Bakkt Holdings (BKKT), an exchange and custody firm of cryptography, saw its actions fall on Monday after revealing that neither Bank of America (BAC) nor the WebULL Pay cryptographic trade application would renew their commercial agreements with the company.
At the time of writing this article, BKKT shares have fallen 35% after contribution hours at $ 12.83. The action reached its maximum of all time in October 2021, when it was negotiated for $ 1,063 shortly after the company was made public through its merger with VPC Impact Acquisition Holdings.
Bank of America represented approximately 16% of the income from the Bakkt loyalty service in 2023. Webull, meanwhile, represented 74% of the income from Bakkt’s cryptographic service in the same period. The agreement with Bank of America is scheduled to expire on April 22, while the contract with Webull will end on June 14.
Bakkt has requested an extension of time to present its annual report 2024 before the SEC.
