Bakkt Acquires DTR Format Provider in Major Stablecoin Infrastructure Push

Crypto infrastructure company Bakkt has entered into an agreement to acquire Distributed Technologies Research (DTR), marking a significant expansion into blockchain-based payment settlement. The transaction underscores Bakkt’s commitment to controlling its own payment infrastructure and accelerating the adoption of stablecoin-based solutions for global financial transactions.

Strategic Move to Control Payment Infrastructure

DTR operates a proprietary payment format that enables programmable digital transactions, including cross-border settlements using stablecoins. By acquiring the DTR platform, Bakkt aims to reduce its dependency on third-party payment vendors and consolidate critical components of its stablecoin settlement infrastructure in-house. This acquisition represents a vertical integration strategy designed to give Bakkt greater control over its payment architecture and technical standards.

The DTR format technology is particularly valuable as stablecoins continue to emerge as a preferred alternative for faster, cheaper global payments compared to traditional banking channels. Bakkt’s decision to acquire DTR’s infrastructure directly reflects the company’s confidence in this payment model’s potential.

Market Reaction and Transaction Details

The market responded positively to the announcement, with Bakkt’s stock price climbing 17% to reach $19, marking a two-month high. At current valuations, the deal is estimated at approximately $168 million, though a Bakkt spokesperson noted that the final value remains subject to change.

To fund the acquisition, Bakkt will issue approximately 9.1 million shares of its Class A common stock, representing roughly 31.5% of the company’s current share count. The transaction is contingent on shareholder approval and regulatory clearance. Significantly, Intercontinental Exchange, which holds the largest stake in Bakkt, has committed to voting in favor of the merger, reducing uncertainty around shareholder consent.

Leadership Transition and Strategic Direction

Following the deal’s completion, Akshay Naheta, who currently serves as DTR’s CEO, will assume the chief executive position at Bakkt. Naheta brings extensive experience in digital asset strategy, having previously led investment initiatives at SoftBank before founding DTR. His appointment signals continuity in technical vision while integrating DTR’s operational expertise into Bakkt’s broader organization.

Mike Alfred, Director and member of Bakkt’s Special Committee, stated that “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.”

Neobanking and Future Service Expansion

Beyond the DTR acquisition, Bakkt has outlined plans to launch neobanking offerings later this year through multiple distribution partnerships. This two-pronged approach—strengthening internal payment infrastructure through DTR while expanding into neobanking services—positions the company to offer comprehensive financial solutions built on blockchain and stablecoin rails.

The acquisition represents a pivotal moment for institutional adoption of stablecoin infrastructure, demonstrating that major financial technology platforms see blockchain-based payment formats as essential components of the future payment ecosystem.