Donald Trump’s Media Group Eyes Purchase of Crypto Exchange Bakkt: Report

As a seasoned crypto investor with a knack for spotting opportunities and navigating market trends, I find myself intrigued by the potential acquisition of Bakkt by Trump Media and Technology Group (TMTG). With my years of experience and keen eye for detail, it’s clear that this deal could be a game-changer in the crypto space.

According to a report by the Financial Times, Trump Media and Technology Group (TMTG) – which oversees Truth Social – is deep in negotiations to purchase Bakkt, a well-known crypto trading platform.

The proposed transaction would have TMTG taking over Bakkt, a company with a market value of approximately $150 million as of Monday. Interestingly, TMTG, despite having limited income, currently has an estimated equity value of around $6 billion, which is primarily due to the enthusiasm from retail investors following Trump’s re-election.

Initially established by Intercontinental Exchange, a company that manages significant derivatives markets and also operates the New York Stock Exchange, Bakkt was designed to facilitate Starbucks patrons in purchasing coffee using Bitcoin (BTC) as an initial objective.

Initially led by future U.S. Senator Kelly Loeffler as its CEO, Bakkt launched a digital wallet in 2021, but this product was subsequently discontinued last year. Presently, Bakkt concentrates on providing crypto custody and trading services. In February, the company announced that it lacked sufficient funds to operate for an entire year.

Shares of Bakkt Holdings Inc (BKKT) ended up jumping 160% on Monday following the report.

Discussions about acquiring World Liberty Financial, a Decentralized Finance (DeFi) platform associated with the Trump family, have been brought up after Trump’s recent endorsement. Such a deal could influence Bakkt’s future course and possible involvement within Trump’s growing media empire, particularly in relation to bitcoin.

To clarify, Bakkt’s cryptocurrency custody service that safeguards digital assets such as Bitcoin and Ethereum, has faced difficulties and will not be part of the acquisition. This decision is being made during a period when the crypto market is experiencing growth after Trump’s election, with Bitcoin rising more than 30% over the past month.

Incidentally, it’s been reported that the soon-to-be President, Donald Trump, intends to have a sit-down with Brian Armstrong, the head honcho at Coinbase.