Bakkt stock tumbles nearly 30% after losing Bank of America and Webull

Crypto firm Bakkt’s share price has closed March 18 trading down over 27% after it disclosed that two of it biggest clients, the Bank of America and Webull, won’t renew commercial agreements.
In a March 17 regulatory filing, Bakkt said it had received notice of Bank of America not renewing its commercial agreement when the deal expires on April 22. It also disclosed that the brokerage platform Webull had also decided not to renew its agreement when it ends on June 14.
Bank of America represented 17% of Bakkt’s loyalty services revenue in the nine months ending Sept. 30, 2024, according to the filing. Webull represented 74% of the company’s crypto services revenue across the same period.
Stocks in Bakkt (BKKT) tumbled on March 18 after the filing, and its share price closed the day down 27.28% at $9.33. BKKT saw a further decline of 2.25% to $9.12 after the bell, according to Google Finance.
Bank of America and Webull won’t renew agreements with Bakkt, which saw its stock sell-off. Source: Google Finance
Overall, the stock is down over 96% from its all-time high of $1063, which it hit on Oct. 29, 2021.
Bakkt has also postponed its previously announced earnings conference twice, with the latest rescheduling slating the call for March 19.
Bakkt was founded in 2018 by the Intercontinental Exchange, which holds a 55% stake and also owns the New York Stock Exchange (NYSE).
Related: Bakkt declares $780M full-year revenue in 2023 earnings report
At least one law firm, the Law Offices of Howard G. Smith, announced a possible class action against Bakkt, alleging federal securities violations. The potential lawsuit claims that the terminated agreements with Bank of America and Webull, combined with the rescheduled earnings call, caused Bakkt’s stock price to fall, “thereby injuring investors.”
Bakkt, Bank of America and Webull didn’t immediately respond to requests for comment.
In November last year, Bakkt’s share price jumped over 162% to $29.71 and continued to climb 16.4% to $34.59 after a report claimed Donald Trump’s media company was in advanced talks to acquire the firm.
Before that, Bakkt’s parent company considered selling it or breaking the firm into smaller entities in June, according to a Bloomberg report.
It also received a notification from the NYSE in March that it wasn’t in compliance with the stock exchange’s listing rules after its stock spent 30 days closing below $1 on average.
Magazine: Crypto fans are obsessed with longevity and biohacking: Here’s why
Bitcoin (BTC) $ 105,310.00
Ethereum (ETH) $ 2,545.33
Tether (USDT) $ 0.999997
XRP (XRP) $ 2.17
BNB (BNB) $ 647.51
Solana (SOL) $ 152.22
USDC (USDC) $ 0.999737
Dogecoin (DOGE) $ 0.175154
TRON (TRX) $ 0.273461
Lido Staked Ether (STETH) $ 2,545.14
Cardano (ADA) $ 0.633281
Hyperliquid (HYPE) $ 41.07
Wrapped Bitcoin (WBTC) $ 105,285.00
Wrapped stETH (WSTETH) $ 3,069.91
Sui (SUI) $ 3.03
Bitcoin Cash (BCH) $ 461.49
Chainlink (LINK) $ 13.28
LEO Token (LEO) $ 9.27
Avalanche (AVAX) $ 19.12
Stellar (XLM) $ 0.258489
Toncoin (TON) $ 2.97
Shiba Inu (SHIB) $ 0.000012
USDS (USDS) $ 0.999866
WETH (WETH) $ 2,545.88
Wrapped eETH (WEETH) $ 2,722.09
Litecoin (LTC) $ 86.20
Hedera (HBAR) $ 0.154420
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999837
Ethena USDe (USDE) $ 0.999860
Polkadot (DOT) $ 3.82
Monero (XMR) $ 315.37
WhiteBIT Coin (WBT) $ 39.63
Bitget Token (BGB) $ 4.52
Coinbase Wrapped BTC (CBBTC) $ 105,285.00
Pepe (PEPE) $ 0.000011
Pi Network (PI) $ 0.602232
Uniswap (UNI) $ 7.13
Aave (AAVE) $ 272.23
Dai (DAI) $ 0.999370
Ethena Staked USDe (SUSDE) $ 1.18
Bittensor (TAO) $ 366.09
OKB (OKB) $ 51.57
Internet Computer (ICP) $ 5.48
Aptos (APT) $ 4.53
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
NEAR Protocol (NEAR) $ 2.22
Cronos (CRO) $ 0.090790
Jito Staked SOL (JITOSOL) $ 184.05
Tokenize Xchange (TKX) $ 32.59
Ethereum Classic (ETC) $ 16.64
Ondo (ONDO) $ 0.791619
sUSDS (SUSDS) $ 1.06
USD1 (USD1) $ 1.00
Mantle (MNT) $ 0.619029
Gate (GT) $ 16.65
Official Trump (TRUMP) $ 9.97
Kaspa (KAS) $ 0.073491
VeChain (VET) $ 0.022292
Fasttoken (FTN) $ 4.45
Sky (SKY) $ 0.088374
Cosmos Hub (ATOM) $ 4.09
Ethena (ENA) $ 0.302209
Lombard Staked BTC (LBTC) $ 105,197.00
Artificial Superintelligence Alliance (FET) $ 0.695549
POL (ex-MATIC) (POL) $ 0.198697
Render (RENDER) $ 3.44
Filecoin (FIL) $ 2.42
Arbitrum (ARB) $ 0.327242
Worldcoin (WLD) $ 0.979015
Quant (QNT) $ 106.49
USDT0 (USDT0) $ 1.00
Binance-Peg WETH (WETH) $ 2,544.86
Jupiter Perpetuals Liquidity Provider Token (JLP) $ 4.45
Algorand (ALGO) $ 0.175783
First Digital USD (FDUSD) $ 1.00
USDtb (USDTB) $ 0.999621
KuCoin (KCS) $ 11.20
SPX6900 (SPX) $ 1.50
Binance Staked SOL (BNSOL) $ 160.89
Jupiter (JUP) $ 0.431911
Flare (FLR) $ 0.018082
Fartcoin (FARTCOIN) $ 1.22
NEXO (NEXO) $ 1.22
Virtuals Protocol (VIRTUAL) $ 1.85
Rocket Pool ETH (RETH) $ 2,896.36
Celestia (TIA) $ 1.75
Kelp DAO Restaked ETH (RSETH) $ 2,662.89
Bonk (BONK) $ 0.000015
Injective (INJ) $ 11.39
Sonic (S) $ 0.331139
Story (IP) $ 3.56
Polygon Bridged USDT (Polygon) (USDT) $ 1.00
Optimism (OP) $ 0.589207
Binance Bridged USDC (BNB Smart Chain) (USDC) $ 0.999792
Sei (SEI) $ 0.176243
PayPal USD (PYUSD) $ 0.999781
XDC Network (XDC) $ 0.059220
Stacks (STX) $ 0.619546
Mantle Staked Ether (METH) $ 2,717.83
AB (AB) $ 0.015006