Bakkt Faces Financial Turmoil as Key Partnerships End and Stock Plummets

The crypto firm is grappling with the loss of major revenue sources from Bank of America and Webull Pay, delayed financial reporting, and a sharp stock price decline.

• Bakkt Holdings' stock dropped 31.80% in after-hours trading to $8.75 following the announcement of non-renewed agreements and financial reporting delays.
• Bank of America will end its agreement with Bakkt on April 22, 2025, impacting 16% of the company's 2023 loyalty service revenue, with a 12-month transition period required.
• Webull Pay, which accounted for 74% of Bakkt's crypto service revenue in 2023, will not renew its agreement set to expire on June 14, 2025.
• The company has delayed filing its 2024 annual report and requested a 15-day extension under SEC Rule 12b-25, raising concerns about its financial stability.
• Bakkt's stock has fallen dramatically from its October 2021 peak of $1,063, underscoring challenges in a volatile crypto market heavily reliant on key partners.

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