Trump Media and Technology Group in Talks to Acquire Crypto Platform Bakkt: Report

Trump Media and Technology Group (TMTG), the parent company of Truth Social, is reportedly nearing an all-stock agreement to acquire Bakkt, a crypto exchange owned by Intercontinental Exchange (ICE), according to a Financial Times report.

The potential deal would allow TMTG to take control of Bakkt, which has a market capitalization of approximately $150 million. Despite generating minimal revenue, TMTG is valued at $6 billion, driven largely by retail investor interest following Trump’s political resurgence.

Bakkt was originally created by ICE to provide a platform for bitcoin payments at Starbucks, with future U.S. senator Kelly Loeffler serving as its first CEO. Over the years, Bakkt shifted its focus to crypto custody and trading services but has struggled with financial difficulties. In February, Bakkt admitted it lacked the capital to sustain operations for more than a year.

Following the news of the acquisition talks, shares of Bakkt Holdings Inc. (BKKT) surged 160% on Monday.

The acquisition comes on the heels of Trump’s promotion of World Liberty Financial, a DeFi platform linked to his family’s business. Should the deal go through, Bakkt could become part of Trump’s growing media and crypto ecosystem, potentially bolstering its involvement in the digital asset space, including bitcoin.

However, Bakkt’s crypto custody operations, which involve holding assets like bitcoin and ether, will reportedly be excluded from the acquisition due to ongoing struggles in that segment.

The deal also coincides with a strong rally in the crypto market, with bitcoin up more than 30% in the past month, fueled by optimism surrounding Trump’s election win. Additionally, The Wall Street Journal reports that Trump plans to meet with Coinbase CEO Brian Armstrong, signaling further potential shifts in his approach to cryptocurrency.