Trump Media Company Is Looking at New Potential Acquisition of Bakkt

Key Points:

• Trump Media company is in advanced talks to acquire digital-asset marketplace Bakkt in an all-share deal.
• Launched by Intercontinental Exchange in 2018, Bakkt has struggled with profitability, and ICE retains a 55% stake in the company.

According to Bloomberg, Donald Trump’s Trump Media & Technology Group is in discussions to acquire Bakkt, a digital asset platform.

Read more: Coinbase CEO Brian Armstrong And Trump Had Private Meeting To Discuss Crypto Policy

Trump Media Company in Talks to Acquire Digital Asset Platform Bakkt

The advanced-stage discussions hint that the deal may be an all-share transaction. As of last Friday, Bakkt’s market capitalization was $155 million.

Bakkt Holdings shares soared after the report appeared in the Financial Times. The Trump Media company, operating Truth Social, has had heavy market activity since Trump’s recent election victory, although revenues are modest at $2.6 million this year. The company’s valuation, however, stands at $6 billion, giving it the leverage to make acquisitions.

Donald Trump Gains Upper Hand in Cryptocurrency Markets

Bakkt was founded in 2018 by Intercontinental Exchange, which operates the New York Stock Exchange and holds a 55% economic stake in Bakkt. Since its highly hyped beginning, the company has struggled to find profitability and has been seeking a buyer for months.

A successful acquisition would mark a significant move for Trump Media company into the cryptocurrency market. The former president recently teased a new cryptocurrency project called World Liberty Financial, which is connected to some longtime business associates. Crypto has rallied since Trump first won the presidency, with Bitcoin surging more than 30% on speculation of friendly regulatory policy from his administration.