UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
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(Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (678 ) 534-5849
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Securities registered pursuant to Section 12(b) of the Act: | |||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
Bakkt Holdings, Inc. (the “Company”) received notice from Bank of America, N.A. (“Bank of America”) that Bank of America would not renew its commercial agreement with the Company. As a result, such agreement will expire in accordance with its terms on April 22, 2025, subject to the Company’s obligation to maintain services for up to a 12-month transition period. Bank of America represented approximately 16% and 17% of the Company’s loyalty services revenue in in the year ended December 31, 2023 and the nine months ended September 30, 2024, respectively.
The Company also received notice from Webull Pay LLC (“Webull”) that Webull will not renew its commercial agreement with the Company. As a result, such agreement will expire in accordance with its terms on June 14, 2025. Webull represented approximately 74% of the Company’s crypto services revenue in both the year ended December 31, 2023 and the nine months ended September 30, 2024.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
Dated: March 17, 2025
| BAKKT HOLDINGS, INC. | |||||||||||
| By: | /s/ Marc D'Annunzio | ||||||||||
| Name: | Marc D’Annunzio | ||||||||||
| Title: | General Counsel and Secretary | ||||||||||