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Bakkt stock price big dump 35%, due to losing two major customers, American Bank and Webull Pay
On March 18, encryption trading and custodian company Bakkt Holdings (BKKT) disclosed that both Bank of America (BAC) and Webull Pay will not renew their contracts, causing the stock price to big dump 35% after hours on Monday, falling to $12.83. According to the protocol, Bank of America’s contract will terminate on April 22, while Webull’s partnership will end on June 14. In addition, Bakkt has applied to the U.S. Securities and Exchange Commission (SEC) for an extension to submit its 2024 annual report.