Bakkt's DTR Acquisition Reports €5,315 Income, €8.4 Million Loss

DTR, the fintech software group acquired by Bakkt in April, reported only €5,315 in other income and a loss of €8.4 million for 2025. Bakkt acquired DTR for 11.3 million shares, positioning it as part of its stablecoin infrastructure. The accounts classify the €5,315 as other income rather than revenue and show a total loss of €8,435,181 for the year. DTR ended 2025 with €373,857 in cash, while its current liabilities of €1,136,732 exceeded current assets of €838,790 by €297,942. The company utilized €7,784,190 in cash for operating activities and raised €11,718,611 through share capital issuance. Bakkt issued 11,316,775 Class A shares at closing, adjusting for shareholder loans and transaction expenses. The deal was a related-party transaction involving Bakkt's CEO Akshay Naheta, who also served as DTR's CEO and received 8,322,949 Bakkt shares as part of the acquisition. An independent committee negotiated the deal, which was approved by stockholders. The acquisition aims to tap into a global cross-border payments market valued at over 44 trillion dollars, although DTR has reportedly fallen behind forecasts with delays in customer integrations and expected large merchants not materializing. The audited accounts highlight the disparity between the technology acquired and the performance demonstrated prior to the purchase.

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