Bakkt Holdings, backed by Intercontinental Exchange, has
agreed to acquire Distributed Technologies Research, a stablecoin payments
infrastructure provider. The deal marks a shift in strategy following earlier
reports that Bakkt
had explored a potential sale or breakup in 2024.
Bakkt Agrees Stock-Based Acquisition of DTR
Under the agreement, Bakkt will issue Class A common stock
equal to 31.5% of the “Bakkt Share Number,” currently estimated at roughly 9.13
million shares, to DTR shareholders, including DTR CEO Akshay Naheta. The final
number of shares will be determined in accordance with the Cooperation
Agreement and may change prior to closing.
The acquisition is expected to accelerate Bakkt’s
time-to-market for stablecoin settlement, reduce third-party dependency, and
support revenue across payments and banking use cases. The transaction requires
customary regulatory approvals and Bakkt shareholder consent. Intercontinental
Exchange, which owns approximately 31% of Bakkt’s Class A shares, has agreed to
vote in favour.
Bakkt Announces Rebrand
Bakkt also announced that it will change its corporate name
to Bakkt, Inc., effective January 22, 2026, while continuing to trade under the
ticker BKKT. The company plans an Investor Day on March 17, 2026.
Colleen Brown, member of Bakkt’s special committee, said the
acquisition “broadens the scope of what our platform can deliver across digital
assets and settlement.”
JUST IN: Bakkt acquires Distributed Technologies Research Ltd. (DTR) to supercharge its stablecoin settlement and programmable payments platform, accelerate go-to-market, and expand its role in global digital finance as it rebrands to Bakkt, Inc. in 2026. pic.twitter.com/DRrbysQ8SK
— Cryptopolitan (@CPOfficialtx) January 12, 2026
Bakkt Financials Show Improved Liquidity Position
Earlier, Bakkt reported revenue
of $214.5 million for the fourth quarter of 2023, bringing full-year
revenue to $780.1 million. The company said the results supported its liquidity
position and reduced near-term operational concerns.
Revenue comprised gross crypto revenue and net loyalty
revenue, with crypto-related income increasing following the acquisition of
Bakkt Crypto, formerly Apex Crypto. Despite the revenue growth, Bakkt recorded
an adjusted EBITDA loss of $93.9 million for the year.
Net loss narrowed to $225.8 million compared with the prior
year. Founded in 2018, Bakkt became a public company in 2021 through a reverse
merger and has since focused on crypto trading, custody, and infrastructure
services.
This article was written by Tareq Sikder at www.financemagnates.com.
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