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BUZZ-Bakkt slumps as BofA, Webull to not renew commercial agreements with crypto firm

Reuters
Mar 18, 2025
BUZZ-Bakkt slumps as BofA, Webull to not renew commercial agreements with crypto firm

** Crypto trading firm Bakkt Holdings' shares BKKT.N plunge 36.2% to $8.19 in extended trade

** BKKT says Bank of America BAC.N, which accounted for 17% of its loyalty services revenue in the nine months ended September 30, will not renew its commercial agreement with the firm

** The agreement with BofA will expire on April 22, subject to BKKT's obligation to maintain services for up to a 12-month transition period

** Additionally, trading platform Webull, which accounted for 74% of BKKT's crypto services revenue in the nine months ended September 30, will also not renew its commercial agreement with the firm

** Separately, BKKT rescheduled its Q4 earnings conference call to March 18

** As of last close, BKKT's shares down 48%

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))

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