Bakkt Holdings, Inc. announced that it will acquire Distributed Technologies Research Ltd. (DTR), a global stablecoin payment infrastructure provider, in an all‑stock transaction.
Under the terms, Bakkt will issue 9,128,682 shares of its Class A common stock, representing 31.5 % of the company’s outstanding shares, to DTR shareholders, including DTR’s CEO and principal owner Akshay Naheta. The transaction is valued at the market price of Bakkt’s shares at the time of the announcement, but no cash consideration is involved.
The deal is a cornerstone of Bakkt’s pivot to a pure‑play crypto infrastructure business. Naheta, who has led DTR’s technology development and now serves as Bakkt’s CEO, said the transaction “completes the transformation of the company into a unified global financial infrastructure platform.” The acquisition brings DTR’s stablecoin settlement engine into Bakkt’s regulatory framework, positioning the company to launch a neobanking platform with multiple distribution partners in the coming months.
The agreement was reviewed and approved by an independent special committee of Bakkt’s board. Intercontinental Exchange, which holds roughly 31 % of Bakkt’s shares, has committed to vote in favor of the transaction. A Cooperation Agreement filed on March 19 2025 will terminate upon closing. The deal is contingent on regulatory approvals and shareholder consent, and is expected to close once those conditions are met.
By integrating DTR’s technology, Bakkt will expand its stablecoin payment capabilities and reduce reliance on third‑party settlement providers. The acquisition also supports the company’s broader strategy to launch a neobanking platform, leveraging DTR’s infrastructure to offer digital‑currency‑enabled banking services to consumers and merchants. The name change to “Bakkt, Inc.” will take effect on January 22 2026, reflecting the company’s new focus.
Analysts noted a muted market reaction to the announcement. The deal aligns with Bakkt’s recent financial performance, which saw a 27 % year‑over‑year revenue increase to $402 million in Q3 2025 and a turnaround to $29 million in adjusted EBITDA. The acquisition is expected to accelerate revenue growth and improve margins by consolidating technology and reducing operating costs.
The all‑stock purchase of DTR marks a significant step in Bakkt’s evolution, consolidating its stablecoin infrastructure and setting the stage for a neobanking platform that could reshape digital‑currency payments. The transaction underscores the company’s commitment to building a comprehensive crypto ecosystem and signals confidence in the growing programmable‑money market.
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