Bakkt's stock price has fallen nearly 30%! The termination of the partnership between a U.S. bank and Webull has triggered market turbulence.

The crypto assets custody company Bakkt ($BKKT) saw its stock price big dump over 27% yesterday, due to the announcement of the termination of cooperation by two major clients "Bank of America ( and Webull )", leaving the market uneasy about Bakkt's future prospects.

US banks and Webull both withdraw! Bakkt's operations are affected.

According to Bakkt's regulatory filings with SEC (SEC) on March 17, Bank of America has notified the company that it will not renew the agreement when it expires on April 22. In addition, Webull, a well-known online brokerage, has also decided not to renew its cooperation agreement, which will be officially terminated on June 14.

It is concerning that these two major clients contribute significantly to Bakkt's business. Documents show that, for the nine months ending last September, Bank of America contributed 17% of Bakkt's loyalty services revenue, while Webull accounted for 74% of cryptocurrency services revenue.

(Bakkt's platform delisted a large number of public chain and DeFi coins, spokesperson: due to regulatory considerations)

Stock price avalanche! Bakkt falls below $9, evaporating 96% of its market value in two years.

As a result of this news, Bakkt's stock price fell sharply by 27.28% on March 18, according to Google Finance data, closing at $9.33 that day, and dropping further by 2.25% in after-hours trading to $9.12.

Since reaching an all-time high of $1,063 in October 2021, Bakkt's stock price has experienced a big dump of over 96%, the company's market value has nearly collapsed, and investor confidence has fallen to rock bottom.

Financial report delayed twice! Bakkt may face a class action lawsuit.

Bakkt was originally scheduled to release its financial report soon but has delayed it twice, with the latest arrangement setting the earnings call for March 19. This move deepens market concerns, and investors are worried that the company's financial situation may be problematic.

In addition, the law firm Howard G. Smith has announced that it is considering launching a class action lawsuit against Bakkt, accusing the company of violating federal securities laws:

The termination of Bakkt's collaboration with US banks and Webull, coupled with several delays in financial reports leading to a big dump in stock prices, may cause serious harm to investors.

Trump Media Company once intended to acquire, Bakkt's future remains uncertain.

Looking back at Bakkt's historical performance, in November 2023, it was reported that Trump Media & Technology Group (Trump Media & Technology Group Corp.) was in talks with Bakkt about an acquisition, and the company's stock price soared 162% to $29.71 at one point, and then rose another 16.4% to $34.59. However, in the end, the deal still did not materialize.

In addition, Bakkt's parent company Intercontinental Exchange (ICE) had also considered selling the company or splitting it into smaller business units as early as June 2023. In March of the same year, Bakkt received a delisting warning from the New York Stock Exchange (NYSE) due to its stock price averaging below 1 USD for 30 consecutive days.

This article Bakkt's stock price plummeted by nearly three percent! Bank of America's termination of cooperation with Webull caused market turmoil first appeared in Chain News ABMedia.