Crypto custodian Bakkt faces class-action lawsuit for alleged “false statements and failure to disclose key information”

Mars Finance News, according to Cointelegraph, Bakkt Holdings' investors have filed a class-action lawsuit against the company and its executives, alleging the release of false or misleading statements and failure to fully disclose critical information related to key clients Webull and Bank of America (BoA), potentially violating U.S. securities laws. The lawsuit points out that Webull accounted for 74% of Bakkt's crypto service revenue for most of 2023 and 2024, while Bank of America represented 17% of its loyalty service revenue from January to September 2024. On March 17, 2025, Bakkt disclosed that Bank of America and Webull do not intend to renew agreements expiring in 2025, causing the company's stock to drop over 27% within the subsequent 24 hours. Investors accuse Bakkt of "misrepresenting the stability and/or diversity of its crypto service revenue" and not disclosing that the revenue was "largely dependent" on Webull's contract. The lawsuit states: "Due to the defendants' misconduct and omissions, and the dramatic decline in the company's securities market value, plaintiffs and other class members have suffered significant losses and damages."