Bakkt Stock Jumps 18% Following Stablecoin Firm Acquisition
Bakkt Holdings’ share price surged after announcing the acquisition of Distributed Technologies Research (DTR), a global stablecoin payments infrastructure company, in an equity-based deal pending SEC and shareholder approval. Bakkt’s stock peaked above $20, closing at $19.21—an 18% increase from the opening price. The acquisition accelerates Bakkt’s strategy toward programmable money, global settlement, and next-generation financial infrastructure. Akshay Naheta, DTR's co-CEO, will become CEO of the combined entity. The company will rebrand as Bakkt, Inc. later this month and plans to host an Investor Day on March 17 at the NYSE. Bakkt remains majority owned by Intercontinental Exchange. While integrating DTR’s stablecoin technology, Bakkt recently lost major clients Bank of America and Webull, the latter previously accounting for 74% of its crypto services revenue, prompting an investor lawsuit after a significant revenue drop.
