Bakkt faces lawsuit after losing key Webull and BoA contracts

Investors in Bakkt Holdings, Inc. have filed a class-action lawsuit, alleging that the company misled shareholders about its financial stability and reliance on major contracts with Webull and Bank of America (BoA).

The lawsuit, filed in the U.S. District Court for the Southern District of New York, accuses Bakkt and its executives of making false or misleading statements and failing to disclose critical information about its revenue sources.

The complaint highlights that Webull accounted for 74% of Bakkt’s crypto services revenue in 2023 and 2024, while BoA contributed 17% of its loyalty services revenue during the same period. 

The termination of these agreements, announced in March 2025, is expected to result in a 73% loss in Bakkt’s top-line revenue. 

Following the announcement, Bakkt’s share price plummeted by over 27% within 24 hours.

The investors allege that Bakkt misrepresented the diversity and stability of its revenue streams and failed to disclose its heavy dependence on Webull’s contract. 

“As a result of Defendants’ wrongful acts and omissions, Plaintiff and other Class members have suffered significant losses,” the lawsuit states.

Several law firms, including Holzer & Holzer LLC and Bronstein, Gewirtz & Grossman LLC, have encouraged affected investors to join the lawsuit. 

The deadline for filing as lead plaintiff is June 2, 2025.

Bakkt’s financial troubles come amid broader challenges for the company. 

While its stock surged by 162% in late 2024 on speculation of a potential acquisition by Donald Trump’s media company, no such deal has been confirmed. 

As of April 2025, Bakkt’s shares are trading at $8.15, reflecting a 36% decline over the past month.