A group of investors from Bakkt Holdings, a cryptocurrency custody and trading firm, has filed a class-action lawsuit against the company and its executives, asserting claims of false or misleading statements and a failure to disclose essential information. The lead plaintiff, Guy Serge A. Franklin, has requested a jury trial in the US District Court for the Southern District of New York. The lawsuit comes in response to Bakkt’s agreements with major clients Webull and Bank of America (BoA), which the investors claim lack transparency and violate US securities laws. The plaintiffs allege that the loss of these partnerships will significantly impact Bakkt's revenue, estimating a 73% decrease due to their importance to the firm's services revenue—74% attributed to Webull and 17% to Bank of America. Bakkt revealed on March 17 that Webull and BoA did not intend to renew their contracts set to expire in 2025, causing a sharp decline of over 27% in Bakkt’s share price within 24 hours of the announcement. The investors argue that Bakkt misrepresented the stability of its revenue and failed to disclose its significant dependence on Webull’s contract. They claim that the actions of Bakkt and its executives have led to substantial financial losses for them and other shareholders. The lawsuit suggests that additional class-action lawsuits may arise as other law firms investigate securities law violations related to Bakkt. At the time of publication, Bakkt's shares were priced at $8.15, having fallen more than 36% over the preceding month. Additionally, Bakkt experienced a notable 162% surge in share price in November 2024 following speculation that Donald Trump's media company was considering an acquisition, although no formal agreement has been announced as of April 2025. Cointelegraph made attempts to reach Bakkt for a comment on the legal situation but received no response.

A group of investors from Bakkt Holdings, a cryptocurrency custody and trading firm, has filed a class-action lawsuit against the company and its executives, alleging false or misleading statements and a failure to disclose crucial information. Lead plaintiff Guy Serge A. Franklin has called for a jury trial in the US District Court for the Southern District of New York. The lawsuit stems from Bakkt’s agreements with major clients, Webull and Bank of America (BoA), which the investors argue lack transparency and violate US securities laws. They claim that the loss of these partnerships will lead to a significant reduction in Bakkt's revenue—estimating a 73% decrease due to the substantial contribution of these firms to its services revenue, with 74% associated with Webull and 17% from Bank of America. On March 17, Bakkt disclosed that both Webull and BoA intended not to renew their contracts set to expire in 2025. Following this announcement, Bakkt's share price plummeted by more than 27% within just 24 hours. The investors assert that Bakkt misrepresented the stability of its revenue and neglected to disclose its heavy reliance on Webull’s contract, which they argue led to significant financial losses for shareholders. The lawsuit indicates that other law firms are probing potential securities law violations tied to Bakkt, hinting that more class-action lawsuits could be forthcoming. As of the latest update, Bakkt's share price was $8.15, having fallen over 36% in the preceding month. Additionally, Bakkt saw a dramatic 162% increase in its share price in November 2024 following rumors that Donald Trump's media company was interested in acquiring the firm, though no official announcement of a deal has been made as of April 2025. Cointelegraph reached out to Bakkt for a comment on the lawsuit but did not receive a response.