Digital asset company Bakkt has completed its equity-based acquisition of stablecoin infrastructure firm Distributed Technologies Research. The deal aims to create a 24/7 digital settlement layer by integrating DTR's technology. Bakkt issued more than 11.3 million shares as part of the transaction.
Bakkt announced the acquisition of Distributed Technologies Research (DTR) in January, initially involving 9.3 million shares. The company finalized the equity-based deal by issuing more than 11.3 million shares to DTR's beneficial holders, with the potential for an additional 725,592 shares. Bakkt also changed its corporate name to Bakkt Inc. alongside the original announcement. CEO Akshay Naheta stated on Thursday, “The architecture of money movement rarely evolves at this level. This transaction accelerates the re-platforming of global financial infrastructure. By fully integrating DTR's technology, we are introducing stablecoin functionality as a critical bridge between legacy financial systems and the next generation of digital assets.” The move combines Bakkt’s institutional infrastructure with DTR’s artificial intelligence payments engine and stablecoin technology to build a 24/7 digital settlement layer. The global stablecoin market has reached roughly $320 billion, with growing adoption for faster payments. Founded in 2018 and 55% owned by Intercontinental Exchange (ICE), Bakkt faced challenges including a NYSE delisting threat in March 2024 due to its share price falling below $1. Its stock (BKKT) dipped about 8% to $7.86 by Wednesday’s close but rose to $8.62 by Thursday.
