Bakkt to Acquire Distributed Technologies Research in Stablecoin Payments Push
Bakkt Holdings, Inc. mentioned it has agreed to purchase Distributed Technologies Research Ltd. (DTR) marking progress in its technique to construct stablecoin settlement and programmable funds capabilities.
The transaction can be executed by an all-equity consideration, with Bakkt issuing shares of its Class A standard inventory representing 31.5% of the “Bakkt Share Number” outlined beneath a beforehand disclosed cooperation settlement between the 2 firms.
Based on the present share quantity, this equates to the issuance of roughly 9.1 million Class A shares to DTR shareholders, together with DTR founder and Bakkt CEO Akshay Naheta, topic to ultimate changes at closing.
Acquisition Advances Bakkt’s Stablecoin Settlement Strategy
Bakkt mentioned the acquisition is predicted to speed up its time-to-market for stablecoin settlement by bringing core infrastructure in-house.
The firm believes proudly owning DTR’s know-how will scale back reliance on third-party suppliers whereas permitting new income alternatives throughout funds and banking use circumstances.
The deal follows months of integration work between the 2 companies and is meant to help Bakkt’s broader ambition to place itself as a programmable cash and next-generation monetary infrastructure platform.
The transaction was reviewed and accredited by an unbiased particular committee of Bakkt’s board, comprised of Colleen Brown and Mike Alfred. Completion stays topic to customary closing situations together with regulatory approvals and Bakkt shareholder consent.
Intercontinental Exchange, Inc., which owns round 31% of Bakkt’s Class A standard inventory has agreed to vote its shares in favour of the transaction offering a major degree of shareholder backing.
Company to Operate as “Bakkt, Inc.” Effective January 22
Separately, Bakkt introduced it should change its company identify to “Bakkt, Inc.” efficient January 22. The firm will proceed buying and selling on the New York Stock Exchange beneath the ticker BKKT, with the identify change reflecting its transition towards a unified international monetary infrastructure platform.
In August, Bakkt acquired roughly 30% of Tokyo-listed textile firm MarushoHotta for $115 million, turning into the biggest shareholder and planning to rebrand the yarn maker as “Bitcoin.jp,” successfully pivoting towards crypto treasury operations.
The acquisition transforms the 120-year-old Japanese producer right into a Bitcoin-focused funding car beneath new CEO Phillip Lord, President of Bakkt International.
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