Bakkt Stock Tumbles Premarket On Q4 Earnings Delay, Non-Renewal Of Commercial Agreements — Retail’s Still Bullish

Bakkt Holdings (BKKT) stock fell about 32% in premarket trading on Tuesday after the company delayed its fourth-quarter earnings report and revealed that two of its partners will not renew their commercial agreements.

The cryptocurrency trading platform said it would delay its quarterly earnings call to 8:30 a.m. ET on March 18. It was scheduled to report its earnings on Monday.

Bakkt also revealed in a regulatory filing that Bank of America and Webull Pay would not renew commercial agreements with the company.

The firm said that Webull represented about 74% of the company’s crypto services revenue in the year ended Dec. 31, 2023, and BofA represented about 16% of the company’s loyalty services revenue.

The BofA agreement will expire on April 22, and the contract with Webull will expire on June 14.

Bakkt garnered retail attention in November after the Financial Times reported that Trump Media was in advanced talks to buy the company.

However, the gains following the report were erased as Trump Media announced a partnership with Charles Schwab (SCHW) to expand into financial services in January.

Short seller Nangi Research also targeted the stock, claiming that much of the company’s valuation was based on a potential acquisition.

Retail sentiment on Stocktwits still jumped to the ‘bullish’ (64/100) from ‘bearish’ a day ago, while retail chatter surged to ‘extremely high.’

Despite some bearish comments, one bullish user said that maybe Bakkt was chasing “bigger players.”

Another user suspected the company might unveil bullish news on Tuesday and the stock would climb to $15.

Bakkt stock has fallen 48.2% year-to-date.

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