Bakkt

Bakkt is a digital-asset technology company established by Intercontinental Exchange in 2018. The business was created to provide institutional and consumer-oriented infrastructure for owning, trading, storing, and using cryptocurrency. Its initial concept involved a software platform for digital assets, with early use cases focused on the conversion and trading of Bitcoin against fiat currencies. The formation was supported by a group of strategic partners and investors that included Boston Consulting Group, Microsoft, Starbucks, and other participants. The company developed through a combination of internal initiatives, acquisitions, and regulatory-facing market infrastructure. In its early years, Bakkt acquired selected assets of Rosenthal Collins Group to support consumer-payments initiatives and later acquired Digital Asset Custody Company, strengthening its custody capabilities. Regulatory approval and market-readiness issues affected the timetable for its initial products, but Intercontinental Exchange began offering bitcoin futures trading in September 2019. In 2020, ICE acquired Bridge2 Solutions, a loyalty-rewards provider, and contributed the business to Bakkt. This expanded the company beyond cryptocurrency-market infrastructure into loyalty and rewards technology. Bakkt became a publicly traded company in October 2021 through a merger with VPC Impact Acquisition Holdings, a special-purpose acquisition company sponsored by Victory Park Capital. Its public-company structure gave the business access to equity-market financing while also exposing it to the volatility associated with digital-asset markets and technology companies. In April 2023, Bakkt acquired Apex Crypto, an integrated cryptocurrency-trading platform based in Chicago. The acquisition broadened Bakkt’s ability to provide embedded crypto-trading services to business customers and platforms. In 2025 and 2026, Bakkt pursued a more concentrated digital-asset strategy. Akshay Naheta joined as co-chief executive officer in March 2025 and became sole chief executive officer in September 2025. The company also entered into a commercial agreement with Distributed Technologies Research and later acquired DTR in April 2026. Bakkt announced the sale of its loyalty-points business for $11 million in July 2025 and completed the transaction in October of that year, indicating a move away from the loyalty segment. In August 2025, it acquired approximately 30% of the outstanding shares of MarushoHotta, which was renamed Bitcoin Japan. Bakkt simplified its capital structure in November 2025 by eliminating its umbrella partnership-C corporation structure and moving to a single class of stock. In January 2026, the corporate name changed from Bakkt Holdings, Inc. to Bakkt, Inc. Bakkt’s positioning is that of an infrastructure provider rather than a consumer cryptocurrency brand. Its products are designed to be integrated into financial, technology, payments, and other platforms through software and APIs. The company’s activities have included crypto trading, custody-related capabilities, loyalty technology, and stablecoin conversion. Its current direction, based on the documented divestiture of loyalty operations and subsequent DTR acquisition, emphasizes digital-asset connectivity and technology services.

Bakkt was created in August 2018 by Intercontinental Exchange as a dedicated digital-asset venture. The initiative was developed with support from Boston Consulting Group, Microsoft, Starbucks, and other partners. Its proposed role was to make digital assets more usable within regulated financial and commercial systems, initially concentrating on Bitcoin trading and the conversion of Bitcoin into fiat currencies. The company’s first phase was shaped by the need to assemble market infrastructure and address regulatory requirements. Kelly Loeffler served as chief executive officer during this period, before leaving the role following her appointment to the United States Senate. In January 2019, Bakkt acquired selected assets of Rosenthal Collins Group to support consumer-payments work. In April of the same year, it acquired Digital Asset Custody Company, adding capabilities associated with the safekeeping and administration of digital assets. Regulatory delays affected the rollout of its planned products, but Intercontinental Exchange began bitcoin futures trading in September 2019. Bakkt broadened its scope in 2020 when Intercontinental Exchange acquired Bridge2 Solutions, a loyalty-rewards provider, and contributed the business to Bakkt. This gave the company a second operating area beyond cryptocurrency infrastructure and allowed it to address rewards and loyalty programs for enterprises. The business subsequently pursued a public-market route. In October 2021, Bakkt completed a merger with VPC Impact Acquisition Holdings, a special-purpose acquisition company sponsored by Victory Park Capital, and became listed on the New York Stock Exchange. The company returned to digital-asset expansion through its April 2023 acquisition of Apex Crypto, an integrated cryptocurrency-trading platform based in Chicago. Apex Crypto strengthened Bakkt’s ability to provide embedded trading functionality to platforms and business customers. The transaction was consistent with Bakkt’s business-to-business model, in which crypto services are offered through technology infrastructure rather than solely through a consumer-facing standalone product. Bakkt’s strategic direction changed during 2025 and 2026. Akshay Naheta became co-chief executive officer in March 2025 and sole chief executive officer in September. In 2025, the company entered into a commercial agreement with Distributed Technologies Research and announced the sale of its loyalty-points business for $11 million. The loyalty transaction closed in October, reducing the importance of the rewards business within Bakkt’s portfolio. In August, Bakkt acquired approximately 30% of MarushoHotta, which was renamed Bitcoin Japan. In November, it simplified its capital structure by eliminating the Up-C arrangement and adopting a single class of stock. The company changed its corporate name from Bakkt Holdings, Inc. to Bakkt, Inc. in January 2026 and acquired Distributed Technologies Research in April 2026. Across its development, Bakkt has moved between several connected businesses: regulated cryptocurrency-market infrastructure, digital-asset custody, embedded trading, stablecoin conversion, and loyalty technology. Its documented portfolio changes suggest a growing concentration on digital assets and the software interfaces needed by financial and technology platforms. Intercontinental Exchange remains an important shareholder, holding approximately 20% as of June 2026, while Bakkt operates as a public company with principal executive offices in New York City.

