Bakkt Holdings loses Bank of America (16-17% loyalty rev) and Webull (74% crypto rev) contracts

Bakkt, Inc.

Bank of America not renewing; agreement expires April 22, 2025; BoA represented ~16% (2023) and 17% (9M2024) of loyalty revenue.
Webull not renewing; agreement expires June 14, 2025; Webull represented ~74% of crypto services revenue in both periods.
Bakkt may be required to maintain services for up to 12-month transition period for BoA contract.

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