Why Bakkt (BKKT) Stock Is Volatile This Week

Bakkt Holdings Inc BKKT shares are down 29% to $9.04 since Tuesday’s open after the company revealed that it lost crucial commercial agreements, a setback expected to negatively impact its revenue.

What Happened: In an SEC filing on Monday, Bakkt disclosed that both Bank of America and Webull Pay LLC have opted not to renew their commercial agreements with the company. These partnerships were integral to Bakkt's revenue streams, making their impending expiration a financial blow.

The Bank of America contract, which contributes approximately 16-17% of Bakkt’s loyalty services revenue, is set to expire on April 22. However, the company noted that a transition period of up to 12 months may follow, potentially softening the immediate impact.

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On the other hand, Webull’s agreement, which accounts for 74% of Bakkt’s crypto services revenue, will officially end on June 14, 2025. 

The termination of this partnership is particularly concerning as it could dramatically weaken Bakkt's position in the cryptocurrency sector.

The loss of these agreements raises concerns about Bakkt's future revenue prospects, especially within its crypto services 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.