Bakkt to Acquire Distributed Technologies Research in Stock-Based Transaction

Bakkt Holdings, Inc. has announced a stock-based acquisition of Distributed Technologies Research, a global stablecoin and fiat payments infrastructure provider. The deal is expected to advance Bakkt's strategy to consolidate its stablecoin settlement infrastructure and expand its global financial services. The transaction remains subject to regulatory and shareholder approvals.

Bakkt will issue approximately 9.13 million shares of its Class A common stock to DTR shareholders, representing 31.5% of the company's share number as defined in a prior cooperation agreement. The final number of shares may change before the deal closes.

The acquisition is part of a broader industry trend where crypto companies are making significant strategic moves to build robust digital financial platforms. Bakkt's management said the deal is intended to reduce third-party dependency and accelerate the company's time-to-market for stablecoin-based services.

Why Did This Happen?

Bakkt's move reflects a strategic shift to build in-house infrastructure for stablecoin settlement and programmable payments. The company aims to leverage DTR's technology to enhance its offerings in cross-border transactions and digital banking. The acquisition is seen as a critical step in Bakkt's long-term goal to become a unified global financial infrastructure provider.

DTR's CEO, Akshay Naheta, will also take on the role of Bakkt's CEO following the merger. Naheta's background in traditional finance and crypto infrastructure is expected to bring a fresh perspective to Bakkt's leadership.

The deal is supported by Intercontinental Exchange, which owns 31% of Bakkt's outstanding Class A common stock. ICE has agreed to vote in favor of the transaction, providing a significant level of shareholder backing.

How Did Markets React?

Bakkt's stock price surged following the announcement. Shares of Bakkt rose by more than 20% in the 24 hours prior to publication, reaching $19.54 on the New York Stock Exchange. At that price, the acquisition would be valued at more than $178 million.

The positive market reaction highlights investor confidence in Bakkt's strategic direction. The company has been working to improve its financial performance, reporting a 27% year-over-year increase in total GAAP revenue for Q3 2025. These financial improvements were highlighted during the company's earnings call.

The stock's strong performance suggests that investors see potential in Bakkt's expanded stablecoin and payments capabilities. The company's shares have gained 62.15% year-to-date and 10.07% over the past week.

What Are Analysts Watching Next?

The success of the DTR acquisition will depend on regulatory and shareholder approvals. The transaction requires approval from both Bakkt's stockholders and relevant regulatory authorities. A special committee of Bakkt's board has reviewed and approved the deal.

Analysts are also watching for any potential legal challenges. Halper Sadeh LLC has announced an investigation into whether the merger is fair to Bakkt shareholders. The firm is seeking to determine whether the company has adequately disclosed all material information regarding the deal.

Bakkt plans to host an Investor Day on March 17, 2026, where it will provide further details on its strategic initiatives. The company is also set to change its corporate name to Bakkt, Inc. effective January 22, 2026.

The company's future success will also depend on its ability to execute its neobanking strategy and integrate DTR's infrastructure effectively. If the acquisition delivers the expected benefits, Bakkt could strengthen its position in the rapidly evolving stablecoin and digital payments market.