Bakkt has entered into a definitive agreement to acquire Distributed Technologies Research (DTR), a global provider of stablecoin payment infrastructure.
The acquisition is structured through the issuance of Class A common stock representing 31.5% of the Bakkt Share Number as defined in the previously filed Cooperation Agreement between the two companies. Based on the current Bakkt Share Number, this translates to approximately 9.13 million shares to be issued to DTR shareholders, including the company’s CEO and principal owner, Akshay Naheta. The final share count will be determined in accordance with the Cooperation Agreement and may change before the transaction closes.
The transaction is expected to provide Bakkt with strategic advantages. Integrating DTR’s technology is anticipated to accelerate Bakkt’s stablecoin settlement capabilities, reduce reliance on third-party infrastructure, and support future revenue generation across payments and banking services.
Strategic and regulatory considerations
The acquisition remains subject to customary closing conditions, including regulatory approvals and shareholder consent. Bakkt established an independent special committee, composed of Colleen Brown and Mike Alfred, to oversee the negotiation, evaluation, and approval of the transaction. This committee conducted a comprehensive review to ensure strong governance and alignment with shareholder interests.
Intercontinental Exchange, Inc., which currently holds approximately 31% of Bakkt’s Class A common stock, has committed to vote its shares in favour of the acquisition, providing additional shareholder support. In conjunction with the acquisition, Bakkt will also rebrand as Bakkt, Inc., effective January 22, 2026, while maintaining its existing New York Stock Exchange ticker symbol, BKKT. The rebranding reflects the company’s focus on delivering a unified global financial infrastructure platform and strengthening its market presence in digital assets and programmable money.
Data-driven impact on payments and banking
Bakkt’s acquisition of DTR positions the company to address growing demand in the global stablecoin market. According to industry research, the total stablecoin market cap was expected to rise to around USD 231 billion in early 2025, with an annual transaction volume reaching USD 27.64 trillion in 2024. By integrating DTR’s infrastructure, Bakkt can improve settlement speed, reduce operational costs, and expand digital banking services.
This integration also strengthens Bakkt’s neobanking strategy, enabling partnerships with multiple distribution channels. The company expects that DTR’s technology will allow it to handle larger transaction volumes, potentially exceeding 100 million daily settlements globally, while maintaining compliance with regulatory standards.
By combining Bakkt’s regulatory framework and market presence with DTR’s technology, the company aims to accelerate adoption among merchants, financial institutions, and end users worldwide. The acquisition reflects a broader trend of consolidation in the digital payments and stablecoin sectors, as companies seek to simplify infrastructure and expand global reach.
