 2018 and originally owned by Intercontinental Exchange, Bakkt went public via a $2.1 billion SPAC deal in 2021.