Digital asset infrastructure company Bakkt Holdings is acquiring stablecoin payments provider Distributed Technologies Research (DTR) in an all-stock transaction.
The deal, announced Monday, sent Bakkt's NYSE-listed stock up approximately 10%.
Under the agreement, Bakkt will issue about 9.1 million Class A shares to DTR shareholders.
The transaction requires regulatory and shareholder approval to close.
Intercontinental Exchange (ICE), Bakkt's largest shareholder with a 31% stake, has committed to voting in favor.
What Happened
Bakkt will issue Class A shares representing 31.5% of its fully diluted share count to acquire DTR.
Akshay Naheta, who serves as both Bakkt's CEO and DTR's founder, will be among the shareholders receiving the stock consideration.
An independent special committee of Bakkt's board negotiated and approved the transaction to ensure proper governance given Naheta's dual role.
The deal consolidates DTR's stablecoin settlement infrastructure directly into Bakkt's platform.
Separately, Bakkt plans to change its corporate name to "Bakkt, Inc." effective January 22.
The company will continue trading under the BKKT ticker on the NYSE.
Bakkt also announced an Investor Day scheduled for March 17 to outline growth plans.
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Why It Matters
The acquisition accelerates Bakkt's evolution into a unified financial infrastructure platform combining traditional finance compliance with blockchain programmability.
DTR's technology is expected to reduce Bakkt's reliance on third-party providers while enabling new revenue streams across payments and banking.
Board member Mike Alfred said the deal "prepares the company to launch its neobanking strategy with multiple distribution partners in the coming months."
Bakkt previously outlined integration plans in May 2025, positioning its regulated infrastructure as a bridge between traditional and decentralized finance.
The company, founded in 2018, has expanded beyond its original Bitcoin futures platform into crypto payments, custody, and stablecoin settlement services.
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