SKN | Bakkt Stock Jumps 20% as Stablecoin Payments Deal Signals Strategic Pivot

Key Points

• Bakkt shares jumped over 20% after announcing a $178 million stock-based deal to acquire Distributed Technologies Research.

• The acquisition strengthens Bakkt’s stablecoin and fiat payments infrastructure ahead of a planned neobanking push in 2026.

• The move aligns with a wider wave of crypto industry consolidation as firms scale regulated financial services.

Shares of Bakkt Holdings surged more than 20% on Monday after the cryptocurrency infrastructure firm announced an agreement to acquire Distributed Technologies Research (DTR), a move that sharpens its focus on stablecoin-based payments and next-generation financial services.

Bakkt said it will issue more than nine million shares of Class A common stock to DTR shareholders as part of the transaction. With BKKT closing around $19.54, the equity-based deal values the acquisition at more than $178 million, based on current market prices. The rally underscores renewed investor interest in firms positioning themselves at the intersection of crypto infrastructure, payments, and regulated financial services.

A strategic bet on stablecoin rails

The acquisition brings stablecoin and fiat settlement capabilities directly under Bakkt’s control. According to the company, folding DTR’s technology into its platform allows Bakkt to consolidate a critical piece of its payments stack ahead of a planned neobanking rollout in 2026.

“The acquisition will allow Bakkt to consolidate a critical piece of its stablecoin settlement infrastructure and prepares the company to launch its neobanking strategy with multiple distribution partners in the coming months,” said Mike Alfred, a director and member of the special committee of Bakkt’s board.

DTR was founded in 2022 by Akshay Naheta, who will remain CEO of Bakkt following the merger. The continuity in leadership suggests the deal is aimed less at cost-cutting and more at accelerating product development around payments, banking, and settlement use cases tied to stablecoins.

Governance and shareholder support

The transaction has strong backing from Bakkt’s largest strategic shareholder. Intercontinental Exchange, the parent company of the New York Stock Exchange, owns roughly 31% of Bakkt’s Class A common stock and has committed to vote in favor of the deal. That support reduces execution risk and signals confidence from a traditional market infrastructure heavyweight in Bakkt’s long-term direction.

The merger remains subject to regulatory and shareholder approval, but market reaction suggests investors see the acquisition as aligned with broader trends in digital finance rather than as a speculative expansion.

Stablecoins move into the spotlight

Bakkt’s move comes as stablecoins increasingly shift from crypto-native tools to core financial plumbing. Dollar-backed tokens now underpin trillions of dollars in annual settlement activity, attracting interest from banks, fintechs, and exchanges looking to modernize payments and treasury operations.

By integrating DTR’s technology, Bakkt is positioning itself as a “unified financial infrastructure platform,” capable of supporting payments, banking services, and digital asset custody under one roof. Strategically, this places the firm closer to regulated financial institutions and enterprise clients, rather than purely retail crypto trading.

Part of a wider M&A wave

The deal also fits into a broader consolidation trend across the crypto and blockchain sector. According to a December report by the Financial Times, the industry recorded $8.6 billion in mergers and acquisitions during 2025. High-profile transactions included Coinbase acquiring Deribit for $2.9 billion, Kraken buying NinjaTrader for $1.5 billion, and Ripple Labs purchasing Hidden Road for $1.2 billion.

The pace has continued into early 2026. Fireblocks agreed to acquire crypto accounting platform TRES for $130 million, while Coincheck moved to buy digital asset manager 3iQ for $112 million, a deal expected to close in the second quarter.

Looking ahead

Bakkt’s rally reflects optimism that stablecoin-focused infrastructure could unlock new revenue streams as regulation clarifies and institutional adoption deepens. Still, execution risk remains. Integrating payments technology, navigating regulatory approvals, and delivering a competitive neobanking product will be critical tests in 2026.

If successful, the DTR acquisition could mark a turning point for Bakkt — from a crypto services firm seeking relevance to a broader financial infrastructure provider built around stablecoin settlement and digital banking.