Cointime

Download App
iOS & Android

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

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. 

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. 

Overall, the stock is down over 96% from its all-time high of $1,063, 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).

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.

Comments

All Comments

Recommended for you

  • Iranian Official: US Provocation on Strait of Hormuz is a Reactive Response

    According to IRNA, Hussein Nushabadi, the Director General of the Iranian Foreign Ministry's Parliamentary and Legal Affairs Department, stated in an interview that Washington's controversial claims regarding control over the Strait of Hormuz are primarily driven by domestic political needs and are a reactive response to Iran's demonstrated strength and strategic actions in this waterway. He noted that the baseless assertions made by the US President regarding the Strait of Hormuz do not align with international shipping regulations or the relevant provisions of the United Nations Convention on the Law of the Sea. Nushabadi also pointed out that Iran possesses political and military dominance over the Strait of Hormuz, a vital lifeline for global energy and economy, making it a powerful lever and strategic trump card in responding to external threats.

  • Jensen Huang Collaborates with Wall Street Giants to Support AI Computing Market

    On August 15, a rare scene unfolded as Jensen Huang joined forces with six major Wall Street asset management giants to endorse the idea of establishing AI computing as an independent asset class. Analysts believe this reflects Huang's commitment to the concept of token economics, marking a shift in the AI boom from a technological competition to a capital competition. However, the latest plan has raised concerns among investors regarding 'circular financing' and debt risks. In response to these doubts, Huang personally stepped in to reassure the market, stating that Nvidia may provide a residual value support mechanism of up to 25% for individual investment projects and will carefully evaluate each project. Following this, market sentiment showed slight improvement. (CCTV Finance)

  • DJI Added to 'Blacklist', US Court Orders Rehearing

    On August 15, according to the Russian Satellite News Agency, the U.S. Court of Appeals recently ruled that a lower court must rehear the case regarding the inclusion of Chinese drone manufacturer DJI on the Pentagon's 'Chinese Military Industrial Enterprises' blacklist, stating that the previous ruling was based on non-confidential information and contained flaws. The report indicated that the D.C. Circuit Court of Appeals pointed out that the lower court's conclusion that DJI 'contributes to China's defense industrial base' was erroneous, as it relied solely on publicly available information. The court has mandated that during the rehearing, the lower court may review classified documents and decide whether to uphold the Department of Defense's designation based on that information.

  • Iran Claims Undisputed Ownership of Strait of Hormuz

    On August 15, according to CCTV International News, Iran's Chief Justice Ejei stated today that the absurd remarks made by the U.S. President regarding the Strait of Hormuz are entirely based on his personal delusions. In the real world, the true owner and dominant power of this important international waterway is Iran. Ejei emphasized that Iran has proven militarily that the Strait of Hormuz is an inseparable part of Iranian territory and sovereignty.

  • US Spot Bitcoin ETF Sees Net Outflow of $56.2 Million Yesterday

    On August 15, according to data monitored by Farside Investors, the US spot Bitcoin ETF experienced a net outflow of $56.2 million yesterday.

  • No Net Inflow or Outflow for US Spot Ethereum ETF Yesterday

    On August 15, according to monitoring data from Farside Investors, there was no net inflow or outflow for the US spot Ethereum ETF yesterday.

  • Charles Schwab: Low Probability of CLARITY Act Passing Before U.S. Midterm Elections

    On August 15, Charles Schwab stated in its 'Weekly Trader Market Outlook' that as of the time of writing, the Bitwise Top 10 Large Cap Crypto Index has fallen 3% since last Friday; Bitcoin has dropped 3% during the same period, while Ethereum is down 2%. Bitcoin continues to exhibit characteristics of a low-correlation asset, with limited impact on its price from the CPI and PPI data released this week. Last week, the U.S. Senate entered its summer recess without voting on the CLARITY Act. Although the final debate vote for the bill is scheduled for September 14, the probability of it passing before the midterm elections remains low.

  • Sources: Trump to Attend Closed-Door Meeting with Crypto Executives at the White House

    On August 15, sources revealed that U.S. President Trump is expected to attend a White House meeting held by the newly established Innovation Committee on Wednesday. The committee consists of executives from the crypto industry as well as leaders from prediction markets and artificial intelligence companies. Sources indicated that the CEOs of companies such as Coinbase, Ripple, Gemini, Robinhood, Polymarket, and Kalshi are members of the U.S. CFTC Innovation Advisory Committee. Before attending the committee's first official meeting on Thursday, these crypto industry CEOs will gather at the White House for the meeting on Wednesday. Attendees learned that Trump plans to participate in this meeting. The meeting is expected to take place at the Eisenhower Executive Office Building next to the White House, aiming to initiate policy discussions on several key directions in the U.S. innovation sector. Sources also stated that CFTC Chairman Mike Selig and other policy advisors are expected to attend the meeting. One source further revealed that U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick may also be present. The White House spokesperson has not yet responded to requests for comments regarding the meeting arrangements.

  • U.S. Optical Communication Stocks Rise, Lumentum Up Over 6%

    On August 14, U.S. optical communication stocks collectively rose, with Applied Optoelectronics increasing by over 14%, AXT Inc and MaxLinear rising by over 7%, POET Technologies and Lumentum up by over 6%, and Lightwave Logic increasing by over 5%. Corning and Tower Semiconductor also saw gains of over 4%.

  • Dunamu Reports 73% Decrease in Q2 Operating Profit to 23.5 Billion Won

    On August 14, Upbit operator Dunamu announced its Q2 2026 performance, reporting quarterly revenue of 173.5 billion won (approximately 123 million USD) and an operating profit of 23.5 billion won (approximately 16.65 million USD), representing declines of about 26% and 73% respectively compared to Q1. In the first quarter, Dunamu's revenue was 234.6 billion won (approximately 166 million USD) with an operating profit of 88 billion won (approximately 62.34 million USD). Dunamu stated that the decline in performance this quarter was primarily influenced by the overall contraction in liquidity in the global digital asset market, which weakened investor sentiment.