Bakkt closes DTR deal to add AI-native stablecoin
Bakkt has completed its acquisition of Distributed Technologies Research, integrating DTR’s AI-native stablecoin infrastructure into Bakkt’s core settlement services.
Bakkt Inc. has completed its acquisition of Distributed Technologies Research, folding DTR’s AI-native payments engine and compliance stack into Bakkt’s regulated, institutional platform and licensing footprint. The companies reached the closing about three months after agreeing to the purchase.
The integration adds stablecoin capabilities directly to Bakkt’s settlement infrastructure to enable continuous, around-the-clock digital settlement. Bakkt expects the platform to offer a digital settlement layer that can reduce reliance on traditional correspondent banking. The company identified its three business lines as Bakkt Markets, Bakkt Agent — the AI-driven stablecoin platform powered by DTR — and Bakkt Global.
In the third quarter, Bakkt reported $402.2 million in GAAP revenue, a 27% year-over-year increase, and said it ended the period debt-free with $64.4 million in cash. The company recorded a net loss of $23.2 million for the quarter while adjusted EBITDA rose 241% to $28.7 million. Those results followed the Oct. 1 sale of its noncore loyalty business and a corporate simplification that converted its Up-C structure into a single share class.
Under a Jan. 11, 2026 share purchase agreement, Bakkt issued 11,316,775 shares of Class A common stock to DTR’s beneficial holders at closing. The company may issue up to an additional 725,592 shares tied to outstanding warrants, depending on future conversions. Bakkt plans to disclose further details of the transaction and share issuance in a Form 8-K filing with the U.S. Securities and Exchange Commission on April 30, 2026.
Bakkt refreshed its board to support the integration, adding Richard Galvin, Mike Alfred and Lyn Alden. The company said it will present the next phase of its strategy at an Investor Day scheduled for early 2026.
Bakkt CEO Akshay Naheta described the change as ‘The architecture of money movement rarely evolves at this level.’ He added that integrating DTR’s technology will introduce stablecoin functionality as a bridge between legacy financial systems and digital assets.
Further financial and operational specifics are expected in Bakkt’s upcoming SEC filing and at Investor Day, where the company will outline how the combined technology and licenses will be deployed across Bakkt Markets, Bakkt Agent and Bakkt Global.
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