Bakkt bets on stablecoins after completing DTR deal

Bakkt has completed its acquisition of Distributed Technologies Research, a stablecoin payments infrastructure firm. 

The deal brings DTR’s agentic payments technology and compliance tools into Bakkt’s regulated institutional platform.

The company said the combined platform will support institutions and fintechs seeking faster digital payments. Bakkt aims to build a 24/7 digital settlement layer using stablecoin technology.

Stablecoin settlement becomes core focus

Bakkt said DTR’s AI-native engine will be added to its existing infrastructure. The company expects the integration to reduce reliance on traditional correspondent banking systems.

Bakkt CEO Akshay Naheta said, “The architecture of money movement rarely evolves at this level.” He added that the deal introduces stablecoin functionality as a bridge between legacy finance and digital assets.

At closing, Bakkt issued 11,316,775 Class A common shares to DTR’s beneficial holders. The company may issue up to 725,592 more shares tied to outstanding warrants.

The transaction was first announced in January. At that time, the deal involved 9.3 million shares. Bakkt also announced a corporate name change to Bakkt Inc. during the same period.

Bakkt stock recovers after earlier drop

Bakkt shares fell about 8% to $7.86 before the deal closed. The stock later recovered to $8.62 by Thursday’s market close.

The company has faced pressure in recent years. In 2024, the NYSE warned Bakkt over a possible delisting after its share price stayed below $1 for 30 days.

Bakkt was founded in 2018 and is majority-owned by Intercontinental Exchange. The firm has worked with major brands, including Starbucks and Mastercard. The DTR deal now places stablecoin payments at the center of its next growth plan.