Bakkt (BKKT) Stock: Company Acquires Stablecoin Infrastructure Firm for $178M

TLDR

• Bakkt agreed to acquire Distributed Technologies Research (DTR) for over 9 million Class A shares, worth approximately $178 million
• BKKT stock closed up 18-20% at $19.21 following the Monday announcement
• DTR founder Akshay Naheta is also Bakkt’s current CEO, having joined in March 2025
• The deal consolidates stablecoin settlement infrastructure for Bakkt’s neobanking strategy launching in coming months
• Intercontinental Exchange, which owns 31% of Bakkt shares, will vote in favor of the acquisition

Bakkt Holdings stock jumped 20% on Monday after announcing plans to acquire stablecoin payments provider Distributed Technologies Research. The deal values DTR at roughly $178 million based on current share prices.

Bakkt Holdings, Inc., BKKT

The acquisition will see Bakkt issue more than 9 million Class A common shares to DTR shareholders. BKKT closed the day at $19.21 on the New York Stock Exchange, up 18% from the previous session.

DTR founder Akshay Naheta currently serves as Bakkt’s sole CEO. He joined the company in March 2025 as co-CEO alongside Andy Main, who has since departed. Naheta will remain CEO following the merger.

The deal marks a continuation of Bakkt’s strategic shift toward providing business-to-business-to-consumer operator services. The company sold its loyalty rewards business last year and began acquiring money transmitter licenses across all 50 U.S. states.

Board Approval and Shareholder Support

An independent special board committee approved the transaction. Committee members Colleen Brown and Mike Alfred voted in favor of the deal.

Intercontinental Exchange holds approximately 31% of Bakkt’s Class A shares. The NYSE parent company committed to voting for the acquisition.

Infrastructure Consolidation

The acquisition allows Bakkt to consolidate critical stablecoin settlement infrastructure. The company plans to launch its neobanking strategy with multiple distribution partners in the coming months.

Bakkt describes the move as forming a “unified financial infrastructure platform.” The merger aims to expand payment and banking use cases throughout 2026.

The final share count may change before closing. The deal requires regulatory and shareholder approval.

Bakkt launched in 2018 with support from ICE. The platform initially focused on institutional-grade trading for daily physically-settled Bitcoin futures.

The company began its strategic pivot last year. It acquired money transmitter licenses for crypto trading, transfers, and settlement nationwide.

Bakkt also launched a bitcoin treasury financed through a public offering. The company hired crypto veteran Mike Alfred to its board during the transformation.

The firm previously partnered with DTR in March 2025 to integrate stablecoin payments with its crypto trading platform. Monday’s acquisition completes that strategic relationship.

Bakkt announced plans to update its corporate name to “Bakkt, Inc.” effective January 22. The company believes DTR’s technology and assets will accelerate time-to-market for stablecoin settlement and reduce third-party dependency.

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