Bakkt Holdings announced plans to acquire stablecoin payments firm Distributed Technologies Research in an equity-based deal, sending its shares up 18%.
The stock climbed above $20, its highest level since November, before easing to $19.21 by the close of trading in New York.
The acquisition remains subject to approval from the US Securities and Exchange Commission and Bakkt shareholders.
Bakkt said the deal will accelerate its strategy around programmable money, global settlement and next-generation financial infrastructure.
As part of the transaction, co-CEO Akshay Naheta will become sole chief executive of the combined company.
This transaction represents the culmination of a single, cohesive strategy.
Akshay Naheta said.
Bakkt Holdings will rebrand as Bakkt, Inc. later this month and has scheduled an Investor Day on March 17 at the New York Stock Exchange.
The company is majority owned by Intercontinental Exchange, the operator of the New York Stock Exchange.
The deal follows a difficult period in 2025, when major clients Bank of America and Webull ended their commercial agreements with Bakkt.
According to regulatory filings, Webull accounted for 74% of Bakkt’s crypto services revenue before exiting, contributing to investor litigation.