{"id":125367,"date":"2025-03-19T07:15:47","date_gmt":"2025-03-19T07:15:47","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125367"},"modified":"2025-03-19T07:15:47","modified_gmt":"2025-03-19T07:15:47","slug":"bakkt-stock-tumbles-nearly-30-after-losing-bank-of-america-and-webull","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125367","title":{"rendered":"Bakkt stock tumbles nearly 30% after losing Bank of America and Webull"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsCrypto firm Bakkt\u2019s 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.<br \/>\nIn 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.\u00a0<br \/>\nBank of America represented 17% of Bakkt\u2019s loyalty services revenue in the nine months ending Sept. 30, 2024, according to the filing. Webull represented 74% of the company\u2019s crypto services revenue across the same period.\u00a0<br \/>\nStocks 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.\u00a0<br \/>\nBank of America and Webull won\u2019t renew agreements with Bakkt, which saw its stock sell-off. Source: Google FinanceOverall, the stock is down over 96% from its all-time high of $1,063, which it hit on Oct. 29, 2021.\u00a0<br \/>\nBakkt has also postponed its previously announced earnings conference twice, with the latest rescheduling slating the call for March 19.\u00a0<br \/>\nBakkt was founded in 2018 by the Intercontinental Exchange, which holds a 55% stake and also owns the New York Stock Exchange (NYSE).<br \/>\nRelated: Bakkt declares $780M full-year revenue in 2023 earnings report<br \/>\nAt 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\u2019s stock price to fall, \u201cthereby injuring investors.\u201d\u00a0<br \/>\nBakkt, Bank of America and Webull didn\u2019t immediately respond to requests for comment.\u00a0<br \/>\nIn November last year, Bakkt\u2019s share price jumped over 162% to $29.71 and continued to climb 16.4% to $34.59 after a report claimed Donald Trump\u2019s media company was in advanced talks to acquire the firm.\u00a0<br \/>\nBefore that, Bakkt\u2019s parent company considered selling it or breaking the firm into smaller entities in June, according to a Bloomberg report.\u00a0<br \/>\nIt also received a notification from the NYSE in March that it wasn\u2019t in compliance with the stock exchange\u2019s listing rules after its stock spent 30 days closing below $1 on average.<br \/>\nMagazine: Crypto fans are obsessed with longevity and biohacking: Here\u2019s why<a href=\"https:\/\/cointelegraph.com\/news\/bakkt-tumbles-nearly-30-after-losing-bank-of-america-and-webull?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsCrypto firm Bakkt\u2019s 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&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125367"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125367"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125367\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125367"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}