Bakkt stock rallies 20% amid plans to acquire a stablecoin infra firm founded by Bakkt’s co-CEO
Bakkt stock surged after announcing plans to acquire stablecoin infrastructure firm DTR, founded by Bakkt's co-CEO Akshay Naheta.Summary
Blockchain infrastructure company Bakkt (BKKT) announced its agreement to acquire Distributed Technologies Research Ltd. (DTR), a stablecoin infrastructure provider. Bakkt plans to issue over 9 million Class A common shares to DTR shareholders for the acquisition, which is expected to accelerate stablecoin settlement capabilities and reduce third-party dependency. Notably, DTR founder Akshay Naheta is also the sole CEO of Bakkt. This transaction is viewed as the culmination of a cohesive strategy to transform Bakkt into a unified global financial infrastructure platform, combining Bakkt's regulatory framework with DTR's technology. The acquisition was approved by an independent special board committee, and Bakkt's majority shareholder, Intercontinental Exchange (ICE), agreed to vote in favor. This move aligns with Bakkt's recent strategic pivot toward becoming a B2B2C operator for traditional institutions entering crypto.
(Source：The Block)