Bakkt Holdings ($BKKT) Misleading Growth and Contract Loss Case
$BKKT investors filed a claim against Bakkt Holdings for hiding its heavy reliance on two major clients and falsely promoting stable, diversified growth.
After announcing contract cancellations with Webull and Bank of America on March 17, 2025, $BKKT dropped 27.3% in a single day.
$BKKT investors can join this case to be notified about potential recovery.
Case Details:
Between March 25, 2024 and March 17, 2025, Bakkt promoted its crypto and loyalty services platform as a growing, diversified business fueled by strategic acquisitions. The company repeatedly emphasized the success of its April 2023 acquisition of Apex Crypto (renamed Bakkt Crypto), highlighting revenue growth, new partnerships, and strong client activity. Public filings and earnings reports described increasing crypto transaction volume, expanding account bases, and long-term scalability.
Despite those claims, nearly all of Bakkt’s crypto revenue — 74% — came from a single customer: Webull Pay. At the same time, Bank of America made up 17% of its loyalty services revenue. This heavy concentration was never clearly disclosed in the company’s promotional messaging.
On March 17, 2025, Bakkt revealed both Webull and Bank of America were terminating their agreements, effective in mid-2025. The combined losses would wipe out an estimated 73% of Bakkt’s total revenue going forward. $BKKT plunged 27.3% on the news.
Based on these events, $BKKT investors filed a claim against Bakkt Holdings, accusing the company of the following:
It misled investors by overstating revenue stability and failing to disclose extreme customer concentration.
It falsely promoted diversified growth while depending on just two clients for the majority of revenue.
Considering all the representations, investors believe Bakkt concealed key risks to maintain its valuation and market credibility.