Bakkt, once seen as a promising bridge between traditional finance and the cryptocurrency world, may soon be acquired by pro-crypto president-elect Donald Trump’s media company.
A recent report revealed that Trump’s media company is in advanced talks to acquire Bakkt, the trading platform founded by the Intercontinental Exchange, in an all-stock deal.
Trump Increases Crypto Involvement
The Financial Times reported on Monday, citing two anonymous sources familiar with the negotiations, that Trump Media and Technology Group (TMTG), which operates Truth Social, is in talks to acquire Bakkt in an all-share transaction.
While TMTG, in which Trump holds a 53% majority stake, has generated only $2.6 million in revenue this year, it holds a $6 billion equity valuation, fueled by retail investor enthusiasm after Trump’s presidential victory.
Bakkt was originally created by the Intercontinental Exchange to allow users to purchase Starbucks coffee with Bitcoin. However, after launching its initial crypto options products, Bakkt pivoted to focus on crypto custody and trading services. Notably, the custody business, which manages digital assets like Bitcoin and Ethereum, will not be part of the potential acquisition by Trump’s media company.
