Bakkt Holdings, Inc. said it has agreed to acquire Distributed Technologies Research Ltd. (DTR) marking progress in its strategy to build stablecoin settlement and programmable payments capabilities.
The transaction will be executed through an all-equity consideration, with Bakkt issuing shares of its Class A common stock representing 31.5% of the “Bakkt Share Number” defined under a previously disclosed cooperation agreement between the two companies.
Based on the current share number, this equates to the issuance of approximately 9.1 million Class A shares to DTR shareholders, including DTR founder and Bakkt CEO Akshay Naheta, subject to final adjustments at closing.
Acquisition Advances Bakkt’s Stablecoin Settlement Strategy
Bakkt said the acquisition is expected to accelerate its time-to-market for stablecoin settlement by bringing core infrastructure in-house.
The company believes owning DTR’s technology will reduce reliance on third-party providers while allowing new revenue opportunities across payments and banking use cases.
The deal follows months of integration work between the two firms and is intended to support Bakkt’s broader ambition to position itself as a programmable money and next-generation financial infrastructure platform.
The transaction was reviewed and approved by an independent special committee of Bakkt’s board, comprised of Colleen Brown and Mike Alfred. Completion remains subject to customary closing conditions including regulatory approvals and Bakkt shareholder consent.
Intercontinental Exchange, Inc., which owns around 31% of Bakkt’s Class A common stock has agreed to vote its shares in favour of the transaction providing a significant level of shareholder backing.
Company to Operate as “Bakkt, Inc.” Effective January 22
Separately, Bakkt announced it will change its corporate name to “Bakkt, Inc.” effective January 22. The company will continue trading on the New York Stock Exchange under the ticker BKKT, with the name change reflecting its transition toward a unified global financial infrastructure platform.
In August, Bakkt acquired approximately 30% of Tokyo-listed textile company MarushoHotta for $115 million, becoming the largest shareholder and planning to rebrand the yarn maker as “Bitcoin.jp,” effectively pivoting toward crypto treasury operations.
The acquisition transforms the 120-year-old Japanese manufacturer into a Bitcoin-focused investment vehicle under new CEO Phillip Lord, President of Bakkt International.
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