<ul><li>Bakkt Holdings, the digital asset and payments platform, suffered a blow as Bank of America (BofA) and Webull announced that they will not be renewing their commercial agreements with the company.</li><li>Bank of America accounted for 16% of Bakkt's loyalty services revenue and Webull represented 74% of Bakkt's crypto services revenue.</li><li>The loss of these partnerships raises concerns about Bakkt's business model and its heavy reliance on a few large clients.</li><li>The company's share price has plummeted by over 35% as a result of these developments.</li></ul>

Bakkt Suffers Major Set Back as Bank Partners Drop Platform

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