What’s Next For Bakkt? Investor Panic, Legal Trouble, And An Uncertain Future
Bakkt Holdings, Inc. (NYSE:BKKT) is under pressure after investors filed a lawsuit on April 2, 2025. The issue centers around Bakkt’s strong dependence on one major client, Webull Pay LLC, which brought in 74% of its crypto services revenue during the first nine months of 2024.
On March 17, Bakkt announced it would be ending its agreement with Webull in June. Around the same time, Bank of America also backed out of a separate deal that made up 17% of Bakkt’s loyalty services revenue — raising more questions about the company’s future.
These statements triggered investor panic, causing Bakkt stock to plunge by 27.3% over one day, a loss of $3.50 a share that erased tens of millions of dollars from market capitalization.
In an effort to settle claims, Bakkt agreed to pay $3 million to affected shareholders. However, the settlement does not resolve all of the company’s issues.
With an expected 73% loss in revenues from these contract cancellations, leadership transition under way, and uncertainty surrounding the unstable cryptocurrency market, Bakkt is facing some serious questions regarding its future.
Lawsuits like this are often seen as serious threats to a company’s reputation and financial health — but are they always as damaging as they appear? In some cases, legal pressure can spark much-needed change. As Bakkt faces new challenges, it’s worth asking: could this be less of a setback and more of a turning point — and is the financial impact really as severe as it seems? Let’s take a closer look at the numbers to see what’s truly at stake.
How Bakkt’s Financials Stack Up Amid the Lawsuit Drama
Bakkt’s financial status is now a focal point amid the unfolding of the suit, revealing both vulnerabilities and areas in which the company could still have a fighting chance. Bakkt recorded a whopping $1.79 billion in Q4 2024, a 737.9% jump on a year-over-year basis.
Its growth was dominated by its crypto services unit. But what that number hides is a significant problem: 74% of that crypto revenue was from …
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