- Bakkt Holdings agreed to buy Distributed Technologies Research and will issue more than nine million Class A shares to DTR shareholders.
- The shares traded at $19.54 after a surge of over 20% in 24 hours, placing the deal value at more than $178 million.
- Intercontinental Exchange, a 31% holder of Bakkt’s Class A stock, will back the transaction and the founder of DTR, Akshay Naheta, will stay on as CEO.
- The acquisition aims to consolidate stablecoin settlement infrastructure and support a forthcoming neobanking strategy with distribution partners.
- The merger is subject to regulatory and shareholder approval; industry M&A activity reached about $8.6 billion in 2025.
On Monday, Bakkt Holdings announced an agreement to acquire Distributed Technologies Research, issuing more than nine million shares of its Class A common stock to DTR shareholders, a move intended to consolidate stablecoin settlement infrastructure and prepare for a neobanking strategy, as stated in its notice.
The company’s stock rose over 20% in 24 hours to $19.54, which would make the transaction worth more than $178 million at that price, according to a company post. Intercontinental Exchange, the parent of the New York Stock Exchange and a 31% shareholder of Bakkt’s Class A shares, will vote in favor of the deal.
Akshay Naheta, who founded Distributed Technologies Research in 2022, will remain CEO of the combined company after the merger. The board’s special committee and directors said the acquisition will support the firm’s stablecoin settlement capabilities and impending banking use cases.
“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,” the board noted.
Industry merger activity last year reached roughly $8.6 billion, including major transactions such as a $2.9 billion purchase of Deribit by Coinbase, a $1.5 billion deal by Kraken for Ninjatrader, and Ripple Labs acquiring Hidden Road for $1.2 billion. Early in 2026, Fireblocks bought accounting platform TRES for $130 million and Coincheck agreed to buy asset manager 3iQ for $112 million, with that deal expected to close in the second quarter.
The merger remains subject to customary regulatory and shareholder approvals. Read the editorial policy.
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