Trump Media Eyes Crypto Expansion with Potential Bakkt Acquisition
Donald Trump's social media company, Trump Media & Technology Group (TMTG), is reportedly in talks to acquire cryptocurrency trading firm Bakkt, according to the Financial Times, as reported by Reuters.
TMTG, the operator of Truth Social, is said to be planning a full stock-based acquisition of Bakkt.
News of the discussions led to a nearly 66% surge in Bakkt’s shares, which are backed by Intercontinental Exchange, the owner of the New York Stock Exchange. However, trading was temporarily halted due to market volatility.
Neither Bakkt nor TMTG provided immediate comments on the matter, and Intercontinental Exchange also declined to comment.
Market analysts suggest that this acquisition could solidify Trump’s presence in the crypto industry. Ahead of the U.S. presidential elections, Trump has shown support for cryptocurrency and recently launched a new crypto venture, World Liberty Financial.
