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HomeCrypto NewsTrump Media Group Eyes Acquisition of Crypto Exchange Bakkt

Trump Media Group Eyes Acquisition of Crypto Exchange Bakkt

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Trump Media and Technology Group (TMTG), which operates the social platform Truth Social, is reportedly close to securing an all-stock deal to acquire Bakkt, a struggling crypto exchange.

The acquisition, as reported by The Financial Times, signals TMTG’s growing interest in digital assets and blockchain technology.

Bakkt, a subsidiary of Intercontinental Exchange (ICE), was initially launched to enable mainstream bitcoin transactions, famously partnering with Starbucks to explore crypto payments for coffee. However, its ambitious beginnings fizzled, and Bakkt has since shifted focus to crypto custody and trading services. Despite its pivot, Bakkt has faced financial headwinds, revealing earlier this year that it lacked sufficient funds to sustain operations for another 12 months.

The Deal: A High-Stakes Gamble

While Bakkt’s market capitalization hovers around $150 million, TMTG—despite generating minimal revenue—maintains an impressive $6 billion valuation, largely driven by fervent retail investor support following Donald Trump’s re-election. If finalized, the acquisition could integrate Bakkt’s trading services into Trump’s expanding media empire, potentially positioning TMTG as a major player in the digital asset ecosystem.

Notably, Bakkt’s crypto custody business, which holds assets like bitcoin and ether, will be excluded from the deal. This decision aligns with TMTG’s focus on trading and broader market engagement rather than secure storage solutions.

Trump’s Crypto Playbook Expands

The move comes as Trump deepens his involvement in the crypto world. Earlier this year, he championed World Liberty Financial, a decentralized finance (DeFi) project with ties to the Trump family. The acquisition of Bakkt would further entrench Trump’s presence in the sector, potentially influencing the future of crypto policy and adoption under his administration.

Adding fuel to the speculation, Bakkt’s shares (BKKT) surged 160% following news of the potential deal, underscoring market enthusiasm for Trump’s involvement. Meanwhile, reports suggest that President-elect Trump is planning discussions with Coinbase CEO Brian Armstrong, signaling further engagement with key players in the crypto space.

Source: Google Stocks

Crypto on the Rise

The timing of this acquisition aligns with a broader market rally. Bitcoin has soared over 30% in the past month, reaching new all-time highs today of $93,800. With Bakkt’s integration, TMTG could capitalize on the renewed interest in digital assets, potentially reshaping its platform’s offerings and further aligning itself with the booming crypto economy.

Source: Brave New Coin Bitcoin Liquid Index

 

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