Bakkt | Crypto

With Bakkt's share price surging following the announcement, the stock deal could be worth about $178 million. Cryptocurrency infrastructure platform Bakkt Holdings announced an agreement to purchase Distributed Technologies Research, a stablecoin and fiat payments infrastructure provider. In a Monday notice, Bakkt said the agreement will have the company issue more than nine million shares of its Class A common stock to Distributed Technologies Research shareholders. At the time of publication, the price of shares of Bakkt Holdings (BKKT) on the New York Stock Exchange was $19.54, having surged more than 20% in the previous 24 hours, which would would make the deal worth more than $178 million.  “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, the director and member of the special committee of Bakkt’s board. Read ...

Bakkt has agreed to acquire Distributed Technologies Research in an all-equity deal, issuing about 9.1 million Class A shares. The deal has been approved by a board committee, with Intercontinental Exchange agreeing to vote its shares in favour. The post Bakkt to Acquire Distributed Technologies Research in Stablecoin Payments Push appeared first on Cryptonews.

Fireblocks Trust Company has teamed up with Galaxy, Bakkt and other crypto heavyweights to meet increasing institutional demand for secure digital asset custody. Fireblocks Trust Company, a New York State-regulated custodian under the Fireblocks platform, has partnered with Galaxy, Bakkt, FalconX and Castle Island to expand institutional-grade crypto custody. Operating under New York Department of Financial Services (NYDFS) oversight, the company is rolling out a custody framework to meet soaring institutional demand for regulated digital asset infrastructure spanning ETFs, digital asset treasuries (DATs) and token launches, according to a Wednesday announcement. “Regulatory compliance and security are non-negotiable,” said Matt Walsh, founding partner at Castle Island. “Fireblocks Trust Company delivers on both fronts with their qualified custodian status and robust operational controls,” Walsh added. Read more

The deal marks Bakkt’s latest pivot toward becoming a crypto treasury company, with a 30% stake in Tokyo-listed Marusho Hotta and plans to rebrand it as bitcoin.jp. Digital asset custodian and trading company Bakkt is finalizing a minority acquisition of Japanese company Marusho Hotta, marking a strategic step in its transformation into a crypto treasury business backed by Bitcoin and other digital assets. As part of the deal, Bakkt announced plans to acquire a 30% stake in Marusho Hotta, a publicly listed company that manufactures specialty yarns for domestic and international markets. The company will be renamed “bitcoin.jp,” signaling a likely pivot toward operating as a Bitcoin (BTC) treasury vehicle. Marusho Hotta trades under the ticker symbol 8105 on the Tokyo Stock Exchange. Its stock surged more than 36% on Wednesday, likely in response to the acquisition news. Read more