Bakkt Agrees to Acquire DTR in Stablecoin Infrastructure Deal

Bakkt Holdings has agreed to acquire Distributed Technologies Research Ltd. (DTR), marking a significant step in the company’s effort to build a global stablecoin settlement and programmable payments platform. The transaction, announced Monday, brings a key piece of payments infrastructure in-house as Bakkt positions itself for broader expansion across digital assets, banking, and merchant services.

The deal will be completed through an all-equity consideration, with Bakkt issuing shares of its Class A common stock equivalent to 31.5% of the so-called “Bakkt Share Number” defined in a prior cooperation agreement between the two companies. Based on current calculations, the acquisition would result in the issuance of approximately 9.13 million shares to DTR shareholders, including DTR founder Akshay Naheta, who is also Bakkt’s chief executive.

Bakkt said the transaction is designed to accelerate its stablecoin settlement roadmap, reduce reliance on third-party technology providers, and support future revenue generation across payments and banking use cases as the company moves deeper into programmable money.

What the Bakkt–DTR Transaction Includes

Under the terms of the definitive agreement, Bakkt will acquire full ownership of DTR, a provider of global . The company said the equity consideration “appropriately reflects the strategic value of DTR’s technology and assets,” which it expects will shorten time-to-market for new products and strengthen its core settlement capabilities.

The final share count may change prior to closing, as it will be determined under the previously announced cooperation agreement filed with the in March 2025. Bakkt emphasized that the transaction remains subject to customary closing conditions, including regulatory approvals and approval by Bakkt’s stockholders.

The acquisition was reviewed and approved by an independent special committee of Bakkt’s board, consisting of directors Colleen Brown and Mike Alfred. Bakkt said the committee conducted a comprehensive evaluation process to ensure strong governance and protect shareholder interests.

Takeaway

Strategic Rationale and Board-Level Support

Bakkt framed the acquisition as a natural evolution of an existing partnership rather than a standalone deal. “We are pleased to welcome DTR to Bakkt,” said Colleen Brown, director and member of the special committee. “This transaction accelerates Bakkt’s evolution toward programmable money and new-age global financial infrastructure and reflects a disciplined approach to capital allocation aligned with long-term platform value creation.”

Brown added that the deal “broadens the scope of what our platform can deliver across digital assets and settlement, and creates a strong foundation for the next chapter of Bakkt’s growth,” highlighting the company’s ambition to move beyond crypto custody and trading into broader financial infrastructure.

Mike Alfred, also a director and special committee member, said the decision followed months of integration work. “DTR stood out not only for its technology, but for how closely it aligns with the and banking,” Alfred said. “Our integration work over recent months validated that strategic fit.”

According to Alfred, the acquisition “will allow Bakkt to consolidate a critical piece of its stablecoin settlement infrastructure and prepares the company to launch its neobanking strategy with multiple distribution partners in the coming months.”

Takeaway

Leadership, Ownership, and What Comes Next

The transaction has also secured support from Intercontinental platform, Inc., Bakkt’s largest shareholder. ICE, which beneficially owns roughly 31% of Bakkt’s outstanding Class A shares, has agreed to vote in favor of the acquisition, providing a significant boost to the deal’s likelihood of approval.

For Akshay Naheta, the deal represents the completion of a strategy that has been developing for several years. “This transaction represents the culmination of a single, cohesive strategy,” said Naheta, CEO of Bakkt and founder of DTR. “Bringing DTR fully into Bakkt completes the transformation of the company into a unified global financial infrastructure platform.”

Naheta said the combination brings together Bakkt’s regulatory framework and market presence with DTR’s technology stack. “Together, we are positioned to unlock new capabilities and efficiencies for merchants, financial institutions, and end users worldwide,” he said, adding, “Most significantly, this accelerates platform integration and partner adoption as we move into 2026.”

Alongside the acquisition, Bakkt announced a corporate name change to “Bakkt, Inc.,” effective January 22, 2026. The company will continue to trade on the under the ticker symbol BKKT. Bakkt also confirmed plans to host an Investor Day on March 17, 2026, at the NYSE, where it is expected to outline its post-acquisition strategy and product roadmap in greater detail.

Takeaway

Founded in 2018, Bakkt has steadily repositioned itself from a BTC-focused platform into a broader provider of digital asset and financial infrastructure. The acquisition of DTR reinforces that shift, placing stablecoin settlement and programmable payments at the center of its strategy as regulators, banks, and merchants increasingly explore tokenized money and blockchain-based payments.

As the transaction moves toward closing, market participants will be watching how rapidly Bakkt can translate the acquisition into live products, partnerships, and revenue. The upcoming Investor Day is expected to provide further clarity on how the combined platform will compete in an increasingly crowded .