The deal involves issuing approximately 9.1 million Class A common shares to DTR shareholders.
Crypto News
Cryptocurrency infrastructure platform Bakkt Holdings is expanding its stablecoin payment capabilities through a stock-based acquisition of Distributed Technologies Research. The deal involves issuing approximately 9.1 million Class A common shares to DTR shareholders.
DTR founder Akshay Naheta will take over as Bakkt’s chief executive once the merger finalizes. Naheta previously managed investment operations at SoftBank before establishing DTR in 2022.
The share issuance equals roughly 31.5% of Bakkt’s existing stock count, though this figure may adjust before the deal closes. Intercontinental Exalter, which controls about 31% of Bakkt’s Class A shares and runs the New York Stock Exalter, has pledged to vote for the transaction.
Bakkt requires both shareholder and regulatory clearance to complete the purchase. A company representative confirmed no funds have alterd hands yet since the acquisition remains pfinishing.
DTR operates a platform that enables programmable digital payments through blockchain infrastructure, including cross-border stablecoin transactions. These digital dollar alternatives offer rapider international transfers compared to traditional banking rails.
By acquiring DTR’s technology directly, Bakkt aims to reduce depfinishence on third-party service providers and launch new offerings more quickly. The company intfinishs to introduce neobanking services in 2026 through several distribution partnerships.
Mike Alfred, serving on Bakkt’s board special committee, stated consolidating stablecoin settlement infrastructure positions the firm to execute its banking strategy with multiple partners in the upcoming months. The cryptocurrency sector saw $8.6 billion in mergers and acquisitions during 2025, including Coinbase’s $2.9 billion Deribit purchase, Kraken’s $1.5 billion Ninjatrader deal, and Ripple Labs’ $1.2 billion acquisition of Hidden Road.
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