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Trump Media Eyes Crypto Sphere, Set to Acquire Platform Bakkt
- Trump Media is reportedly in advanced talks to acquire Bakkt, causing Bakkt’s shares to surge over 160%, raising its market cap from US$155M to US$401.5M.
- The acquisition aligns with Trump’s broader crypto ambitions, including creating a strategic Bitcoin reserve and fostering a pro-crypto regulatory environment.
- Trump Media, owning Truth Social, saw its shares rise 16%, positioning itself as a growing player in the digital asset and social media sectors.
President-elect Donald Trump’s Trump Media & Technology Group Corp. (TMTG) is reportedly in advanced discussions to acquire Bakkt, a digital-asset marketplace, according to sources familiar with the matter.
The deal, which the Financial Times reported on Monday is expected to be an all-share purchase, has sparked significant interest, causing Bakkt Holdings Inc.’s shares to more than double in value after initial reports from the FT.
Related: Trump-Ripple CEO Meeting Rumour Sends XRP Past $1 in Weekend Trading
As of Monday’s close, Bakkt’s shares surged over 160%. Its market capitalisation was US$155M (AU$238M) last Friday, but it is now US$401.5M (AU$616M).
The company, launched in 2018, is majority-owned by Intercontinental Exchange Inc. (ICE), the parent company of the New York Stock Exchange (NYSE). Neither Bakkt, TMTG, nor ICE have commented on the ongoing talks.
Kelly Loeffler, Bakkt’s founding CEO, is closely tied to both Intercontinental Exchange and the political world. Loeffler is married to Jeffrey Sprecher, ICE’s CEO and chair of the NYSE. She also served as a US Senator from Georgia and is currently co-chairing Trump’s inaugural committee.
Trump Media, which owns Truth Social, has also seen a modest boost, with its shares rising approximately 16%.
President-elect Trump holds more than 50% of TMTG, positioning the company as a significant player in the digital and social media landscape.
Related: Pennsylvania’s New Bitcoin Reserve Bill Mines Interest in Senate as Trump Gets Ready for Office
Trump Making Moves in the Crypto World
Trump has outlined several ambitious policies designed to position the US as a global leader in cryptocurrency innovation. Central to these policies is his proposal to create a strategic Bitcoin reserve. This plan involves retaining the estimated US$5B (AU$7.69B) worth of Bitcoin already held by the US government and acquiring additional holdings over time.
Trump also plans to establish a “Bitcoin and crypto presidential advisory council” staffed by industry advocates, aiming to foster a more collaborative regulatory environment.
Additionally, he has promised significant regulatory changes, including replacing the US Securities and Exchange Commission (SEC) chair Gary Gensler on his first day in office and ending what he describes as the current administration’s “anti-crypto crusade”.
Trump has further declared his intention to make the US the “crypto capital of the planet” and the leading global “Bitcoin superpower”.
Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
