Donald Trump's Social Media Group in Talks to Acquire Crypto Trading Hub Bakkt

According to Foreks, Donald Trump's social media company is in advanced talks to purchase Bakkt, a cryptocurrency trading platform owned by Intercontinental Exchange, as it seeks to move beyond online chat. Two individuals with knowledge of the discussions stated that Trump Media and Technology Group, which Trump has promised to hold a 53% stake in, is looking to acquire the entirety of Bakkt. The valuation being discussed was not immediately clear, although Bakkt's market value was slightly above $150 million on Monday.

TMTG, which operates Truth Social, has become one of the most actively traded US stocks, as retail investors have frequently sought to profit from volatile trading movements since Trump's election victory. Despite generating only $2.6 million in revenue this year, TMTG boasts a $6 billion equity valuation, providing its management with a valuable currency for acquiring other companies.

Following the FT's report on the discussions, Bakkt shares surged by 162%. TMTG shares also saw an increase of approximately 16.7%.

A successful deal would deepen Trump's entry into the cryptocurrency market, especially after World Liberty Financial, a long-time partner, began backing a new crypto venture that could earn significant fees. The cryptocurrency markets also rallied after his election victory, with speculation that his administration would enact favorable legislation for the sector, leading Bitcoin to rise by over 30%. Bakkt, which has struggled with profitability since its inception, was founded by ICE, which still holds a 55% economic stake in the New York Stock Exchange.