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bakkt shares plunge after losing major clients bank of america and webull
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.
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