Bakkt Holdings, a company that builds tools for digital asset payments, said it plans to buy Distributed Technologies Research, a firm that provides systems for handling stablecoin and regular currency transactions.
On January 12, Bakkt stated in a press release that it would issue over 9 million shares of its Class A common stock to the shareholders of Distributed Technologies Research.
According to the company, this step will help strengthen its systems for managing stablecoin payments and prepare it to launch new digital banking services with several partners in the coming months.
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Mike Alfred, a director and member of Bakkt’s board committee, said:
The acquisition will allow Bakkt to consolidate a critical piece of its stablecoin settlement infrastructure and prepare the company to launch its neobanking strategy with multiple distribution partners in the coming months.
Bakkt’s major investor, Intercontinental Exchange, which owns the New York Stock Exchange and holds about 31% of Bakkt’s Class A stock, has said it will support the deal.
After the merger, Akshay Naheta, who started Distributed Technologies Research in 2022, will become Bakkt’s chief executive officer.
The company described the purchase as part of its plan to build a “unified financial infrastructure platform” that brings together payment and banking features by 2026.
Bakkt said that once completed, the merger will help expand its payment network and strengthen its position in digital banking and stablecoin services.
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