A growth strategy that relies heavily on strategic partnerships can be derailed when those partnerships come to a close. That is happening in real-time to Bakkt Holdings, the digital asset and payments platform, which on Monday (March 17) suffered a significant blow when Bank of America (BofA) and Webull announced they would not be renewing their commercial agreements with the company. The loss of Bank of America, which, per a Form 8-K filed with the Securities and Exchange Commission (SEC), accounted for 16% of Bakkt’s loyalty services revenue in 2023 as well as 17% in the most recent 9 months ended 2024; and Webull, which represented a staggering 74% of Bakkt’s crypto services revenue, casts a shadow over the company’s business model as it struggles to find stability in a highly competitive digital payments landscape

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Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, today announced that it has acquired the American Financ