Bakkt Lawsuit: Investors Alleges Misleading Statements Over Reliance on Key Clients

A class-action lawsuit has been filed against cryptocurrency platform Bakkt by investors who allege the company misled them about its heavy reliance on key clients for revenue. The suit, led by investor Guy Serge A. Franklin, was filed in the Southern District of New York federal court on April 2nd. The plaintiffs claim that between 2023 and 2024, Webull accounted for a staggering 74% of Bakkt’s cryptocurrency service revenue, while Bank of America contributed 17% of its loyalty service revenue in the first three quarters of 2024. This reliance on these specific clients is expected to significantly impact Bakkt’s overall revenue with a projected 73% decrease.