Modernizing Global Settlement
Bakkt Inc. has finalized its acquisition of Distributed Technologies Research (DTR), a developer of agentic payments and stablecoin infrastructure, about three months after formally agreeing to the purchase. The move follows a transformative third quarter in which the company reported $402.2 million in GAAP revenue—a 27% year-over-year increase—and completed a major structural overhaul.
The deal combines Bakkt’s regulated, institutional-grade infrastructure and nationwide licensing footprint with DTR’s AI-native engine and compliance stack. By embedding stablecoin capabilities directly into its core infrastructure, Bakkt is positioning itself to deliver a 24/7 digital settlement layer that bypasses the friction of traditional correspondent banking.
“The architecture of money movement rarely evolves at this level,” said Akshay Naheta, CEO of Bakkt. “This transaction accelerates the re-platforming of global financial infrastructure. By fully integrating DTR’s technology, we are introducing stablecoin functionality as a critical bridge between legacy financial systems and the next generation of digital assets.”
The acquisition is the cornerstone of Bakkt’s new strategy, which revolves around three business lines: Bakkt Markets, Bakkt Agent (the AI-driven stablecoin platform powered by DTR) and Bakkt Global. This streamlined approach follows the Oct. 1 sale of the company’s noncore loyalty business and the collapsing of its Up-C structure to simplify governance into a single share class.
Financially, Bakkt ended the third quarter debt-free with $64.4 million in cash. While the company reported a net loss of $23.2 million, its adjusted EBITDA climbed 241% to $28.7 million, signaling that the company’s operational “reset” is yielding results.
At closing, Bakkt issued 11,316,775 shares of its Class A common stock to DTR’s beneficial holders under the terms of a Jan. 11, 2026, share purchase agreement. The company may issue up to an additional 725,592 shares tied to outstanding warrants, depending on future conversions. To support this new direction, Bakkt has also strengthened its leadership, recently appointing Richard Galvin, Mike Alfred, and Lyn Alden to its board of directors.
Further details of the transaction and share issuance will be disclosed in Bakkt’s Form 8-K filing with the U.S. Securities and Exchange Commission (SEC) on April 30, 2026. The company plans to outline the next phase of this growth strategy at its upcoming Investor Day in early 2026.
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