Bakkt Acquires CEO’s Former Firm for Stablecoin Push; BKKT Surges 20%

Bakkt (NYSE: BKKT) has agreed to acquire Distributed Technologies Research (DTR), a stablecoin infrastructure provider founded by Bakkt’s own CEO, Akshay Naheta. The market ignored potential conflict-of-interest concerns, sending shares up over 20% to $19.54 as the company doubles down on a new "neobanking" strategy.

The Deal: 9.1 Million Shares

In a filing released Monday, Bakkt confirmed it will issue approximately 9.13 million Class A shares to acquire DTR. The all-stock transaction represents roughly 31.5% of the company’s diluted share count. Because Naheta stands on both sides of the deal, as Bakkt CEO and DTR founder, the agreement was negotiated by a special independent committee to mitigate governance risks.

Intercontinental Exchange (ICE), which holds ~31% of Bakkt, has committed to voting in favor of the acquisition.

The Pivot to Neobanking

The acquisition marks a hard pivot from Bakkt’s original custody-focused roots toward active programmable payments. By internalizing DTR’s tech stack, Bakkt aims to launch a consumer-facing neobank and stablecoin settlement layer later this quarter.

“This transaction… accelerates platform integration and partner adoption as we move into 2026,” Naheta stated.

The market response was immediate. BKKT volume spiked as traders priced in the strategic clarity, pushing the stock from the $16 range to a high of $19.54 (+20%).

Next Steps

Bakkt will officially shorten its corporate name to "Bakkt, Inc." on January 22. Management has scheduled an Investor Day for March 17 to demonstrate the integrated stablecoin product suite.