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Crypto infrastructure firm Bakkt jumps 17% on deeper stablecoin payments push with new deal
Source: CryptoNewsNet Original Title: Crypto infrastructure firm Bakkt jumps 17% on deeper stablecoin payments push with new deal Original Link: Crypto infrastructure company Bakkt (BKKT) is pushing deeper into the stablecoin payments market by agreeing to acquire Distributed Technologies Research (DTR), a global provider of blockchain-based payment infrastructure.
The move is part of Bakkt’s broader strategy to support stablecoin settlement and programmable payments, the company said on Monday.
To complete the deal, Bakkt will issue roughly 9.1 million shares of its Class A common stock, equal to around 31.5% of the company’s current share count. The final number of shares could shift ahead of closing, which is contingent on shareholder and regulatory approvals.
DTR’s CEO, Akshay Naheta, will take the helm at Bakkt following the merger. Naheta previously led investment efforts at a major venture capital firm before founding DTR. Intercontinental Exchange, Bakkt’s largest shareholder, has agreed to vote in favor of the deal.