Bakkt shares plunge 35 per cent on loss of two major customers, Bank of America and Webull Pay

Shares of crypto trading and custodian Bakkt Holdings (BKKT) plummeted 35 per cent to $12.83 in after-hours Monday after the company disclosed that neither Bank of America (BAC) nor Webull Pay would renew their contracts. Under the agreement, Bank of America's contract will end on 22 April, while Webull's partnership will end on 14 June. In addition, Bakkt filed for an extension with the US Securities and Exchange Commission (SEC) to file its 2024 annual report.