What's next for Bakkt? Investor panic, legal disputes and an uncertain future

Bakkt Holdings faces investor lawsuits over revenue dependence, and 74% of its crypto services revenue came from Webull Pay LLC in the first nine months of 2024. Bakkt's share price plummeted 27.3% in one day after termination of its agreement with Webull and losing its deal with Bank of America. The company allocated $3 million for settlements but could face up to $10 million in liabilities, which would exacerbate the expected 73% revenue decline and ongoing cash consumption.