Why Bakkt (BKKT) Shares Are Getting Hammered

Bakkt Holdings Inc BKKT shares are trading lower by 35.4% to $8.14 during Tuesday’s session after the company announced it lost out on key commercial agreements that will negatively impact its revenues.

What To Know: Bakkt on Monday announced in an SEC filing that both Bank of America and Webull Pay LLC will not renew their commercial agreements with the company.

The Bank of America contract, which accounted for 16-17% of Bakkt's loyalty services revenue, will expire on April 22, 2025, with a potential transition period of up to 12 months.

Meanwhile, Webull's agreement, representing 74% of Bakkt's crypto services revenue, will end on June 14, 2025. The loss of these key partnerships could significantly impact Bakkt's revenue streams, particularly in the crypto segment.

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How To Buy BKKT Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Bakkt’s case, it is in the Financials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, BKKT has a 52-week high of $37.21 and a 52-week low of $5.57.