Bakkt Completes DTR Deal to Expand AI-driven Stablecoin Payments

TLDR

Table of Contents

Bakkt completed its acquisition of Distributed Technologies Research through a share-based transaction.
The company issued over 11.3 million shares to DTR holders, with potential additional shares under the agreement.
Bakkt plans to integrate DTR’s artificial intelligence payments engine into its existing infrastructure.
The combined platform will introduce stablecoin functionality to support continuous 24/7 digital settlements.
CEO Akshay Naheta stated the deal will accelerate changes in global financial infrastructure systems.

Bakkt has finalized its acquisition of Distributed Technologies Research through an equity transaction to expand digital settlement capabilities. The company aims to integrate stablecoin and artificial intelligence payment tools into its infrastructure. The move targets continuous, around-the-clock settlement services for institutional clients.

Bakkt integrates DTR technology to expand payment infrastructure

Bakkt confirmed the acquisition of Distributed Technologies Research, also known as DTR, through a share-based transaction. The company issued over 11.3 million shares to DTR holders as part of the agreement. It also allowed for the issuance of an extra 725,592 shares under certain conditions.

The deal builds on earlier plans announced in January, when Bakkt outlined the acquisition structure. At that time, the company proposed issuing about 9.3 million shares to complete the purchase. The final share count increased before closing, reflecting updated terms and adjustments.

Bakkt stated that the integration will combine its institutional systems with DTR’s artificial intelligence payments engine. The company said this approach will introduce stablecoin functionality into its services. It expects this system to connect traditional finance with newer digital asset frameworks.

Chief executive Akshay Naheta addressed the development and described its scope. He said, “The architecture of money movement rarely evolves at this level.” He added that the integration will accelerate changes in financial infrastructure systems.

Stablecoin adoption grows as Bakkt positions settlement layer

Bakkt pointed to the global stablecoin market, which has reached about $320 billion in value. The company noted that institutions and banks continue to adopt stablecoins for faster payments. It said demand has expanded across developed and emerging markets.

The company plans to use DTR’s technology to enable continuous settlement services. This system will operate 24/7, unlike traditional financial systems with limited hours. Bakkt expects the platform to support both legacy and digital asset transactions.

Bakkt’s stock, listed under BKKT, declined about 8% to $7.86 before the deal closed. However, the price recovered and reached $8.62 by Thursday’s market close. These movements occurred during the final phase of the acquisition process.

Bakkt was founded in 2018 and remains 55% owned by Intercontinental Exchange. The parent company also operates the New York Stock Exchange. Bakkt has received backing from partners such as Starbucks and Mastercard.

Corporate changes and prior developments around Bakkt

Bakkt confirmed a corporate name update to Bakkt Inc. alongside the acquisition announcement. The company has also conducted several fundraising rounds through share sales. Its latest effort in February targeted raising $48 million.

Earlier, in March 2024, the New York Stock Exchange warned Bakkt about a potential delisting. The exchange issued the notice after the share price stayed below $1 for 30 days. The company later worked to regain compliance with listing requirements.

In May, Bakkt disclosed risks tied to expansion plans and revenue growth. It cited uncertainty in the evolving crypto asset environment. The company stated these factors could affect its future performance.

Later reports indicated that Trump Media held discussions to acquire Bakkt. However, those talks ended without a final agreement. Bakkt has since focused on restructuring and completing the DTR acquisition.

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