Trump Media in Talks to Acquire Crypto Platform Bakkt: Report
Trump Media and Technology Group (TMTG), the company behind Truth Social, is reportedly close to finalizing an all-stock deal to acquire Bakkt, a crypto trading platform owned by Intercontinental Exchange (ICE), according to the Financial Times.
The proposed acquisition would involve TMTG taking over Bakkt, which has a current market capitalization of just over $150 million. This would mark a strategic move for TMTG, a company valued at $6 billion despite generating minimal revenue, buoyed largely by retail investor enthusiasm following Donald Trump’s re-election.
Founded by ICE with the vision of enabling bitcoin (BTC) payments at Starbucks, Bakkt initially launched a digital wallet in 2021 but pivoted to focus on crypto custody and trading services. The platform has faced financial struggles, with its February disclosure revealing insufficient cash reserves to sustain operations for a year.
Shares of Bakkt Holdings Inc. (BKKT) surged 160% on Monday in reaction to the acquisition news.
This development comes on the heels of Trump promoting World Liberty Financial, a decentralized finance (DeFi) platform linked to his family, signaling a broader interest in the crypto sector. If finalized, the acquisition could reshape Bakkt’s trajectory, potentially integrating it into Trump’s expanding media ventures and amplifying its role in the cryptocurrency ecosystem.
However, Bakkt’s crypto custody division—tasked with safeguarding digital assets like bitcoin and ether—will reportedly be excluded from the deal. This decision aligns with Bakkt’s ongoing challenges amid heightened crypto market activity, driven in part by a 30% rally in bitcoin following Trump’s election win.
Separately, the Wall Street Journal reports that President-elect Trump plans to meet Coinbase CEO Brian Armstrong, underscoring the growing overlap between the crypto sector and the incoming administration.
