Donald Trump’s Media and Technology Group (TMTG) is reportedly in advanced negotiations to acquire Bakkt, a cryptocurrency trading platform, in a move that could bolster the president-elect’s influence in the rapidly growing crypto market. This potential acquisition comes at a time when the cryptocurrency industry is experiencing heightened momentum, with Bitcoin’s price surging more than 30% since Trump’s electoral victory.
The Bakkt deal represents a significant step in Donald Trump’s growing involvement in the cryptocurrency space. Building on his campaign commitments to support crypto-friendly policies, Trump is strategically positioning his media enterprise to integrate with the digital asset ecosystem.
The reported deal involves an all-stock transaction with TMTG, known for operating the Truth Social platform, leveraging its $6 billion equity valuation. The acquisition would position the media company to expand its presence in the digital asset space, a sector Trump has recently shown strong interest in through ventures like World Liberty Financial, a crypto initiative he actively promoted during his campaign.
Bakkt, which went public in 2021 through a SPAC merger, is majority-owned by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, holding a 55% stake in the platform.
The listing followed its merger with VPC Impact Acquisition Holdings, a special-purpose acquisition company backed by Victory Park Capital. More recently, in April 2023, Bakkt expanded its capabilities by acquiring Apex Crypto, a Chicago-based integrated crypto trading platform.
Trump’s pro-cryptocurrency stance has been a focal point of his campaign, aligning him with regulatory reforms aimed at fostering innovation within the sector. Industry analysts suggest that TMTG’s potential acquisition of Bakkt could catalyze further growth in the cryptocurrency market, reinforcing optimism among investors. This sentiment is reflected in Bakkt’s stock price, which has soared following reports of the deal.
In March, Bakkt revealed that the New York Stock Exchange had warned the company that it was at risk of being delisted because its common stock was trading at an average below the exchange’s $1 per share minimum for at least 30 consecutive trading days.
The Alpharetta, Georgia-based company in its latest fiscal quarter reported total revenue of $328.4 million and an operating loss of $27.4 million, a 48% improvement from the prior year. In that quarterly report, Bakkt flagged that the company “may not be able to continue as a going concern.”
Kelly Loeffler, Bakkt’s founding CEO and a former U.S. senator, has close ties to Trump, serving as co-chair of his inauguration committee. Her involvement highlights the intersection of politics and business in shaping the future of cryptocurrency regulation and adoption.
TMTG’s reported interest in Bakkt comes amid a booming cryptocurrency market. Bitcoin has surged over 30% in the past month, breaking past $91,500, while Bakkt’s stock soared to $29.71 on Monday, reflecting a staggering 160% rise.
The crypto rally highlights growing optimism around Donald Trump’s pro-crypto agenda, which includes reducing regulatory barriers and fostering blockchain innovation. This reported acquisition reflects Trump’s efforts to expand his business interests in cryptocurrency as he prepares to take office on January 20, 2025.
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