Bakkt Holdings, Inc. announced that Bank of America, N.A. will not renew its commercial agreement, effective April 22, 2025, with a 12-month transition period. Additionally, Webull Pay LLC will not renew its commercial agreement, effective June 14, 2025.
The non-renewal of the Webull contract is particularly impactful, as Webull represented 74% of Bakkt’s crypto services revenue for the prior nine months ended September 30, 2024, and the full year ended December 31, 2023. Bank of America accounted for 17% of Bakkt’s loyalty services revenue in the prior nine months ended September 30, 2024.
These customer cancellations are expected to result in a collective 73% loss in top-line revenue going forward. Furthermore, Bakkt rescheduled its fourth quarter 2024 earnings release and announced a delay in filing its annual 2024 financial report to complete the presentation of its consolidated financial statements.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.