Bakkt Stock Surges 20% after Move on Stablecoin Payments Strategy
Bakkt's stock jumped over 20% following its agreement to acquire stablecoin payments infrastructure provider Distributed Technologies Research.Summary
Cryptocurrency infrastructure platform Bakkt Holdings announced an agreement to acquire Distributed Technologies Research (DTR), a provider of stablecoin and fiat payments infrastructure. The deal involves Bakkt issuing over nine million shares of Class A common stock to DTR shareholders, potentially valuing the transaction at over $178 million given Bakkt's stock surge of more than 20% to $19.54 per share. Bakkt stated this acquisition is crucial for consolidating its stablecoin settlement infrastructure and preparing for its neobanking strategy launch with distribution partners. Akshay Naheta, DTR's founder, will become the CEO of Bakkt post-merger, and Intercontinental Exchange, a major Bakkt shareholder, will support the deal. This move is part of Bakkt's broader strategy to build a unified financial infrastructure platform and expand payment/banking use cases.
(Source：Cointelegraph)