Bakkt Shares Sink 35% as Two Major Partners Cut Ties

Bakkt Stock Crashes 35% as Bank of America, Webull End Partnerships

Bakkt Holdings (BKKT), a cryptocurrency custody and exchange firm, saw its shares tumble 35% in after-hours trading on Monday after announcing that Bank of America (BAC) and Webull Pay will not extend their commercial agreements with the company.

At the time of writing, BKKT stock has dropped to $12.83, marking a steep decline from its all-time high of $1,063 in October 2021, shortly after going public through a SPAC merger with VPC Impact Acquisition Holdings.

Bank of America contributed around 16% of Bakkt’s loyalty services revenue in 2023, while Webull made up a massive 74% of its crypto services revenue. With the agreements set to expire on April 22 and June 14, respectively, the company faces significant revenue headwinds.

Adding to investor concerns, Bakkt has also delayed the filing of its 2024 annual report, seeking an extension from the U.S. Securities and Exchange Commission (SEC).