Investor Alert: Robbins LLP Informs Stockholders of the Bakkt Holdings, Inc. Class Action

Core Viewpoint - A class action lawsuit has been filed against Bakkt Holdings, Inc. for allegedly misleading investors about the stability and diversity of its crypto services revenue, particularly its reliance on a single contract with Webull [1][2]. Group 1: Allegations and Financial Impact - The complaint alleges that Bakkt misrepresented the stability and diversity of its crypto services revenue and failed to disclose its substantial dependence on a contract with Webull [2]. - Bakkt disclosed that Webull accounted for 74% of its crypto services revenue for the nine months ending September 30, 2024, and that 98% of its total revenue came from crypto services during the same period [3]. - Following the announcement of Webull's termination of their commercial agreement, Bakkt's share price fell by $3.50, or 27.3$9.33 per share on March 18, 2025 [3]. Group 2: Future Implications - The termination of contracts with Webull and Bank of America is expected to result in a 73% loss in top-line revenue for Bakkt going forward [3]. - Bank of America represented 17% of Bakkt's loyalty services revenue in the nine months ending September 30, 2024 [3].