Bakkt stock surges 20% after move on stablecoin payments strategy
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.
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