Bakkt's stock price plunged over 27% on March 18 after the cryptocurrency custody firm announced that two major clients, Bank of America and Webull, would not be renewing their commercial agreements. The filing revealed that Bank of America, which contributed 17% to Bakkt's loyalty services revenue in the nine months ending September 30, 2024, would let its agreement expire on April 22. Webull, representing a significant 74% of Bakkt's revenue during the same period, will not renew its agreement when it ends on June 14. Following this news, Bakkt's shares closed at $9.33 and fell further to $9.12 after hours. The stock has drastically declined, losing over 96% from its all-time high of $106.3 in October 2021. Bakkt has postponed its earnings conference call twice, with the latest scheduled for March 19, raising concerns among investors. In light of these developments, a law firm is reportedly exploring a potential class action against Bakkt, alleging federal securities violations tied to the lost agreements and the delayed earnings call, which they claim harmed investors.

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