Donald Trump’s Media Group Eyes Bakkt Acquisition to Boost Crypto Ventures
Donald Trump’s social media group is in talks to acquire cryptocurrency trading platform Bakkt. We will be monitoring this situation closely in the coming months. If true Bakkt can play an important role in integrating crypto payments into social platforms such as X and Truth Social.
Donald Trump’s social media company Trump Media and Technology Group (TMTG) is in advanced discussions to acquire cryptocurrency trading platform Bakkt in an all-stock deal, the Financial Times reported. The potential acquisition marks an important step in Trump’s growing involvement in the cryptocurrency space.
Bakkt’s market surges
Following the news, the share price of Bakkt, a cryptocurrency platform backed by Intercontinental Exchange (ICE), surged 66%. However, trading was suspended due to severe volatility. Bakkt is known for its innovative services, including institutional cryptocurrency trading and consumer-focused digital asset solutions, making it an attractive acquisition target.
Trump’s Cryptocurrency Expansion
Trump is expanding his cryptocurrency business as he prepares to take office in January 2025. Ahead of the November election, he launched tokens related to his new crypto project World Liberty Financial (WLF). Under the WLF agreement, Trump and his family will receive 75% of the token’s profits without incurring any liabilities. This is consistent with Trump’s growing focus on cryptocurrencies. In addition to running TMTG’s social media platform Truth Social, Trump recently launched World Liberty Financial, a cryptocurrency venture aiming to reshape the financial sector. Acquiring Bakkt could be a cornerstone in expanding his influence in the blockchain and crypto industry.
Impact of Cryptocurrency
If ultimately completed, the acquisition would solidify Trump’s position in an industry he has dominated in recent times, especially ahead of the U.S. presidential election. By integrating Bakkt’s cryptocurrency trading infrastructure with its existing platform, Trump Media can create a powerful ecosystem that blends social media with digital finance.
Starting today, Trump Media’s share price DJT rose 16% to $32, while Bakkt surged 162% to trade at $29 before the close. The rapid rise in Bakkt’s share price, which temporarily halted trading, underscored the strong market reaction.
Bakkt, on the other hand, faced the risk of being delisted from the New York Stock Exchange earlier this year after its stock price fell below $1 per share for more than 30 consecutive days. To address the issue, the company executed a 25-for-1 reverse stock split in April, combining shares to increase its trading price and maintain its listing on the New York Stock Exchange.
Awaiting official comment
Neither Trump Media nor Bakkt responded to inquiries about the deal. Intercontinental Exchange, a major backer of Bakkt, declined to comment. Industry observers are now speculating on the broader implications of this move, including potential regulatory scrutiny and its impact on the cryptocurrency market.
The deal, if confirmed, could mark a major milestone for Trump Media and the cryptocurrency industry, signaling the deeper integration of blockchain technology into mainstream platforms.
Bakkt is a cryptocurrency platform that offers a range of services, including institutional cryptocurrency trading and consumer-focused digital asset solutions. It is powered by Intercontinental Exchange (ICE) and is known for providing a secure and regulated environment for buying, selling, and storing digital assets.
