Digital asset firm Bakkt has completed its acquisition of stablecoin infrastructure company Distributed Technologies Research through an equity transaction. The deal aims to combine Bakkt’s institutional infrastructure with DTR’s AI payments engine to create a 24/7 digital settlement layer, tapping into the $320 billion global stablecoin market.
Bakkt has finalized its acquisition of stablecoin infrastructure firm Distributed Technologies Research in an equity-based transaction. The deal is part of the company’s strategy to build a digital settlement layer for global finance.
CEO Akshay Naheta stated the move combines Bakkt’s institutional infrastructure with DTR’s technology. “This transaction accelerates the re-platforming of global financial infrastructure,” he said.
The global stablecoin market is now valued at roughly $320 billion. Adoption is growing as institutions seek faster payment systems.
Bakkt issued over 11.3 million shares to DTR’s beneficial holders, with potential for an additional 725,592 shares. The deal, first announced in January, was initially structured around 9.3 million shares.
Bakkt’s share price fell roughly 8% to $7.86 ahead of the deal’s completion. It later recovered to $8.62 by Thursday’s market close.
Founded in 2018, Bakkt is 55% owned by Intercontinental Exchange, which also owns the New York Stock Exchange. The NYSE threatened to delist the company in March 2024 due to its share price falling below $1.
In a May 2024 regulatory filing, Bakkt cited “significant uncertainty” around its expansion. The company has since conducted multiple fundraising rounds, including a February offering aiming to raise $48 million.
