Bakkt acquired fintech DTR in April 2025, whose audited accounts reveal just 5,315 euros in other income and an 8.4 million euro loss for 2025. The company ended the year with 373,857 euros in cash and negative working capital of 297,942 euros. Bakkt issued 11,316,775 Class A shares for this acquisition, including 8,322,949 to its own CEO Akshay Naheta, who owned DTR, making this a related-party transaction. The company is targeting the cross-border payments market estimated at over 44 trillion dollars, but three customer integrations were delayed and expected large merchants failed to materialize.
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