Bakkt Holdings (BKKT), a firm specializing in cryptocurrency exchange and custody, experienced a significant decline in its share price on Monday following the announcement that neither Bank of America (BAC) nor the crypto trading application Webull Pay will be renewing their commercial contracts.
As of this writing, BKKT’s shares have fallen 35% in post-market trading, bringing the price down to $12.83. The stock had reached its peak in October 2021, when it soared to $1,063 shortly after the company went public through a merger with VPC Impact Acquisition Holdings.
In 2023, Bank of America contributed approximately 16% to Bakkt’s loyalty service revenue, while Webull accounted for an impressive 74% of its crypto service revenue during the same timeframe. The agreement with Bank of America is set to expire on April 22, and the contract with Webull will conclude on June 14.
Bakkt has requested additional time to submit its annual report for 2024 to the SEC.