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Bakkt Holdings' shares plummeted 27-37% after losing major clients Bank of America and Webull, which accounted for significant portions of its revenue. The company has delayed its annual report and earnings call, raising investor concerns, while potential legal troubles loom due to federal securities violations. Bakkt's stock is now over 96% below its all-time high of $1,063 from October 2021.
Bakkt's stock plummeted over 27% after announcing that Bank of America and Webull would not renew their commercial agreements, which significantly impacted its revenue. Bank of America accounted for 17% of Bakkt's loyalty services revenue, while Webull represented 74% of its crypto services revenue. The company is also facing a potential class action lawsuit for alleged securities violations following the news.
Bakkt's stock plummeted over 27% after announcing that Bank of America and Webull would not renew their commercial agreements, which significantly impacted its revenue streams. Bank of America accounted for 17% of Bakkt's loyalty services revenue, while Webull represented 74% of its crypto services revenue. The company has faced further challenges, including postponed earnings calls and a potential class action lawsuit alleging federal securities violations.
Donald Trump's administration faces scrutiny over potential conflicts of interest in the cryptocurrency sector, particularly through his involvement with World Liberty Financial, which is backed by controversial figures like Justin Sun. While Trump has shifted to a pro-crypto stance, analysts warn that deregulation could lead to significant risks, including vulnerabilities in financial security and national security implications. The recent court ruling on Tornado Cash highlights the ongoing debate over regulatory oversight in the rapidly evolving crypto landscape.
Bitcoin is approaching $95,000, fueled by optimism surrounding support from former President Trump and ongoing discussions about the acquisition of Bakkt. This surge reflects growing interest in cryptocurrency as market dynamics shift.
Shares of Bakkt Holdings Inc. surged over 100% following reports that Trump Media & Technology Group Corp. is in advanced talks for an all-share acquisition of the digital-asset marketplace. The Financial Times cited unnamed sources regarding the negotiations. Bakkt"s market capitalization reached $155 million on Friday.
Bakkt Holdings, Inc.
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bakkt shares plummet after losing major clients and facing legal troubles
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