Lede
Bakkt Holdings has officially announced a definitive agreement to purchase Distributed Technologies Research, an entity recognized as a provider of stablecoin and fiat payments infrastructure. Under the specific terms of this agreement, Bakkt will facilitate the acquisition by issuing more than nine million shares of its Class A common stock to the current shareholders of Distributed Technologies Research. At the time of the announcement’s publication, the market value for shares of Bakkt Holdings (BKKT) on the New York Stock Exchange was recorded at $19.54 per share. This price point reflects a notable surge of more than 20% in the stock’s value over the preceding 24-hour window, which substantially influenced the total valuation of the merger. Given these financial parameters and the volume of shares involved, the total value of the transaction is estimated to be worth more than $178 million.
The move represents a significant deployment of equity to secure specialized infrastructure in the digital payments space. By acquiring Distributed Technologies Research, Bakkt is moving to incorporate external technology and infrastructure directly into its operational framework. The deal highlights the ongoing trend of publicly traded cryptocurrency firms using stock-based transactions to consolidate market presence and acquire specialized technical capabilities from private providers within the industry. This purchase is expected to bolster Bakkt’s ability to offer more integrated settlement solutions as it expands its footprint within the broader financial landscape. The transaction is currently progressing through the necessary phases of verification as the company prepares for its next stage of institutional growth.
Context
The strategic rationale behind the acquisition is centered on the consolidation of what Bakkt describes as a critical piece of its stablecoin settlement infrastructure. Mike Alfred, who serves as a director and a member of the special committee of Bakkt’s board, indicated that the deal is a preparatory step for the company’s upcoming neobanking strategy. This strategy is expected to launch in the coming months and will involve coordination with multiple distribution partners. The history of the target company dates back to 2022, when Akshay Naheta founded Distributed Technologies Research. Following the merger, Naheta is expected to remain a central figure in the organization, taking over as the CEO of Bakkt. Support for the deal is bolstered by Bakkt’s relationship with Intercontinental Exchange, which is the parent company of the New York Stock Exchange.
Intercontinental Exchange currently holds a 31% stake in Bakkt’s Class A common stock and has publicly committed to voting in favor of the acquisition. This backing from a major institutional shareholder and parent entity provides a significant path toward the necessary shareholder approval required for the merger. The integration of Distributed Technologies Research is intended to streamline the technical processes required for stablecoin transactions, aligning with Bakkt’s goal of providing a more seamless interface between digital assets and fiat-based financial services for its partners and end-users. By securing these assets, Bakkt is attempting to internalize key functions that were previously handled by third-party providers, ensuring greater control over its core settlement services.
Impact
Bakkt has stated that this merger serves a broader strategic objective to form what it calls a “unified financial infrastructure platform.” The company aims to utilize this platform to expand its payment and banking use cases throughout 2026. This acquisition occurs against a backdrop of record-breaking consolidation within the crypto and blockchain sectors. In 2025, the industry saw a total of $8.6 billion worth of deals, marking a high point for merger and acquisition activity. High-profile examples from that year include Coinbase’s acquisition of the options trading platform Deribit for $2.9 billion, Kraken buying Ninjatrader for $1.5 billion, and Ripple Labs acquiring Hidden Road for $1.2 billion. Other major industry players have also been active in the market; for instance, Fireblocks recently completed the acquisition of the crypto accounting platform TRES for $130 million.
Additionally, Coincheck has purchased the digital asset manager 3iQ in a deal valued at $112 million. Bakkt’s acquisition of Distributed Technologies Research for more than $178 million is part of this continuing wave of institutional and infrastructure-level investment. These moves collectively suggest an industry-wide push toward vertical integration, where established platforms acquire specialized service providers to broaden their technical capabilities. By bringing stablecoin and fiat payment systems under one roof, Bakkt joins other major firms in attempting to create comprehensive suites of financial tools that can bridge the gap between traditional banking and the emerging digital asset economy. The transaction remains contingent on receiving the necessary regulatory and shareholder approvals to proceed toward finalization.
Outlook
Looking forward, Bakkt’s immediate focus will be on the launch of its neobanking strategy. This rollout is planned to occur in the coming months as the company leverages its new infrastructure and works with various distribution partners to bring its services to market. The long-term trajectory for the company involves a significant expansion of its banking and payment use cases, with 2026 targeted as a key year for these developments to reach full scale. A successful integration of Distributed Technologies Research will be vital for Bakkt to achieve its goal of operating a unified financial infrastructure platform. Before these plans can be fully realized, the company must first clear the hurdles of regulatory and shareholder approval. The commitment from Intercontinental Exchange to vote in favor of the deal suggests a clear path for the latter.
Once the merger is finalized, the leadership of Akshay Naheta as CEO will be instrumental in executing the combined entity’s vision. The market will likely monitor how Bakkt manages the technical integration of stablecoin settlement systems into its existing platform. The anticipated expansion into neobanking services suggests that Bakkt is looking to evolve from a specialized digital asset platform into a more diverse financial services provider. This evolution will depend on the company’s ability to maintain its growth momentum and successfully deploy the infrastructure acquired through this $178 million transaction. The successful implementation of these use cases in 2026 could define Bakkt’s competitive position in the global payments and digital asset infrastructure markets for years to come as the company seeks to build a more robust financial ecosystem.
About the Author
