Bakkt Acquires Distributed Technologies Research (DTR) in Major 9.1 Million Share All-Stock Deal

Bakkt just made a power move—and it didn't cost them a dime in cash.

The institutional crypto platform is swallowing Distributed Technologies Research (DTR) whole in an all-stock transaction. The price tag? A cool 9.1 million shares. That's the kind of math where you use other people's money—or in this case, your own inflated stock—to buy the future. A classic Wall Street maneuver, just with a crypto twist.

Why This Isn't Just Another Merger

This isn't about adding another logo to the website. DTR brings deep, technical research firepower—the kind that builds infrastructure, not just trades it. Bakkt isn't just buying a company; it's buying a brain trust to out-innovate the competition. Think less 'corporate synergy' and more 'strategic brain transplant.'

The Real Bet Behind the Shares

Paying with stock is a bold statement. It says Bakkt believes its own equity is strong enough currency and that the combined entity will be worth significantly more. It's a vote of confidence that ties DTR's success directly to Bakkt's share price. No cash exit for the researchers—their payoff is locked into making this merger work.

For the crypto industry, it signals a shift. The land-grab phase is over. Now it's about consolidation, vertical integration, and acquiring the smartest minds in the room. While retail traders chase the next meme coin, the big players are quietly assembling the foundational tech that will define the next decade.

One cynical finance jab? Using stock as currency is the ultimate 'hold my beer' move in a volatile market—either a masterstroke of leverage or a fantastic way to dilute everyone if the bet goes south. Bakkt is clearly betting on the former.

What does the acquisition mean for Bakkt Holdings?

Bakkt Holdings has announced the acquisition of Distributed Technologies Research Ltd., a global stablecoin payment infrastructure provider.

DTR shareholders will receive approximately 9.1 million shares of Bakkt’s Class A common stock, representing 31.5% of what the companies define as the “Bakkt Share Number” under their previously filed Cooperation Agreement from March 19, 2025.

For the transaction to be completed, it still needs regulatory clearance and a vote by Bakkt’s shareholders, which is academic in most cases, barring any surprises.

DTR founder Akshay Naheta is currently serving as the CEO of both organizations. The relationship between Bakkt and DTR dates back to March 2025, when Akshay Naheta was appointed in March 2025 as co-CEO of Bakkt alongside then-CEO Andy Main.

Naheta previously held senior executive roles at SoftBank Group, where he was responsible for investments in companies including ARM, Auto1, and Nvidia.

Bakkt was originally launched by Intercontinental Exchange (ICE) in 2018 as a regulated digital asset platform. In 2021, it went public through a merger with a special acquisition company (SPAC) and became more focused on financial technology applications.

ICE, which operates the New York Stock Exchange and other major financial marketplaces, continues to hold approximately 31% of Bakkt’s outstanding shares and has committed to voting in favor of the DTR acquisition.

Bakkt’s board members, Colleen Brown and Mike Alfred, who served on the independent special committee that evaluated and approved the transaction, said that DTR’s technology will accelerate Bakkt’s time-to-market capabilities and reduce the company’s dependency on third-party providers.

The company shared its plans to launch neobanking services with multiple distribution partners in the coming months. Neobanks are digital-only financial institutions that operate without traditional physical branch networks.

What’s next for Bakkt after DTR acquisition?

Bakkt revealed its plans to change its corporate name from “Bakkt Holdings, Inc.” to “Bakkt, Inc.” starting from January 22, 2026. Regardless of this change, it will continue using its existing NYSE ticker symbol “BKKT.”

On March 17, 2026, the company’s management is expected to provide additional details about the integration processes and strategic vision following the DTR acquisition during its scheduled Investor Day.

In November 2025, the company converted to a single class of common stock from its umbrella partnership-C corporation structure and simplified its capital structure and aligned economic and governance rights for all shareholders.

Before it changed its structure, the company redeemed its outstanding convertible debenture, which is due June 2026, in September 2025, eliminating all remaining long-term debt. The company now operates with a clean balance sheet and has greater flexibility for executing its strategy as a crypto infrastructure platform.

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