Crypto infrastructure firm Bakkt moved deeper into stablecoin based payments after agreeing to acquire Distributed Technologies Research, a blockchain focused payments infrastructure provider. The transaction is structured as an all stock deal, with Bakkt planning to issue approximately 9.1 million shares of its Class A common stock, representing roughly one third of its current share count. Following the announcement, Bakkt shares surged about 17 percent, reflecting investor optimism around the company’s strategy to position itself as a core settlement layer for programmable and cross border digital payments. The acquisition remains subject to shareholder and regulatory approvals, and final terms may adjust before closing. The move signals a clear pivot toward payments infrastructure as Bakkt looks to diversify beyond trading and custody services in a competitive digital asset market.
As part of the deal, Distributed Technologies Research chief executive Akshay Naheta is set to assume the role of chief executive at Bakkt once the transaction is completed. Naheta previously led investment initiatives at SoftBank before founding DTR, which focuses on building blockchain based systems for programmable payments and stablecoin settlement. Bakkt’s largest shareholder Intercontinental Exchange has agreed to support the transaction, providing a key endorsement for the strategic shift. By bringing payments infrastructure in house, Bakkt expects to reduce dependence on external vendors and accelerate product development timelines. The company has indicated that the integration will support its broader plans to offer faster settlement, lower cost transactions, and more flexible payment rails built around stablecoins.
The acquisition aligns with a wider trend across digital finance where stablecoins are increasingly viewed as foundational payment infrastructure rather than speculative instruments. Bakkt has said the expanded capabilities will help it roll out new services, including planned neobanking offerings, in partnership with multiple distribution channels later this year. Stablecoins continue to gain traction as tools for cross border payments and treasury management due to their speed and predictability compared with traditional banking rails. Bakkt’s move underscores growing competition among crypto and fintech firms to control the underlying settlement layer as regulation tightens and institutional demand for compliant digital payment solutions increases.
