Bakkt Crashes 35% as Bank of America & Webull Cut Ties!
Cryptocurrency firm Bakkt (BKKT) saw its stock plummet 35% after two of its biggest clients, Bank of America and Webull, announced they won’t renew their contracts. With Bank of America contributing 16% of loyalty service revenue and Webull making up a massive 74% of crypto service revenue, the financial hit is severe.
March 18 trading closed down 27.28% at $9.33, with further losses after hours. The company already faced struggles, reporting a $226 million financial loss in 2023 and admitting it may not have enough funds to sustain operations for another year.
Legal troubles ahead? The Law Offices of Howard G. Smith is considering a class-action lawsuit against Bakkt for potential securities violations. Meanwhile, the NYSE warned the company about failing listing requirements.
From once soaring 162% to $34.59 amid acquisition rumors to now fighting for survival. Is this the endgame for Bakkt?
Read Full Article :- Bakkt Stock Crashes Nearly 30% after Bank of America and Webull Cut Ties
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