Bakkt stock rallies 20% amid plans to acquire a stablecoin infra firm founded by Bakkt's co-CEO

Blockchain infrastructure company Bakkt (NYSE: BKKT) has agreed to acquire stablecoin infrastructure provider Distributed Technologies Research Ltd., according to an announcement on Monday.

Bakkt said it plans to issue over 9 million Class A common shares to DTR shareholders to acquire the firm.

"The Company believes this equity consideration appropriately reflects the strategic value of DTR’s technology and assets, which are expected to accelerate Bakkt’s time-to-market for stablecoin settlement, reduce third-party dependency, and support future revenue generation across payments and banking use cases," the firm noted. 

BKKT shares closed the day up 18% at $19.21, according to Google Finance.

Notably, Akshay Naheta is both the founder of Distributed Technologies Research and the sole CEO of Bakkt.

In March 2025, Bakkt announced Naheta’s appointment as co-CEO alongside Andy Main, who has since stepped down, as part of a strategic partnership with DTR to integrate stablecoin payments with Bakkt's crypto trading platform.

"This transaction represents the culmination of a single, cohesive strategy," Naheta said in a statement. "Bringing DTR fully into Bakkt completes the transformation of the company into a unified global financial infrastructure platform, combining Bakkt’s market presence and regulatory framework with DTR’s technology."

Board approval

The final number of shares issued "may change prior to the closing of the transaction," Bakkt said Monday, noting that an independent special board committee consisting of board members Colleen Brown and Mike Alfred approved the transaction.

NYSE parent Intercontinental Exchange, Inc., which owns approximately 31% of Bakkt’s Class A shares, has also agreed to vote for the acquisition.

"DTR stood out not only for its technology, but for how closely it aligns with the future of digital payments and banking," Alfred said. "Our integration work over recent months validated that strategic fit. The acquisition will allow Bakkt to consolidate a critical piece of its stablecoin settlement infrastructure and prepares the company to launch its neobanking strategy with multiple distribution partners in the coming months."

Bakkt has been undergoing a strategic pivot in recent months to refocus as a “B2B2C” turnkey operator for traditional institutions looking to get into crypto. The firm sold its loyalty rewards business last year and began acquiring money transmitter licenses to facilitate crypto trading, transfers, and settlement in all 50 U.S. states. It has also launched a bitcoin treasury, financed through a public offering, and hired crypto vet Mike Alfred to its board.

Launched in 2018 with support from NYSE operator ICE, Bakkt initially focused on launching an institutional-grade trading platform for daily physically-settled Bitcoin futures.

Additionally, Bakkt announced plans to update its corporate name to "Bakkt, Inc." effective Jan. 22.