Bakkt Holdings agreed to acquire Distributed Technologies Research Ltd. (DTR) in an all-stock deal, a move designed to accelerate its stablecoin settlement and programmable payments ambitions. The company said the transaction will coincide with a rebrand to Bakkt, Inc., positioning the business as a unified global financial infrastructure platform.
Under the definitive agreement, Bakkt will issue approximately 9.128.682 shares of Class A common stock to DTR shareholders, representing 31.5% of the Bakkt Share Number. Based on Bakkt’s pre-announcement trading price of $16.28 per share, the paperwork implies a deal valuation of about $148.8 million. The final share count may change before closing, the company clarified in a press release dated 12 de ene. de 2026.
The transaction is expected to close by 22 de ene. de 2026, when Bakkt will also adopt the Bakkt, Inc. name. That closing date remains in the near future and will determine when the equity issuance and operational integration formally begin.
DTR brings APIs and infrastructure the buyer highlighted as critical for programmable payments, fiat-to-stablecoin bridges and AI-driven on‑chain applications. Bakkt said integrating DTR’s ION Network will reduce reliance on third-party providers and speed time-to-market for stablecoin settlement and neobanking services distributed through partners.
Technology, strategy and competitive context
Bakkt has cited improved financial footing—positive adjusted EBITDA and lower long-term debt in Q1 2025—as evidence the repositioning is producing results. The company intends to leverage its regulatory framework and market access, now paired with DTR’s tech, to offer faster, programmable fiat and stablecoin flows for merchants, financial institutions and end users.
Industry consolidation underscores the strategic motive. Recent deals and bid activity in stablecoin rails and payments infrastructure illustrate competitive intensity, the company noted.
“This transaction represents the culmination of a single cohesive strategy,” said Akshay Naheta, identified in the filing as CEO of Bakkt and founder of DTR, adding that bringing DTR fully into Bakkt accelerates platform integration and partner adoption as the company moves into 2026.
Risks remain. Bakkt flagged integration complexity, regulatory uncertainty around stablecoins and the broader volatility of digital-assets as potential headwinds to realizing the forecasted efficiencies and revenue generation.
Investors are now turning their attention to the 22 de ene. de 2026 closing and early integration milestones as the practical test of the thesis: whether combining Bakkt’s regulated footprint with DTR’s programmable payments stack can translate into measurable adoption, reduced third‑party dependency and new revenue streams for institutional partners and merchants.
