The stock price of Bakkt Holdings surged 18% to $19.21 after announcing plans to acquire stablecoin payment company Distributed Technologies Research (DTR) through an equity deal. The transaction is currently pending approval. The acquisition aims to accelerate the implementation of its programmable currency and global settlement strategies. The merged Bakkt, Inc. will be led by Co-CEO Akshay Naheta as CEO. Previously, Bakkt and DTR had reached an agreement to complete integration by 2025, but at the same time, the company also announced significant customer losses, triggering investor lawsuits.
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The stock price of Bakkt Holdings surged 18% to $19.21 after announcing plans to acquire stablecoin payment company Distributed Technologies Research (DTR) through an equity deal. The transaction is currently pending approval. The acquisition aims to accelerate the implementation of its programmable currency and global settlement strategies. The merged Bakkt, Inc. will be led by Co-CEO Akshay Naheta as CEO. Previously, Bakkt and DTR had reached an agreement to complete integration by 2025, but at the same time, the company also announced significant customer losses, triggering investor lawsuits.