Bakkt Acquisition Faces Scrutiny After Showing Minimal Income

Bakkt recently finalized its acquisition of DTR, a fintech company it promoted as a core pillar for its future stablecoin and payment infrastructure. However, newly released audited accounts for 2025 paint a much different picture. The firm recorded just €5,315 in other income while reporting a total loss of €8.4 million for the year.

The deal involved Bakkt issuing over 11 million Class A shares to purchase the entity. While Bakkt pitched the acquisition as a way to enter a global payments market worth $44 trillion, that figure represents the total size of the sector rather than the actual revenue or business volume produced by DTR. The filings show that DTR struggled with significant cash burn, ending the year with liabilities that exceeded its assets.

Adding to the complexity, the deal was classified as a related party transaction. Akshay Naheta, who served as CEO of Bakkt at the time, was also the principal owner of DTR. Although an independent committee handled the negotiations, the results have raised eyebrows among investors who were expecting a more mature technology platform.

Moving forward, the primary concern for the market is whether DTR can deliver on its promises. Regulatory filings previously noted that DTR had fallen behind on customer integrations and failed to sign anticipated large merchants. Investors will be watching closely to see if Bakkt can turn this acquisition into a productive asset or if the venture will continue to be a drain on resources.