1. 2026Corporate name change and DTR acquisition

   Bakkt Holdings, Inc. becomes Bakkt, Inc., and the company completes its acquisition of Distributed Technologies Research.

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2. 2025Leadership and portfolio repositioning

   Akshay Naheta joins as co-CEO, Bakkt announces the sale of its loyalty-points business, acquires a stake in MarushoHotta, and enters a commercial agreement with DTR.

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3. 2023Apex Crypto acquisition

   Bakkt acquires Apex Crypto, an integrated cryptocurrency-trading platform.

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4. 2021Public listing through SPAC merger

   Bakkt completes its merger with VPC Impact Acquisition Holdings and becomes publicly listed on the New York Stock Exchange.

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5. 2020Bridge2 Solutions joins Bakkt

   ICE contributes the acquired loyalty-rewards provider Bridge2 Solutions to Bakkt.

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6. 2019Rosenthal Collins Group assets acquired

   Bakkt acquires selected assets of Rosenthal Collins Group to support consumer-payments initiatives.

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7. 2019Digital Asset Custody Company acquired

   Bakkt acquires Digital Asset Custody Company to strengthen its digital-asset custody capabilities.

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8. 2019Bitcoin futures trading begins

   Intercontinental Exchange begins trading bitcoin futures after regulatory delays.

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9. 2018Bakkt is founded

   Intercontinental Exchange establishes Bakkt with strategic partners to develop software and infrastructure for digital assets.

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A business-to-business digital-asset infrastructure provider serving platforms, financial institutions, and other enterprises through software, APIs, trading technology, and conversion services. Bakkt has increasingly emphasized cryptocurrency infrastructure while reducing its exposure to loyalty-rewards operations.

• Cryptocurrency trading infrastructureDigital-asset services2019

  Bakkt provides technology for cryptocurrency trading and related market access. Its model is oriented toward institutional, enterprise, and platform customers that want to offer or integrate digital-asset functionality. The company’s activities have included Bitcoin trading infrastructure and the capabilities obtained through the Apex Crypto acquisition.

• Digital-asset custody technologyDigital-asset services2019

  Custody-related capabilities became part of Bakkt’s portfolio through its acquisition of Digital Asset Custody Company in 2019. These capabilities support the holding and administration of digital assets within a broader technology and trading infrastructure offering.

• Stablecoin conversion servicesPayments and digital assets

  Bakkt facilitates conversion between fiat currencies and stablecoins. This service connects traditional currency flows with digital-asset networks and fits the company’s broader role as an API and software provider for businesses seeking digital-asset functionality.

• Loyalty and rewards technologyLoyalty technology2020

  Bakkt operated loyalty and rewards technology after Bridge2 Solutions was contributed to the company in 2020. The business served as a diversification beyond crypto infrastructure, but Bakkt announced its sale in 2025 and completed the transaction in October of that year.

• 2026Acquisition of Distributed Technologies ResearchM&A

  Bakkt had entered into a commercial agreement with Distributed Technologies Research in 2025.

  What changed. Bakkt completed its acquisition of DTR in April 2026.

  Aftermath. The transaction further aligned Bakkt with digital-asset technology and infrastructure activities.

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• 2025Divestiture of the loyalty-points businessStrategy

  Bakkt reassessed a portfolio that included both digital-asset infrastructure and loyalty technology.

