The stock of cryptocurrency exchange Bakkt Holdings (BKKT) is down 37% on news that the company has requested an extension to file its 2024 annual report with the U.S. Securities and Exchange Commission (SEC).
The annual report filing is required for Bakkt Holdings’ stock to remain listed on the New York Stock Exchange (NYSE). At the same time, Bakkt divulged that Bank of America (BAC) and crypto trading app Webull Pay are not renewing their commercial agreements with the company.
Bank of America accounted for 16% of Bakkt’s loyalty service revenue in 2023. The Webull Pay trading app accounted for nearly three quarters (74%) of Bakkt Holdings’ crypto service revenue. The agreement with Bank of America expires on April 22 of this year, while the contract with Webull Pay ends on June 14.
Under Pressure
News of the delayed annual report filing, and that key partners are abandoning Bakkt Holdings, has pressured the company’s shares. BKKT stock is now trading at $8.17 a share, down 67% in 2025 and having declined 95% since going public in late 2020 via a special purpose acquisition company (SPAC).
Based in New York City, Bakkt Holdings provides software as a service (SaaS) and an API platform for owning and trading cryptocurrencies and redeeming loyalty points. Bakkt was founded, and is 55% owned, by Intercontinental Exchange (ICE), which also owns the New York Stock Exchange.
Is BKKT Stock a Buy?
The stock of Bakkt Holdings is not widely followed by Wall Street analysts. So instead, we’ll look at the company’s three-month performance. As one can see in the chart below, BKKT stock has declined 69% in the last 12 weeks.
Questions or Comments about the article? Write to editor@tipranks.com