New York, January 12, 2026, 12:33 PM EST — Regular session underway.
- BKKT jumped 13.5% midday following its announcement to acquire stablecoin payments company DTR in an all-stock transaction
- Bakkt is set to issue shares amounting to 31.5% of its fully diluted share count, roughly 9.13 million shares based on current numbers
- The company will rebrand as “Bakkt, Inc.” on Jan. 22; Investor Day is scheduled for March 17 at the NYSE
Bakkt Holdings shares jumped 13.5% to $18.48 in midday trading Monday following the announcement that it will acquire stablecoin payments infrastructure provider Distributed Technologies Research (DTR). (Nasdaq)
The announcement comes as Bakkt pushes to prove it can convert crypto infrastructure into more reliable revenue streams. Stablecoins — crypto tokens meant to maintain a steady value, usually tied to the U.S. dollar — have been touted as a way to move funds faster and cheaper than traditional systems, though regulations still differ across markets. (GlobeNewswire)
Bakkt revealed it will pay for DTR with newly issued shares amounting to 31.5% of its fully diluted Class A share count just before closing—highlighting significant dilution for current shareholders. A recent filing showed that Bakkt’s CEO, Akshay Naheta, is both DTR’s seller and its main owner. The company also set up an independent board committee to handle negotiations and intends to seek shareholder approval for the deal. (SEC)
Colleen Brown, a director on the special committee, described the deal as a “disciplined approach to capital allocation.” Mike Alfred, another committee member, noted that integration efforts “validated that strategic fit,” highlighting plans for stablecoin settlement and digital-first banking products. Naheta added the acquisition “completes the transformation” into a unified platform and expects it to accelerate partner adoption through 2026. (SEC)
Bakkt has submitted a charter amendment to rename itself “Bakkt, Inc.,” effective 12:01 a.m. Eastern on January 22, 2026. (SEC)
The share purchase agreement includes a walk-away deadline of July 11, 2026, which can automatically extend to October if some regulatory issues aren’t settled. It also lays out a $4.815 million termination fee for certain termination cases. (SEC)
For traders, the calculation is straightforward despite the complexity of the business: Bakkt is selling a big chunk of equity to fund software and infrastructure it claims must be built internally. Should the stablecoin effort attract fresh clients, investors might see the dilution as a cost worth bearing.
But plenty could still derail the deal. It requires the green light from shareholders and regulators. Plus, stablecoin payments operate in a regulatory environment that’s anything but settled; if rules clamp down or partners pull back, the expected “time-to-market” edge might never materialize.
Bakkt’s next key event is the name change set for January 22. Following that, investors will watch for the proxy filing and a shareholder vote date, then management’s targets unveiled at Investor Day on March 17 at the New York Stock Exchange.