  What changed. The company announced the sale of its loyalty-points business for $11 million and completed the sale in October 2025.

  Aftermath. The transaction reduced Bakkt’s exposure to loyalty operations and supported a more concentrated focus on digital assets.

  Sale price. $11 million announced transaction value (Announced July 2025; completed October 2025)

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• 2025Investment in MarushoHottaM&A

  Bakkt pursued a strategic position connected to a company later renamed Bitcoin Japan.

  What changed. Bakkt acquired approximately 30% of MarushoHotta’s outstanding shares.

  Aftermath. MarushoHotta was renamed Bitcoin Japan, increasing the visibility of Bakkt’s connection to the Japanese digital-asset market.

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• 2025Capital-structure simplificationStrategy

  Bakkt maintained an umbrella partnership-C corporation structure that the company subsequently chose to simplify.

  What changed. The company eliminated the Up-C structure and transitioned to a single class of stock.

  Aftermath. The change simplified Bakkt’s corporate and equity structure.

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• 2023Acquisition of Apex CryptoM&A

  Bakkt sought to expand its embedded cryptocurrency-trading infrastructure.

  What changed. The company acquired Chicago-based Apex Crypto.

  Aftermath. The acquisition broadened Bakkt’s ability to provide integrated cryptocurrency-trading services to platforms and business customers.

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• 2021Public-company merger with VPC Impact Acquisition HoldingsM&A

  Bakkt pursued access to public equity markets through a merger with a special-purpose acquisition company.

  What changed. Bakkt completed the merger with VPC Impact Acquisition Holdings and became listed on the New York Stock Exchange.

  Aftermath. Bakkt continued as a public company and operated under increased public-market scrutiny.

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• 2018Creation of a digital-asset infrastructure platformStrategy

  Intercontinental Exchange and partners sought to build infrastructure for owning, trading, and using digital assets.

  What changed. ICE formed Bakkt as a software platform focused initially on Bitcoin trading and fiat conversion.

  Aftermath. The initiative developed into a standalone digital-asset technology company with trading, custody, conversion, and API capabilities.

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• 2026Bakkt changes its corporate name

  Bakkt Holdings, Inc. changed its corporate name to Bakkt, Inc.

  Other
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• 2026Bakkt acquires Distributed Technologies Research

  Bakkt completed the acquisition of Distributed Technologies Research after entering a commercial agreement with the company in 2025.

  M&A
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• 2025Akshay Naheta joins Bakkt leadership

  Akshay Naheta was appointed co-chief executive officer in March and became sole chief executive officer in September.

  Leadership change
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• 2025Bakkt announces sale of loyalty-points business

  Bakkt announced the sale of its loyalty-points business for $11 million and completed the transaction in October.

  Other
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• 2025Bakkt acquires a stake in MarushoHotta, renamed Bitcoin Japan

  Bakkt acquired approximately 30% of MarushoHotta’s outstanding shares; the company was renamed Bitcoin Japan.

  M&A
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• 2025Bakkt simplifies its capital structure

  The company eliminated its umbrella partnership-C corporation structure and transitioned to a single class of stock.

  Other
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• 2023Bakkt acquires Apex Crypto

  Bakkt acquired the Chicago-based integrated cryptocurrency-trading platform Apex Crypto, expanding its embedded trading infrastructure.

  M&AProduct generation
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• 2021Bakkt becomes a public company through SPAC merger

  Bakkt completed its merger with VPC Impact Acquisition Holdings and began trading as a public company on the New York Stock Exchange.

  M&A
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• 2020Bridge2 Solutions is contributed to Bakkt

  Intercontinental Exchange acquired Bridge2 Solutions and contributed the loyalty-rewards provider to Bakkt.

  M&A
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• 2019Bakkt expands consumer-payments capabilities through Rosenthal Collins Group asset acquisition

  Bakkt acquired selected assets of Rosenthal Collins Group to advance initiatives involving consumer payments.

  M&A
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• 2019Bakkt acquires Digital Asset Custody Company assets

  The acquisition of Digital Asset Custody Company added capabilities relevant to digital-asset custody.

  M&A
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• 2019Bitcoin futures trading begins through Intercontinental Exchange

  Following regulatory delays, Intercontinental Exchange began trading bitcoin futures associated with the Bakkt initiative.

  Product launchRegulation
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• 2018Bakkt is established by Intercontinental Exchange and partners

  Intercontinental Exchange formed Bakkt as a digital-asset software platform in partnership with Boston Consulting Group, Microsoft, Starbucks, and other participants.

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1. Bakkt