Bakkt to Acquire Stablecoin Infrastructure Provider DTR

Bakkt Holdings (NYSE: BKKT) has agreed to acquire Distributed Technologies Research Ltd. (DTR), a global stablecoin payment infrastructure provider, in a transaction that will give DTR shareholders approximately 9.1 million shares of Bakkt Class A common stock, the company announced in a statement on Monday.

The shares represent 31.5% of the "Bakkt Share Number" as defined in a cooperation agreement filed in March 2025. DTR's CEO and principal owner, Akshay Naheta, who currently serves as Bakkt's CEO, is among the shareholders receiving the equity consideration.

The news prompted an 18% hike in BKKT's stock price to $19.21, giving the company an intraday market cap of $490.13 million.

The acquisition consolidates stablecoin settlement infrastructure within Bakkt and is designed to accelerate the company's time-to-market for payment products while reducing third-party dependencies, according to the announcement Monday.

"This transaction accelerates Bakkt's evolution toward programmable money and new-age global financial infrastructure," Colleen Brown, a Bakkt director and member of the special committee that evaluated the deal, said. She described it as a "disciplined approach to capital allocation aligned with long-term platform value creation."

Mike Alfred, also a director and special committee member, said the acquisition positions Bakkt to launch its neobanking strategy with multiple distribution partners in coming months: "DTR stood out not only for its technology, but for how closely it aligns with the future of digital payments and banking."

An independent special committee consisting of Brown and Alfred negotiated and approved the transaction following what the company characterized as a comprehensive review process.

Intercontinental Exchange (ICE), which owns approximately 31% of Bakkt's outstanding Class A common stock, has agreed to vote its shares in favor of the transaction. The deal requires regulatory approvals and Bakkt shareholder approval.

Naheta framed the acquisition as completing Bakkt's transformation into a unified global financial infrastructure platform. "Bringing DTR fully into Bakkt completes the transformation of the company into a unified global financial infrastructure platform, combining Bakkt's market presence and regulatory framework with DTR's technology," he said.

Separately, Bakkt announced it will change its corporate name to "Bakkt, Inc." effective January 22, 2026, while continuing to trade on the New York Stock Exchange under the ticker "BKKT."

The company plans to host an investor day March 17, 2026, at the New York Stock Exchange, with further details to be announced.