Bakkt’s DTR buy shows €8.4m loss, €5,315 in income

Bakkt completed its acquisition of fintech group DTR on April 30. The audited 2025 accounts for DTR, which predate the closing, record €5,315 classified as other income and an operating loss of €8,435,181 for the year.

The 2025 statements cover DTR’s first consolidated reporting year and include no prior-year comparison. The accounts show €373,857 in cash at year-end, current assets of €838,790 and current liabilities of €1,136,732, leaving a working capital deficit of €297,942.

DTR used €7,784,190 of cash in operating activities in 2025 and raised €11,718,611 through the issuance of share capital that year. The accounts include a €3,205,828 impairment expense described as a write-off of a related-party balance. A separate cash-flow reconciliation shows a €3,614,868 movement in an amount due from a related party during the year; the year-end receivable was €409,040.

Bakkt acquired all outstanding equity of DTR by issuing 11,316,775 Class A shares as consideration after a reduction of 196,532 shares to reflect specified shareholder loans and transaction expenses. A subsequent registration statement reported 47,866,956 Class A shares outstanding as of April 30, which makes the issued consideration about 23.642% of the post-close share count. Deal documents used a different pre-close, as-converted share base and reported a 31.5% figure. Bakkt may issue up to 725,592 additional consideration shares, but those would be issued only alongside shares created through the exercise or conversion of specified warrants; any calculation including that maximum would also require adding the related warrant shares to the denominator.

The transaction was a related-party deal. Akshay Naheta, who served as Bakkt’s CEO, president and a director, was also DTR’s CEO and principal owner. Naheta recused himself from negotiations and votes, shareholders approved the share issuance before closing, and Naheta received 8,322,949 Bakkt shares as part of the consideration. Bakkt reported that an independent special committee negotiated and approved the acquisition.

DTR’s accounts describe the group as a fintech software provider. Bakkt characterized DTR as a developer of stablecoin and agentic payments infrastructure and said an earlier cooperation agreement had DTR contributing payments technology, APIs, intellectual property and personnel while Bakkt provided systems access and regulatory licenses.

Bakkt described the global cross-border payments market as worth more than $44 trillion; that figure does not represent DTR’s revenue, transaction volume, purchase price or an estimate of Bakkt’s obtainable sales. Bakkt’s transaction proxy indicated DTR had fallen short of forecasts: three planned customer integrations were delayed and expected large merchant relationships did not materialize.