Bakkt promised a $44 trillion payment revolution, but its key acquisition made just €5,315

The audited accounts of DTR, the fintech software group acquired by Bakkt in April, show a business that recorded just €5,315 in other income and lost €8.4 million in 2025.Bakkt had pitched DTR as part of its stablecoin infrastructure push, acquiring it for 11.3 million shares. The accounts classify €5,315 as other income rather than revenue and show an €8,435,181 loss for 2025. They cover DTR’s first consolidated reporting year, contain no earlier comparison, and predate the April 30 closing.Bakkt acquired all of DTR's outstanding equity. DTR's accounts describe a group providing fintech software, while Bakkt called it a developer of stablecoin and agentic payments infrastructure. Under an earlier cooperation agreement, DTR contributed payments technology, APIs, intellectual property, and personnel, while Bakkt supplied systems access and its regulatory licenses.Bakkt DTR acquisition reveals cash burn and negative working capitalDTR ended 2025 with €373,857 in cash. Its €1,136,732 of current liabilities exceeded €838,790 of current assets by €297,942. It used €7,784,190 of cash in operating activities and funded itself with €11,718,611 from issuing share capital.Bakkt issued 11,31...