Bakkt promised a $44 trillion payment revolution, but its key acquisition made just €5,315
DTR’s audited 2025 accounts show a business with only €5,315 in other income and an €8.4 million loss. It ended the year with €373,857 in cash, €838,790 in current assets, and €1.14 million in current liabilities, leaving a €297,942 working-capital deficit. Operating activities used €7.8 million of cash, partly funded by €11.7 million from share issuance. Bakkt acquired DTR in April by issuing 11,316,775 Class A shares, after reducing consideration for certain shareholder loans and expenses. Based on Bakkt’s post-close share count, that equals 23.642% of outstanding shares, below the deal’s 31.5% term because that term used a different pre-close share base. More shares may be issued later only if related warrants are exercised or converted. The acquisition was a related-party transaction: Bakkt CEO Akshay Naheta also controlled DTR and received most of the consideration shares. DTR’s accounts also show a €3.2 million impairment tied to a related-party balance and note that customer integrations and expected merchant wins had lagged forecasts.
