Digital asset infrastructure firm Bakkt Holdings has agreed to acquire stablecoin payments provider Distributed Technologies Research (DTR) in an all-stock transaction.
The deal will support Bakkt’s programmable payments strategy, according to a statement by the firm on 12 January.
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Bakkt will issue Class A common shares equal to 31.5% of the “Bakkt Share Number,” a measure defined in a cooperation agreement between the two companies that was filed with the US Securities and Exchange Commission on 19 March 2025.
Based on current calculations, Bakkt expects to issue approximately 9.1 million Class A shares to DTR’s existing shareholders.
The precise number of shares to be issued will be finalised according to the methodology set out in the cooperation agreement and could change before the deal closes.
Among the recipients of the equity consideration is Akshay Naheta, the CEO of Bakkt and founder of DTR.
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By GlobalDataNaheta said: “Bringing DTR fully into Bakkt completes the transformation of the company into a unified global financial infrastructure platform, combining Bakkt’s market presence and regulatory framework with DTR’s technology.
“Together, we are positioned to unlock new capabilities and efficiencies for merchants, financial institutions, and end users worldwide. Most importantly, this accelerates platform integration and partner adoption as we move into 2026.”
According to the announcement, the acquisition will bring DTR’s stablecoin settlement infrastructure fully under the Bakkt umbrella and is intended to speed up Bakkt’s rollout of stablecoin settlement services while cutting reliance on external providers.
A special committee of Bakkt’s board of directors approved the deal following an independent review process.
Completion of the acquisition remains subject to regulatory clearances and shareholder approval.
Intercontinental Exchange (ICE), which holds around 31% of Bakkt’s outstanding Class A common stock, has agreed to vote its shares in favour of the transaction.
In a separate move, Bakkt said it will change its corporate name to “Bakkt, Inc.” with effect from 22 January 2026.
The company will continue to trade on the New York Stock Exchange under its existing ticker symbol, “BKKT”.
Bakkt also disclosed plans to hold an investor day on 17 March 2026 at the New York Stock Exchange, with additional information about the event to be provided later.
