Trump Media Exploring Potential Acquisition of Crypto Platform Bakkt: Sources

Truth Social Parent Company TMTG Eyes Acquisition of Crypto Firm Bakkt: Report

Trump Media and Technology Group (TMTG), the operator of Truth Social, is reportedly in the final stages of negotiating an all-stock acquisition of Bakkt, a crypto trading platform owned by Intercontinental Exchange (ICE), according to the Financial Times.

The deal would see TMTG take control of Bakkt, a company valued at just over $150 million as of Monday. In contrast, TMTG, though generating little revenue, enjoys a $6 billion valuation fueled by significant retail investor interest following Donald Trump’s re-election.

Bakkt, initially envisioned as a platform to enable bitcoin (BTC) payments at Starbucks, launched a digital wallet in 2021 before pivoting to crypto custody and trading services. Despite its efforts, Bakkt has struggled financially, revealing in February that it lacked sufficient cash to fund operations for a full year.

Shares of Bakkt Holdings Inc. (BKKT) soared 160% on Monday amid the acquisition rumors.

The move aligns with Trump’s broader engagement in the crypto space, which has included the promotion of World Liberty Financial, a DeFi project tied to his family. If successful, the deal could provide TMTG with a foothold in the cryptocurrency market, potentially integrating Bakkt into its growing media ecosystem and expanding its focus on digital assets like bitcoin.

Notably, Bakkt’s crypto custody business will reportedly be excluded from the acquisition. This division, which handles the storage of digital assets such as bitcoin and ether, has faced challenges as Bakkt struggles to find its footing in a rapidly evolving crypto market.

The acquisition talks emerge amid a surge in crypto prices, with bitcoin up over 30% in the last month following Trump’s election victory. Adding to the intrigue, the Wall Street Journal reports that President-elect Trump is scheduled to meet Coinbase CEO Brian Armstrong, highlighting the growing intersection of cryptocurrency and the incoming administration.