Shares in digital asset player Bakkt tumbled by more than a third on news that the firm has lost two major customers, Bank pf America and Webull.
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Bank of America, which accounted for 16% of Bakkt’s loyalty service revenue in 2023, has decided to not renew it agreement with the crypto firm when the current deal ends next month.
Digital investing platform Webull, which accounted for 74% of Bakkt’s crypto services revenue in 2023, is also not renewing its deal when the current one ends in June.
Meanwhile, Bakkt has requested an extension for filing its 2024 annual report with the SEC.
Launched in 2018, Bakkt was owned by Nyse parent Intercontinental Exchange before going public through a $2.1 billion Spac deal in 2021.
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