#United States #New York #Securities Class Action #Faruqi & Faruqi #Bakkt Holdings

A Closer Look at the Investigation into Bakkt Holdings

Faruqi & Faruqi, LLP, a prominent name in national securities law, has launched an investigation dedicated to examining possible claims concerning Bakkt Holdings, Inc. This scrutiny is imperative for investors who may have experienced significant financial losses in the wake of recent corporate disclosures regarding the company's operations and revenue streams.

The firm has notably pointed out the parameters of the investigation, focusing on investors who acquired Bakkt securities between March 25, 2024, and March 17, 2025. In their pursuit of justice, these investors have until June 2, 2025, to seize the opportunity to become lead plaintiffs in a forthcoming federal securities class action lawsuit against Bakkt Holdings. The legal team encourages anyone impacted to contact them directly and discuss their potential options.

Understanding the Background

Recently, Bakkt Holdings made a striking revelation that stirred both investor confidence and stock market reactions. On March 17, 2025, the company disclosed an alarming update: the termination of a critical commercial agreement with Webull, which represented a staggering 74% of its crypto services revenue at the time. This announcement came just a day before the company saw a significant dip in its stock, plummeting by $3.50, or 27.3%, on March 18, thereby closing at $9.33 per share amidst an unusually bustling trading environment.

This investigation underscores serious allegations that Bakkt and its executives potentially breached federal securities laws by disseminating misleading statements regarding the stability and diversity of their crypto services. Specific claims include that Bakkt failed to disclose the precarious nature of its reliance on Webull’s contract and its capability to uphold vital client relationships, which raises significant red flags for investors.

Additionally, the firm revealed that the retail giant Bank of America would also terminate its loyalty services contract with Bakkt, which accounted for 17% of Bakkt’s loyalty services revenue. Collectively, the cancellations signal a threatening prospect for Bakkt’s revenue, predicting a 73% loss moving forward.

Legal Implications for Investors

In light of these developments, Faruqi & Faruqi, LLP encourages anyone who has relevant information or insights about Bakkt's operations, including former employees or whistleblowers, to step forward. The firm believes that any contribution could significantly assist in bringing accountability to the situation and help investors reclaim their losses.

Investors are advised to act swiftly to protect their rights and explore participation in the class action, which allows those affected a chance to secure potential financial redress. It is vital to note that your standing in any recovery is not contingent upon your role as a lead plaintiff.

Conclusion

In summary, the ongoing investigation by Faruqi & Faruqi, LLP into Bakkt Holdings serves as an essential reminder of the inherent risks associated with investing in volatile markets such as cryptocurrency. As the situation evolves, staying informed and proactive can make all the difference for investors navigating these choppy waters. For more information regarding the Bakkt Holdings class action, interested parties can visit their dedicated website or reach out to the law firm directly.

For queries relating to the Bakkt investigation, reach out to Faruqi & Faruqi’s securities litigation partner, Josh Wilson, at 877-247-4292 or 212-983-9330 (ext. 1310). Your financial well-being depends on staying informed and engaged in the ongoing processes ahead.