Robbins LLP is Investigating Allegations that Bakkt Holdings, Inc. (BKKT) Misled Investors Regarding the Source of its Crypto Services Revenue

Robbins LLP informs stockholders that a class action was filed on behalf of all persons and entities that purchased or otherwise acquired Bakkt Holdings, Inc. (NYSE: BKKT) securities between March 25, 2024 and March 17, 2025. Bakkt is a technology company which builds software related to the selling, buying, and storage of cryptocurrency. 

The Allegations

According to the complaint, during the class period, defendants: (1) misrepresented the stability and/or diversity of its crypto services revenue; (2) failed to disclose Bakkt’s Crypto services revenue was substantially dependent on a single contract with Webull; and (3) misrepresented its ability to maintain key client relationships.

The complaint alleges that on March 17, 2025, Bakkt disclosed Webull was terminating its commercial agreement with the Company, effective June 14, 2025. The Company revealed that in the prior nine months ended September 30, 2024 and the full year ended December 31, 2023, Webull made up 74% of Bakkt’s crypto services revenue. In that same period, the Company derived 98% of its revenue from crypto services. The Company also disclosed that Bank of America was terminating its loyalty services contract with the Company, effective April 22, 2025. The Company revealed Bank of America made up 17% of Bakkt’s loyalty services revenue in the prior nine months ended September 30, 2024. The customer cancellations will collectively result in a 73% loss in top line revenue going forward.  On this news, the Company’s share price fell $3.50 or 27.3%, to close at $9.33 per share on March 18, 2025.

What Now: You may be eligible to participate in the class action against Bakkt Holdings, Inc. Shareholders who want to serve as lead plaintiff for the class should contract Robbins LLP. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation.  You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.