The media group of the 47th President of the United States is in advanced talks to acquire the digital asset trading platform.
According to the Financial Times, the Trump Media and Technology Group (TMTG), the company behind the social network Truth Social, is in advanced negotiations to acquire Bakkt, a digital asset trading platform currently owned by Intercontinental Exchange.
The deal, expected to be executed entirely through a stock swap, would mark a strategic shift for Bakkt, whose market capitalization was approximately $150 million. The news caused Bakkt Holdings Inc (BKKT) shares to skyrocket by 160%, bringing its market value to around $400 million.
Despite generating just $2.6 million in revenue this year, TMTG currently boasts a market valuation of $6 billion. The potential acquisition of Bakkt aligns with the Trump group’s growing interest in the digital asset sector.
Additionally, according to the Wall Street Journal, the President-elect is planning a meeting with Coinbase CEO Brian Armstrong to discuss potential personnel choices for his second term. Trump has yet to decide on nominees for Treasury Secretary and Chair of the Securities and Exchange Commission.
Founded in 2018, Bakkt initially aimed to allow Starbucks customers to purchase coffee with Bitcoin. However, the company has undergone several transformations. After abandoning its digital wallet project in 2023, Bakkt shifted its focus to cryptocurrency custody and trading services, though in February it disclosed insufficient liquidity to sustain operations for 12 months.
Sources indicate that the acquisition would include only the trading division and exclude the digital asset custody business, which has faced operational challenges in recent months.