The stock of %Cryptocurrency exchange %BakktHoldings (NYSE: $BKKT) is down 35% on news that
%BankOfAmerica (NYSE: $BAC) and crypto trading app Webull Pay are not renewing their commercial agreements with the company.
At the same time, Bakkt Holdings has requested an extension to file its 2024 annual report with the U.S. Securities and Exchange Commission (SEC).
The annual report filing is required for Bakkt Holdings’ stock to remain listed on the New York Stock Exchange (NYSE).
Bank of America accounted for 16% of Bakkt’s loyalty service revenue in 2023.
At the same time, the Webull Pay trading app accounted for nearly three quarters (74%) of Bakkt Holdings’ crypto service revenue.
The agreement with Bank of America is set to expire on April 22 of this year, while the contract with Webull Pay ends on June 14.
BKKT stock is now trading at $12.83 U.S. a share, down 50% in 2025 and having declined 95% since going public in late 2020 via a special purpose acquisition company (SPAC) deal.
