Bakkt has completed its acquisition of Distributed Technologies Research (DTR), a stablecoin payments infrastructure firm, in an all-stock deal. The transaction, initially announced in January 2024, was finalized on an expanded scale, with Bakkt issuing approximately 11.3 million Class A common shares to DTR’s beneficial holders. The company may issue up to 725,592 additional shares tied to outstanding warrants.
The acquisition brings DTR’s agentic payments technology and compliance tools into Bakkt’s regulated institutional platform. Bakkt aims to build a 24/7 digital settlement layer using stablecoin technology, combining its AI-based payment engine with stablecoin infrastructure. The company said the combined platform will support institutions and fintechs seeking faster digital payments, reducing reliance on traditional correspondent banking systems.
Bakkt CEO Akshay Naheta commented, “The architecture of money movement rarely evolves at this level,” adding that the deal introduces stablecoin functionality as a bridge between legacy finance and digital assets.
Bakkt shares initially fell about 8% to $7.86 before the deal closed but later recovered to $8.62. The company has faced pressure in recent years; in 2024, the NYSE warned Bakkt over a possible delisting after its share price stayed below $1 for 30 days. Bakkt was founded in 2018 and is majority-owned by Intercontinental Exchange. It has worked with major brands including Starbucks and Mastercard.
