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In the grand theater of finance, where fortunes are made and lost with the flick of a pen, the crypto firm Bakkt took a nosedive on March 18, like a bird that forgot how to fly. The curtain fell on its share price, which closed down over 27% after the shocking revelation that two of its biggest clients, the illustrious Bank of America and the ever-so-charming Webull, decided to part ways. Talk about a breakup! 💔
In a regulatory filing that could make even the most stoic accountant shed a tear, Bakkt announced on March 17 that the Bank of America would not be renewing their commercial agreement when it expires on April 22. And as if that wasn’t enough drama for one day, Webull also decided to take its leave when their agreement ends on June 14. It’s like watching a soap opera unfold, but with more spreadsheets and fewer dramatic pauses.
Now, let’s talk numbers, shall we? Bank of America accounted for a whopping 17% of Bakkt’s loyalty services revenue in the nine months leading up to September 30, 2024. Meanwhile, Webull was the golden goose, representing a staggering 74% of the company’s crypto services revenue during the same period. It’s safe to say that losing these clients is akin to a chef losing their secret ingredient—chaos ensues! 🍳
As the news broke, Bakkt’s stock (BKKT) plummeted faster than a lead balloon, closing the day at $9.33, down 27.28%. And just when you thought it couldn’t get worse, it dipped another 2.25% to $9.12 after the bell rang, according to the ever-reliable Google Finance. 📉
To add a cherry on top of this financial sundae, Bakkt’s stock is now down over 96% from its all-time high of $1063, which it hit on October 29, 2021. It’s like watching a rollercoaster ride that only goes down—no thrills, just chills!
In a twist that would make even the best screenwriters envious, Bakkt has postponed its earnings conference not once, but twice! The latest rescheduling has the call slated for March 19. Will they have good news? Or will it be more of the same? Stay tuned! 🎭
Founded in 2018 by the Intercontinental Exchange, which holds a 55% stake and also owns the New York Stock Exchange (NYSE), Bakkt has had its fair share of ups and downs. And now, at least one law firm, the Law Offices of Howard G. Smith, is considering a class action against Bakkt, alleging federal securities violations. Apparently, the terminated agreements with Bank of America and Webull, combined with the rescheduled earnings call, have left investors feeling a bit like they’ve been left at the altar. 💍
Neither Bakkt, Bank of America, nor Webull could be reached for comment, likely too busy licking their wounds. In November of last year, Bakkt’s share price soared over 162% to $29.71, and then climbed another 16.4% to $34.59 after rumors swirled that Donald Trump’s media company was in advanced talks to acquire the firm. Ah, the sweet taste of speculation!
But before that, Bakkt’s parent company was contemplating selling it or breaking it into smaller entities, according to a Bloomberg report. And just to add a final twist, they received a notification from the NYSE in March that they weren’t in compliance with the stock exchange’s listing rules after their stock spent 30 days closing below $1 on average. It’s a wild ride in the world of crypto, folks! 🎢
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2025-03-19 09:19