Bakkt shares plunged 35% as it lost two major customers, Bank of America and Webull Pay

Crypto trading and custodian firm Bakkt Holdings (BKKT) disclosed that neither Bank of America (BAC) nor Webull Pay will have contract renewals. Shares plunged 35% to $12.83 after hours on Monday. According to the agreement, Bank of America's contract will be terminated on April 22, while Webull's partnership will end on June 14. In addition, Bakkt applied to the Securities Exchange Commission (SEC) for an extension to file its 2024 annual report.