Trump Media and Technology Group (TMTG), the parent company of the social platform Truth Social, is reportedly in advanced negotiations to acquire Bakkt, a cryptocurrency trading and custody platform, in a deal exceeding $100 million. The acquisition, expected to be an all-stock transaction, reflects TMTG’s expanding interest in the cryptocurrency and blockchain space.
Bakkt, originally launched by Intercontinental Exchange (ICE) with the aim of integrating cryptocurrencies into everyday transactions, has faced challenges in recent years, including scaling back its digital wallet services. The company is now focused on crypto custody and trading but has struggled to maintain profitability. Its market capitalization surged following reports of the deal, with shares increasing by over 160%.
This move comes amid heightened investor interest following Donald Trump’s recent political resurgence and his broader engagement with cryptocurrency platforms, such as World Liberty Financial. Analysts suggest that integrating Bakkt into TMTG could enhance its financial services capabilities, positioning the company for growth in the digital asset ecosystem.
While the exact terms are yet to be finalized, the exclusion of Bakkt’s crypto custody services from the acquisition suggests a strategic focus on trading and broader integration with TMTG’s media ventures. This development underscores the growing intersection of cryptocurrency and traditional business sectors as firms explore blockchain’s potential in driving innovation and expansion.
