Bakkt has completed the acquisition of Distributed Technologies Research, an initiative designed to integrate artificial intelligence (AI)-native stablecoin infrastructure into its core financial services.
Modernizing global regulation
Bakkt Inc. has completed its acquisition of Distributed Technologies Research (DTR), a developer of agent payments and stablecoin infrastructure, approximately three months after officially agreeing to the purchase. The move follows a transformative third quarter in which the company reported GAAP revenue of $402.2 million, a 27% year-over-year increase, and completed a major structural overhaul.
The deal combines Bakkt’s institutional-grade regulated infrastructure and nationwide licensing footprint with DTR’s native AI engine and compliance stack. By integrating stablecoin functionality directly into its core infrastructure, Bakkt is positioning itself to provide a 24/7 digital settlement layer that bypasses the friction of traditional banking correspondents.
“The architecture of monetary movements rarely evolves to this level,” said Akshay Naheta, CEO of Bakkt. “This transaction accelerates the overhaul of global financial infrastructure. By fully integrating DTR’s technology, we introduce stablecoin functionality as a critical bridge between existing financial systems and the next generation of digital assets.”
The acquisition is the cornerstone of Bakkt’s new strategy, which is centered around three business segments: Bakkt Markets, Bakkt Agent (the AI-based stablecoin platform powered by DTR), and Bakkt Global. This streamlined approach follows the October 1 sale of the company’s non-core loyalty business and the collapse of its Up-C structure to simplify governance into a single share class.
Financially, Bakkt ended the third quarter debt-free with $64.4 million in cash. While the company reported a net loss of $23.2 million, its adjusted EBITDA soared 241% to $28.7 million, indicating that the company’s operational “reset” is paying off.
Upon closing, Bakkt issued 11,316,775 shares of Class A common stock to beneficial holders of DTR pursuant to the terms of a stock purchase agreement dated January 11, 2026. The Company may issue up to an additional 725,592 shares related to outstanding warrants, based on future conversions. To support this new direction, Bakkt has also strengthened its leadership, recently appointing Richard Galvin, Mike Alfred and Lyn Alden to its board of directors.
Further details of the transaction and the issuance of shares will be disclosed in Bakkt’s Form 8-K filed with the United States Securities and Exchange Commission (SEC) on April 30, 2026. The company plans to outline the next phase of this growth strategy at its next Investor Day in early 2026.