Trump Media in Talks to Acquire Crypto Platform Bakkt, Shares Surge

Trump Media & Technology Group (TMTG), the parent company of Truth Social, is reportedly in advanced discussions to acquire Bakkt, a cryptocurrency trading platform owned by Intercontinental Exchange (ICE). The potential all-stock deal has led to significant market reactions, with Bakkt's shares soaring by 162% and TMTG's shares rising by approximately 17% following the news.

Bakkt, established in 2018, offers a platform for trading and managing digital assets. Despite its initial promise, the company has faced profitability challenges and was considering winding down its crypto custody business. The acquisition talks exclude this segment, focusing instead on Bakkt's trading infrastructure.

This move aligns with President-elect Donald Trump's increasing involvement in the cryptocurrency sector. In September, he launched World Liberty Financial, a cryptocurrency venture, and has since promoted various crypto-related initiatives. The broader cryptocurrency market has responded positively to these developments, with Bitcoin reaching an all-time high above $93,000.

The potential acquisition of Bakkt by TMTG represents a strategic expansion beyond social media into the cryptocurrency market, reflecting a broader trend of traditional media companies exploring digital asset opportunities.