Bakkt To Acquire Distributed Technologies Research, Accelerating Stablecoin And Digital Asset Expansion

In Brief

Bakkt has agreed to acquire Distributed Technologies Research (DTR), with Intercontinental Exchange supporting the deal, as part of a strategy to expand its stablecoin and digital asset infrastructure and rebrand as Bakkt, Inc.

Digital asset platform Bakkt announced that it has reached an agreement to acquire Distributed Technologies Research (DTR), a provider of global stablecoin payment infrastructure

Under the terms of the definitive agreement, Bakkt will issue shares of its Class A common stock to DTR as consideration, representing 31.5% of the “Bakkt Share Number,” as defined in the Cooperation Agreement previously filed with the SEC in past March

Based on the current Bakkt Share Number, this corresponds to 9,128,682 shares of Class A common stock to be issued to DTR shareholders, including DTR CEO and principal owner Akshay Naheta. The exact number of shares to be issued will be determined in accordance with the Cooperation Agreement and may be adjusted prior to the closing of the transaction

Bakkt stated that the equity consideration reflects the strategic value of DTR’s technology and assets, which are expected to accelerate the company’s stablecoin settlement capabilities, reduce reliance on third parties, and support future revenue generation in payments and banking applications

Completion of the transaction is subject to customary closing conditions, including regulatory approvals and approval from Bakkt stockholders

Intercontinental Exchange Backs Bakkt’s Acquisition Of DTR, Bakkt Prepares Corporate Rebrand

In connection with the transaction, Intercontinental Exchange, which currently holds 31% of Bakkt’s outstanding Class A common stock, has agreed to vote its shares in favor of the acquisition. Separately, Bakkt stated that it will change its corporate name to “Bakkt, Inc.” effective January 22nd, and the company expects to continue trading on the New York Stock Exchange under the ticker symbol “BKKT.”

In the written statement, the company highlighted that the acquisition of DTR is intended to advance Bakkt’s capabilities in programmable money and global financial infrastructure, expanding the platform’s offerings in digital assets and settlement while supporting long-term value creation. The integration of DTR’s technology is expected to strengthen Bakkt’s stablecoin settlement infrastructure and prepare the company to implement its neobanking strategy through multiple distribution partners.

Bakkt also noted that the transaction aligns with a broader strategic plan to consolidate its financial infrastructure, combining Bakkt’s market position and regulatory framework with DTR’s technological capabilities to enhance efficiencies and service offerings for merchants, financial institutions, and end users globally.

The company announced plans to host an Investor Day on March 17th, with further details to be shared at a later date.