Bakkt Lawsuit Alleges Misleading Statements Regarding Reliance on Key Clients

A class-action lawsuit has been filed against cryptocurrency platform Bakkt, accusing the company of making false or misleading statements by failing to adequately disclose its heavy reliance on key clients like Webull. The lawsuit, filed in the Southern District of New York on April 2nd, was initiated by investor Guy Serge A. Franklin, who seeks a jury trial. The plaintiffs argue that between 2023 and 2024, Webull accounted for 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 has been linked to a potential revenue decline of 73%.