Bakkt’s share price closed trading down over 27% on March 18 after the crypto custody firm shared two major clients weren’t renewing their agreements.
Crypto firm Bakkt’s share price plummeted over 27% on March 18 after the company revealed that two of its largest clients, Bank of America and Webull, would not be renewing their 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.
