Trump Media Group In Talks To Acquire Crypto Trading Platform Bakkt

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• President-elect Donald Trump's media company, Trump Media and Technology Group, has revealed its intention to acquire the Bakkt cryptocurrency exchange.
• While the terms of the deal remain hidden, the news caused the stocks of both companies to rally double digits. TMTG has a market capitalization of 7 billion and Bakkt is valued at just over 150 million
• According to its SEC filings, Bakkt's parent company Intercontinental Exchange has been looking to sell the business due to heavy losses. The acquisition will further cement Trump's position as a crypto enthusiast.
• Trump campaigned on a pro-crypto stance and promised to introduce friendlier policies for crypto investors and related companies, who have faced increased scrutiny under the Biden administration.

Trump Media and Technology Group, a social media and tech company majority owned by President-elect Donald Trump, is reportedly in "advanced" negotiations to acquire the cryptocurrency trading platform Bakkt, as per a report by Financial Times citing two individuals familiar with the matter.

Trump Media and Technology Group In Talks To Acquire 150 Million Crypto Exchange Bakkt

The announcement had a dramatic effect on the shares of both companies as they spared after the report was published on Monday. Trump Media DJT, which operates the Truth Social app, saw its price climb 16 to reach 32, while Bakkt's BKKT stock skyrocketed by 162 to trade around 29 shortly before the market closed.

Details regarding the company's valuation are still being discussed, but as of Monday, the market capitalization of Bakkt stood at just over 150 million. However, the deal will not include the company's crypto custody business, which it is likely to wind down.

Bakkt was established by Intercontinental Exchange, which is also the parent company of the New York Stock Exchange. Kelly Loeffler, a former CEO of Bakkt, is the co-chair of Trump's inauguration committee and married Intercontinental Exchange CEO Jeffrey Sprecher. She left her position as Bakkt's top executive in 2019 after Georgia Governor Brian Kemp appointed her to the U.S. Senate seat vacated by Senator Johnny Isakson, who resigned due to health reasons.