Bakkt slumps as BofA, Webull to not renew commercial agreements with crypto firm

Bakkt

17/03/2025 20:38

** 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%

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com))