Bakkt stock plummets 30% after losing key partnerships

From Cointelegraph
March 19, 2025 02:05 AM:

Crypto firm Bakkt’s share price dropped 27% after Bank of America and Webull decided not to renew commercial agreements. Bank of America accounted for 17% of Bakkt’s revenue, while Webull represented 74% of its crypto services revenue. Bakkt’s stock closed down at $9.33. The company postponed its earnings call twice.

Bakkt’s stock is down 96% from its all-time high. The Law Offices of Howard G. Smith announced a possible class action lawsuit against Bakkt, alleging securities violations. Bakkt, Bank of America, and Webull have not responded to requests for comment. In November, Bakkt’s share price surged over 162% after rumors of a potential acquisition by Donald Trump’s media company.

Bakkt’s parent company considered selling or breaking up the firm in June. The NYSE notified Bakkt of non-compliance with listing rules in March. The stock exchange threatened delisting if Bakkt’s stock continued to close below $1 on average for 30 days.

Read more at Cointelegraph.: Bakkt stock tumbles nearly 30% after losing Bank of America and Webull