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.

• 2026

  Corporate name change and DTR acquisition

  [1]Bakkten.wikipedia.org

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

• 2025

  Leadership and portfolio repositioning

  [1]Bakkten.wikipedia.org

  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.

• 2023

  Apex Crypto acquisition

  [1]Bakkten.wikipedia.org

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

• 2021

  Public listing through SPAC merger

  [1]Bakkten.wikipedia.org

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

• 2020

  Bridge2 Solutions joins Bakkt

  [1]Bakkten.wikipedia.org

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

• 2019

  Rosenthal Collins Group assets acquired

  [1]Bakkten.wikipedia.org

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

• 2019

  Digital Asset Custody Company acquired

  [1]Bakkten.wikipedia.org

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

• 2019

  Bitcoin futures trading begins

  [1]Bakkten.wikipedia.org

  Intercontinental Exchange begins trading bitcoin futures after regulatory delays.

• 2018

  Bakkt is founded

  [1]Bakkten.wikipedia.org

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

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.

• Digital-asset services · 2019

  Cryptocurrency trading infrastructure

  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 services · 2019

  Digital-asset custody technology

  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.

• Payments and digital assets

  Stablecoin conversion services

  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 technology · 2020

  Loyalty and rewards technology

  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.

• 2026

  Acquisition of Distributed Technologies ResearchM&A

  Background

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

  Action taken

  Bakkt completed its acquisition of DTR in April 2026.

  Aftermath

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

  Source

• 2025

  Divestiture of the loyalty-points businessStrategy

  Background

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

  Action taken

  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)

  Source

• 2025

  Investment in MarushoHottaM&A

  Background

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

  Action taken

  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.

  Source

• 2025

  Capital-structure simplificationStrategy

  Background

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

  Action taken

  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.

  Source

• 2023

  Acquisition of Apex CryptoM&A

  Background

  Bakkt sought to expand its embedded cryptocurrency-trading infrastructure.

  Action taken

  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.

  Source

• 2021

  Public-company merger with VPC Impact Acquisition HoldingsM&A

  Background

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

  Action taken

  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.

  Source

• 2018

  Creation of a digital-asset infrastructure platformStrategy

  Background

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

  Action taken

  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.

  Source

• 2022.01.20

  Reported2022.01.20

  Nexo partners with Bakkt for crypto custody[2]Nexo 与 Bakkt 合作提供加密货币托管coinspeaker.com

  Nexo entered into a partnership with Bakkt, which will serve as regulated custodian for Nexo customers’ Bitcoin and Ethereum holdings and provide storage and asset-rebalancing services.

• 2021.12.21

  Reported2021.12.23

  Bakkt partners with Manasquan Bank on crypto services[3]Bakkt与Manasquan Bank合作提供加密资产服务coinjournal.net

  Bakkt closed a partnership with New Jersey's Manasquan Bank, which would participate in Bakkt's early adopter program; the planned service would allow the bank's retail clients to buy, hold and sell cryptocurrencies through its mobile app.

• 2021.10.26

  Reported2021.10.26

  Mastercard and Bakkt partner on cryptocurrency offerings[4]Mastercard与Bakkt合作推出加密货币服务webpronews.com

  Mastercard announced a partnership with Bakkt to enable partners to offer consumers the ability to buy, sell, and hold digital assets, with crypto wallets powered by Bakkt and integration into loyalty programs.

• 2021.10.18

  Reported2021.10.18

  Bakkt completes business combination with VPC Impact[5]Bakkt完成与VPC Impact的业务合并coinspeaker.com

  Bakkt Holdings completed a business combination with VPC Impact Acquisition Holdings, and the combined company began operating as Bakkt Holding.

• 2021.10.08

  Reported2021.10.11

  Bakkt partners with Google for crypto payments[6]Bakkt 与 Google 合作提供加密货币支付cointelegraph.com

  Bakkt announced a partnership with Google allowing Bakkt users to make purchases using Bitcoin and other cryptocurrencies through the Google Pay wallet and payment system. Bakkt also said it plans to build platform analytics and geolocation functionality using Google Cloud tools.

• 2021.08.04

  Reported2021.08.04

  Quiznos and Bakkt partner to test Bitcoin payments[7]Quiznos与Bakkt合作测试比特币支付coinspeaker.com

  Quiznos partnered with Bakkt to facilitate Bitcoin payments and test them at certain Denver locations. The pilot was scheduled to start in mid-August 2021; the article says seven Denver-area Quiznos locations would initially offer the option.

• 2021.03.31

  Reported2021.03.31

  Bakkt launches the Bakkt App digital wallet[8]Bakkt推出Bakkt App数位钱包coinspeaker.com

  Bakkt launched its digital wallet, the Bakkt App, which was available on the App Store and Google Play Store.

• 2021.03.30

  Reported2021.03.31

  Bakkt announces Starbucks as a merchant partner for its digital wallet[8]Bakkt推出Bakkt App数位钱包coinspeaker.com

  Bakkt announced Starbucks as a merchant partner for the Bakkt App, enabling customers to reload their Starbucks Card using Bakkt.

• 2020.04.24

  Reported2020.04.24

  ICE appoints David Clifton interim CEO of Bakkt[9]ICE任命David Clifton为Bakkt临时首席执行官tradersmagazine.com

  Intercontinental Exchange appointed David Clifton as interim CEO of Bakkt, replacing Mike Blandina, who was leaving the company.

• Unconfirmed

  Reported2020.03.16

  Bakkt closes $300 million Series B funding round[10]Bakkt完成3亿美元B轮融资coinspeaker.com

  Bakkt closed a $300 million Series B funding round supported by Microsoft’s M12, Pantera Capital, PayU and other investors.

Read more(13)

1. 1Bakkten.wikipedia.org
2. 2Nexo 与 Bakkt 合作提供加密货币托管coinspeaker.com
3. 3Bakkt与Manasquan Bank合作提供加密资产服务coinjournal.net
4. 4Mastercard与Bakkt合作推出加密货币服务webpronews.com
5. 5Bakkt完成与VPC Impact的业务合并coinspeaker.com
6. 6Bakkt 与 Google 合作提供加密货币支付cointelegraph.com
7. 7Quiznos与Bakkt合作测试比特币支付coinspeaker.com
8. 8Bakkt推出Bakkt App数位钱包coinspeaker.com
9. 9ICE任命David Clifton为Bakkt临时首席执行官tradersmagazine.com
10. 10Bakkt完成3亿美元B轮融资coinspeaker.com
11. 11Bakkt 任命 Mike Blandina 为首席执行官、Adam White 为总裁coinspeaker.com
12. 12Bakkt 推出现金结算比特币期货及期权合约news.cnyes.com
13. 13Bakkt launches payments app as institutions compete for crypto assetscointelegraph.com
14. 14Bakkt partners with Quiznos for bitcoin paymentsqsrweb.com
15. 15ICE's Crypto Trading Desk Bakkt Appoints David Clifton As New CEO, After Mike Blandina Steps Down From His Role | Crowdfund Insidercrowdfundinsider.com
16. 16Mastercard Expands Cryptocurrency Services With Wallets, Loyalty Rewardstheepochtimes.com
17. 17Mastercard Partners With Bakkt to Offer Cryptocurrency | Tech.cotech.co