Bakkt Acquires Stablecoin Provider DTR And Announces Corporate Rebrand To Strengthen Payments And Banking

Bakkt Holdings Acquires Distributed Technologies Research To Strengthen Stablecoin Payments

Bakkt Holdings has agreed to acquire Distributed Technologies Research Ltd., a global stablecoin payment infrastructure provider, as part of its strategy to expand in digital payments and banking.

Under the terms of the deal, DTR shareholders will receive approximately 9.13 million shares of Bakkt’s Class A common stock, representing 31.5% of the “Bakkt Share Number” defined in their March 19, 2025, Cooperation Agreement.

The final number of shares may change before the transaction closes, which remains subject to regulatory approvals and Bakkt shareholder consent.

Akshay Naheta, founder of DTR, currently serves as CEO of both companies.

Naheta, who previously held senior executive roles at SoftBank Group overseeing investments in ARM, Auto1, and Nvidia, was appointed co-CEO of Bakkt in March 2025 alongside then-CEO Andy Main.

ICE, operator of the New York Stock Exchange and other major financial markets, continues to hold roughly 31% of Bakkt’s shares and has pledged to vote in favour of the acquisition.

DTR Technology Set To Accelerate Bakkt’s Expansion

Bakkt’s board members, Colleen Brown and Mike Alfred, who formed the independent special committee reviewing the acquisition, stated that DTR’s technology will reduce reliance on third-party providers and accelerate the company’s time-to-market capabilities for stablecoin settlement.

The acquisition is expected to support future revenue generation across payments and banking services, including Bakkt’s plans to launch neobanking offerings with multiple distribution partners in the coming months.

The deal marks the culmination of Bakkt’s pivot to a B2B2C financial infrastructure model, following the sale of its loyalty rewards business and acquisition of money transmitter licences to operate crypto trading, transfers, and settlements across all 50 US states.

Corporate Changes And Clean Balance Sheet Position Bakkt For Growth

Bakkt plans to change its corporate name to Bakkt, Inc. from 22 January 2026 while continuing to trade under the NYSE ticker BKKT.

In November 2025, the company simplified its capital structure by converting to a single class of common stock and aligning governance and economic rights for all shareholders.

It also redeemed its outstanding convertible debenture due June 2026, removing all remaining long-term debt and operating with a clean balance sheet to support its strategy as a crypto infrastructure platform.

Naheta described the acquisition as “the culmination of a single, cohesive strategy,” noting that bringing DTR fully into Bakkt completes the transformation into a unified global financial infrastructure platform, combining Bakkt’s regulatory framework and market presence with DTR’s technology.

The company plans to provide more details on integration and strategic vision during its Investor Day on 17 March 2026.

Shares of BKKT rose 18% to close at $19.21 following the announcement, reflecting investor optimism over the transaction.