Step 1
Unite with Fellow Investors
Step 2
Choose the Best Attorney
Step 3
Provide Documents
Step 4
Follow Case Progress
Step 5
Get Payout
BKKT.US
id: 1552
Bakkt Holdings ($BKKT) Misleading Growth and Contract Loss Case
N.D. Georgia
Court1:25-cv-02520
Case number03/25/2024
Class period Start03/17/2025
Class period End06/02/2025
Lead Plaintiff motion deadline- $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.
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.
Case Type
US Securities Class Action
Case Status
Lead Plaintiff Appointment
Alleged Offence
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
03/17/2025
Filing date
04/02/2025
Lead Plaintiff Deadline
06/02/2025