The encryption accomplice company Bakkt is facing a class action lawsuit for allegedly making "false statements and failing to disclose key information."

ChainCatcher news, according to Cointelegraph, investors in Bakkt Holdings have filed a class action lawsuit against the company and its executives, accusing them of making false or misleading statements and failing to adequately disclose important information related to major clients Webull and Bank of America (BoA), allegedly in violation of U.S. securities laws. The lawsuit points out that Webull accounted for 74% of Bakkt’s crypto service revenue for most of 2023 and 2024, while Bank of America accounted for 17% of its loyalty service revenue from January to September 2024. On March 17, 2025, Bakkt disclosed that U.S. Bank and Webull had no intention of renewing the agreement set to expire in 2025, causing the company’s stock price to drop by over 27% within the following 24 hours. Investors accused Bakkt of “misrepresenting the stability and/or diversity of its crypto service revenue” and failing to disclose that this revenue “largely depended on” the contract with Webull. The lawsuit states: “Due to the defendant’s misconduct and inaction, as well as the sharp decline in the company’s market value, the plaintiffs and other members of the class suffered significant losses and damages.”