Bakkt Completes Acquisition of Distributed Technologies Research

Bakkt, a digital asset company, has completed its acquisition of Distributed Technologies Research (DTR), a stablecoin infrastructure firm, through an equity-based transaction. The deal aims to create a digital settlement layer by combining Bakkt's institutional infrastructure with DTR's artificial intelligence payments engine and stablecoin technology.

The acquisition is part of Bakkt's bid to accelerate the re-platforming of global financial infrastructure. According to Bakkt CEO Akshay Naheta, the deal will introduce stablecoin functionality as a critical bridge between legacy financial systems and the next generation of digital assets. The global stablecoin market has grown to roughly $320 billion, with adoption expanding across both developed and emerging economies.

As part of the deal, Bakkt issued more than 11.3 million shares to the beneficial holders of DTR, with the possibility of an additional 725,592 shares. The company's share price (BKKT) initially fell roughly 8% but has since risen 10%. Bakkt, founded in 2018, is 55% owned by Intercontinental Exchange (ICE) and has received backing from major partners such as Starbucks and Mastercard.

The acquisition marks a significant development for Bakkt, which has faced challenges in the past, including a threat of delisting in 2024 due to its low share price. The company has since launched multiple fundraising rounds through share sales, with the latest aiming to raise $48 million. With the completion of the DTR acquisition, Bakkt is poised to play a major role in the growing stablecoin market and the development of digital assets.