Bakkt has finalized its merger with Distributed Technologies Research, a company specializing in stablecoin payment infrastructure. The acquisition marks a strategic pivot for Bakkt as it integrates DTR’s agentic payment technology and compliance tools into its regulated institutional platform.
The combined entity aims to create a round-the-clock digital settlement layer powered by stablecoins. This move is designed to reduce dependency on traditional correspondent banking networks, offering financial institutions and fintechs faster digital payment solutions. Bakkt CEO Akshay Naheta emphasized that the architecture of money movement rarely undergoes such a transformation, positioning stablecoin functionality as a bridge between conventional finance and digital assets.
To complete the acquisition, Bakkt issued over 11.3 million Class A common shares to DTR’s beneficial owners. An additional 725,592 shares may be issued related to outstanding warrants. The deal was initially announced in January with 9.3 million shares, and Bakkt also underwent a corporate name change to Bakkt Inc. during that period.
Following the closure, Bakkt’s stock price experienced volatility. Shares dropped roughly 8% to $7.86 before the deal’s completion but later recovered to $8.62 by Thursday’s market close. The company has faced financial hurdles in recent years, including a warning from the NYSE in 2024 about potential delisting after its share price remained below $1 for 30 consecutive days.
Founded in 2018 and majority-owned by Intercontinental Exchange, Bakkt has previously partnered with major brands like Starbucks and Mastercard. With the DTR acquisition now complete, stablecoin payments are at the core of Bakkt’s growth strategy, signaling a renewed focus on modernizing payment infrastructure.