Oh, what a tangled web we weave when first we practice to deceive! 🕵️♂️ A group of investors in Bakkt Holdings, the crypto custody and trading firm, have filed a class-action lawsuit against the company, claiming they were misled like 🐑 into believing everything was rosy in the garden.
Our leading man, Guy Serge A. Franklin, wants his day in court, accusing Bakkt, its senior adviser and former CEO Gavin Michael, CEO Andrew Main, and CFO Karen Alexander of failing to disclose crucial info about deals with Webull and Bank of America (BoA). It’s like finding out your best friend is dating your ex without telling you. 😬
Apparently, losing these two partners will cause a 73% revenue nosedive. That’s like someone cutting off your coffee supply mid-morning. Brutal. Webull accounted for 74% of Bakkt’s crypto services revenue in 2023 and 2024, while BoA contributed 17% to loyalty services revenue in 2024. Talk about putting all your eggs in one basket!
When Bakkt finally came clean on March 17 about the end of these relationships, shares dropped 27% faster than you can say “market correction.” Investors claim Bakkt painted a picture of revenue stability that was as realistic as a unicorn riding a rainbow. 🦄🌈
The lawsuit reads like a dramatic novel: “Due to Defendants’ wrongful acts and omissions, Plaintiff and other Class members have suffered significant losses and damages.” Cue the violins! 🎻
More legal eagles are circling, investigating Bakkt for securities law violations. Stay tuned for potential sequels. CryptoMoon reached out to Bakkt for comment, but they’re playing hard to get. 🙅♂️
When Trump Media Met Bakkt: A Love Story?
In November 2024, Bakkt’s share price soared 162% on rumors that Trump Media was eyeing the company. But as of April 2025, it’s still just a rumor. Will they or won’t they? 🤔
At the time of writing, Bakkt shares (BKKT) were at a lowly $8.15, down over 36% in the past month. It’s enough to make you want to hide under the covers. 😣
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2025-04-04 21:12