Bakkt Investors: Your Legal Window to Recover Losses Narrowing – Act Before June 2 Deadline

The recent collapse of Bakkt Holdings’ (NYSE: BKKT) stock price following revelations of its overreliance on a single client has thrust the company into the spotlight of a growing securities fraud lawsuit. Investors who purchased shares between March 25, 2024, and March 17, 2025, now face a critical decision: act swiftly to join the class action or risk losing the chance to recover losses. With a June 2, 2025, deadline looming for lead plaintiff motions, the stakes are high.

The Allegations Unfold: A House of Cards Built on Webull

At the heart of the lawsuit is Bakkt’s alleged failure to disclose its extreme revenue dependency on a single client, Webull, which accounted for 74% of its crypto services revenue—a segment that represented 98% of total revenue. Investors were kept in the dark about this precarious imbalance, even as Bakkt touted its financial stability and growth prospects.

The unraveling began in March 2025 when Bakkt disclosed that Webull had terminated its contract effective June 14, 2025, and Bank of America canceled its loyalty services agreement. These moves exposed Bakkt’s vulnerability: losing these clients would slash its revenue by 73%, triggering a catastrophic stock collapse.

Market Impact and Legal Timeline

On March 18, 2025, Bakkt’s shares plummeted 27.3%, closing at $9.33—a stark contrast to its $12.83 close the prior day. The lawsuit attributes this free fall to the delayed revelation of risks Bakkt had allegedly concealed.

Investors now have until June 2, 2025, to file motions to become lead plaintiff in the case. This role carries influence over litigation strategy and settlement negotiations. While participation in the class action does not require immediate action, failing to secure lead plaintiff status could limit an investor’s ability to shape the case’s direction.

Key Financial Insights: The Cost of Secrecy

The lawsuits underscore Bakkt’s lack of diversification, a red flag for investors. Here’s the breakdown:
- Webull’s Role: Generated 74% of crypto services revenue in 2023 and through Q3 2024.
- Bank of America’s Impact: Contributed 17% of loyalty services revenue in the same period.
- Post-Termination Outlook: Losing both clients would erase 73% of Bakkt’s total revenue, severely jeopardizing its financial health.

Legal Landscape and Investor Next Steps

The case is filed under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, targeting material misstatements and omissions. Multiple law firms, including Johnson Fistel (which recovered $90.7 million for clients in 2024) and The Law Offices of Frank R. Cruz, are representing investors.

Crucially, attorneys work on a contingency basis, meaning no upfront fees are required. If successful, recoveries would cover losses from the Class Period. However, investors must act promptly:
- Deadline Alert: Lead plaintiff motions must be filed by June 2, 2025.
- Consultation: Contact firms like Glancy Prongay & Murray (888-773-9224) or Bronstein, Gewirtz & Grossman (332-239-2660) for guidance.

Conclusion: Time is Running Out – Act Now or Risk Missing Out

The evidence paints a clear picture: Bakkt misled investors about its financial stability, masking its reliance on a single client while projecting growth. With shares down over 60% from their 2024 highs, investors face significant losses. The lawsuits aim to hold Bakkt accountable and recover those funds—but only if investors act before the June 2 deadline.

The path forward is clear: consult legal counsel, evaluate losses, and decide whether to seek leadership in the case. The clock is ticking, and the stakes are financial survival for many investors.

As the adage goes, “Justice delayed is justice denied.” For Bakkt shareholders, this is no time for hesitation.