Overview

• 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.