Bakkt notified Bank of America, Webull won’t renew commercial agreements

In a regulatory filing, Bakkt Holdings (BKKT) disclosed that it received notice from Bank of America (BAC) that Bank of America would not renew its commercial agreement with the company. As a result, such agreement will expire in accordance with its terms on April 22, 2025, subject to the company’s obligation to maintain services for up to a 12-month transition period. Bank of America represented approximately 16% and 17% of the company’s loyalty services revenue in in the year ended December 31, 2023 and the nine months ended September 30, 2024, respectively. The company also received notice from Webull Pay that Webull will not renew its commercial agreement with the company. As a result, such agreement will expire in accordance with its terms on June 14, 2025. Webull represented approximately 74% of the company’s crypto services revenue in both the year ended December 31, 2023 and the nine months ended September 30, 2024, the filing noted.