Bakkt Holdings (BKKT), a crypto exchange and custody firm, saw its shares plunge on Monday after disclosing that neither Bank of America (BAC) nor crypto trading app Webull Pay would renew their commercial agreements with the company.
At the time of writing, BKKT shares have dropped 35% in after hours trading to $12.83. The stock made its all-time high in October 2021, when it was traded for $1,063 shortly after the firm became public through its merger with VPC Impact Acquisition Holdings.
Bank of America accounted for roughly 16% of Bakkt’s loyalty service revenue in 2023. Webull, meanwhile, represented 74% of Bakkt’s crypto service revenue in the same period. The agreement with Bank of America is scheduled to expire on April 22, while the contract with Webull will end on June 14.
Bakkt has requested an extension of time to file its 2024 annual report with the SEC.