Bakkt Holdings, backed by Intercontinental Exchange, has agreed to acquire Distributed Technologies Research, a stablecoin payments infrastructure provider. The deal marks a shift in strategy following earlier reports that Bakkt had explored a potential sale or breakup in 2024.

Bakkt Agrees Stock-Based Acquisition of DTR

Under the agreement, Bakkt will issue Class A common stock equal to 31.5% of the “Bakkt Share Number,” currently estimated at roughly 9.13 million shares, to DTR shareholders, including DTR CEO Akshay Naheta. The final number of shares will be determined in accordance with the Cooperation Agreement and may change prior to closing.

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The acquisition is expected to accelerate Bakkt’s time-to-market for stablecoin settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term, reduce third-party dependency, and support revenue across payments and banking use cases. The transaction requires customary regulatory approvals and Bakkt shareholder consent. Intercontinental Exchange, which owns approximately 31% of Bakkt’s Class A shares, has agreed to vote in favour.

Bakkt Announces Rebrand

Bakkt also announced that it will change its corporate name to Bakkt, Inc., effective January 22, 2026, while continuing to trade under the ticker BKKT. The company plans an Investor Day on March 17, 2026.

Colleen Brown, member of Bakkt’s special committee, said the acquisition “broadens the scope of what our platform can deliver across digital assets and settlement.”

Bakkt Financials Show Improved Liquidity Position

Earlier, Bakkt reported revenue of $214.5 million for the fourth quarter of 2023, bringing full-year revenue to $780.1 million. The company said the results supported its liquidity position and reduced near-term operational concerns.

Revenue comprised gross crypto revenue and net loyalty revenue, with crypto-related income increasing following the acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of Bakkt Crypto, formerly Apex Crypto. Despite the revenue growth, Bakkt recorded an adjusted EBITDA loss of $93.9 million for the year.

Net loss narrowed to $225.8 million compared with the prior year. Founded in 2018, Bakkt became a public company in 2021 through a reverse merger and has since focused on crypto trading, custody, and infrastructure services.