Bakkt completes acquisition of stablecoin payments firm Distributed Technologies Research

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Source: Bakkt As part of the deal, Bakkt issued more than 11.3 million shares to the beneficial holders of DTR, with the possibility of an additional 725,592 shares, according to the announcement. The deal was initially revealed in January and originally involved 9.3 million shares. The company also announced a corporate name change to Bakkt Inc. at the same time. Ahead of the deal’s completion, Bakkt’s share price (BKKT) fell roughly 8% to $7.86 by Wednesday’s close, but recovered to $8.62 by Thursday’s market close. Bakkt’s share price fell Wednesday but has since risen 10%. Source: Google Finance Founded in 2018, Bakkt is 55% owned by Intercontinental Exchange (ICE), which also owns the New York Stock Exchange (NYSE), and has received backing from major partners such as Starbucks and Mastercard. In March 2024, the NYSE threatened to delist Bakkt’s shares because the price had fallen below $1 and remained there for 30 days. By May the company disclosed to regulators that there was “significant uncertainty associated with our expansion to new markets and the growth of our revenue base, given the uncertain and rapidly evolving environment associated with crypto assets.” Related: Stablecoins overtake Bitcoin in Latin America crypto purchases — Bitso Months later, reports said President Donald Trump’s media and tech group, Trump Media, was in advanced talks to acquire the company but the deal ultimately fell through. The company has since launched multiple fundraising rounds through share sales, with the latest, in February, aiming to raise $48 million. Magazine: Forget stablecoin yield, how does the CLARITY Act treat DeFi?

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