Bakkt slumps as BofA, Webull to not renew commercial agreements with crypto firm
ReutersMar 17, 2025 8:38 PM
Crypto trading firm Bakkt Holdings' shares BKKT.N plunge 36.2% to $8.19 in extended trade
BKKT says Bank of America BAC.N, which accounted for 17% of its loyalty services revenue in the nine months ended September 30, will not renew its commercial agreement with the firm
The agreement with BofA will expire on April 22, subject to BKKT's obligation to maintain services for up to a 12-month transition period
Additionally, trading platform Webull, which accounted for 74% of BKKT's crypto services revenue in the nine months ended September 30, will also not renew its commercial agreement with the firm
Separately, BKKT rescheduled its Q4 earnings conference call to March 18
As of last close, BKKT's shares down 48%
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