Donald Trump’s media company, Trump Media and Technology Group (TMTG), is reportedly in discussions to acquire Bakkt, a cryptocurrency trading platform owned by the Intercontinental Exchange. Sources familiar with the situation indicate that TMTG is nearing an all-in purchase of Bakkt.
While the exact valuation of the acquisition remains uncertain, Bakkt’s market capitalization was approximately $150 million as of Monday. TMTG has emerged as one of the fastest-growing stocks since Trump secured the Republican presidential nomination, boasting an equity valuation of around $6 billion. This significant valuation provides TMTG with ample resources to pursue acquisitions like Bakkt.
Following Trump’s decision to retain his 53% ownership stake in TMTG, the potential acquisition of Bakkt would further establish his involvement in the cryptocurrency sector. Trump has referred to himself as the “crypto president,” a title he supports through various initiatives, including accepting cryptocurrency donations for his campaign and promoting his own MAGA coin, alongside backing Bitcoin. Previously, he endorsed a new crypto venture launched by his long-time business associates at World Liberty Financial. Despite its challenges in achieving profitability since its inception, Bakkt’s integration into Trump Media could serve as a turning point for the company’s operational strategy.
An intriguing aspect of this potential deal is that Bakkt’s inaugural CEO was Kelly Loeffler, a former Republican senator from Georgia during Trump’s first term, who is also organizing his upcoming inauguration in January.
Bakkt operates as a publicly traded entity focused on serving businesses and institutions within the cryptocurrency landscape, developing solutions that help clients navigate and thrive in the evolving crypto economy. Neither Trump Media nor Bakkt has publicly commented on the acquisition discussions at this time.
