Markets, Bakkt, Bank of America The firm can also be delaying the submitting of its annual report. 

Bakkt Holdings (BKKT), a crypto change and custody agency, noticed its shares plunge on Monday after disclosing that neither Bank of America (BAC) nor crypto buying and selling app Webull Pay would renew their business agreements with the corporate.

At the time of writing, BKKT shares have dropped 35% in after hours buying and selling to $12.83. The inventory made its all-time excessive in October 2021, when it was traded for $1,063 shortly after the agency turned public by way of its merger with VPC Impact Acquisition Holdings.

Bank of America accounted for roughly 16% of Bakkt’s loyalty service income in 2023. Webull, in the meantime, represented 74% of Bakkt’s crypto service income in the identical interval. The settlement with Bank of America is scheduled to run out on April 22, whereas the contract with Webull will finish on June 14.

Bakkt has requested an extension of time to file its 2024 annual report with the SEC.

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