Bakkt Holdings (BKKT), an crypto and guard exchange company, saw its actions immerse itself on Monday after revealing that neither Bank of America (BAC) nor the negotiation application of Crypto Webull Pay would renew their trade agreements with the company.
At the time of writing the editorial staff, BKKT shares fell 35% after negotiation hours at $ 12.83. The title made its record level in October 2021, when it was negotiated against $ 1,063 shortly after the company became public thanks to its merger with VPC Impact Acquisition Holdings.
Bank of America represented around 16% of Bakkt loyalty service income in 2023. Webull, for its part, represented 74% of Bakkt cryptographic service income during the same period. The agreement with Bank of America is expected to expire on April 22, while the contract with Webull will end on June 14.
Bakkt requested an extension of the period to submit its 2024 annual report to the SEC.
