Trump Media in Talks to Acquire Crypto Firm Bakkt in All-Stock Deal
A social media platform majority-owned by US President-elect Donald Trump is reportedly in advanced discussions to acquire Bakkt, a cryptocurrency trading and custody firm backed by Intercontinental Exchange (ICE).
According to the Financial Times, sources familiar with the negotiations revealed that the Trump Media and Technology Group, which operates Truth Social, is in talks to purchase Bakkt through an all-stock deal.
While the exact value of the transaction has not been disclosed, the deal is expected to significantly impact both companies. As of November 18th, Trump Media’s market capitalization stood at $7.12 billion, while Bakkt’s was much lower, around $402 million.
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It appears that Bakkt’s crypto custody operations, which have faced challenges in gaining market traction, will be excluded from the deal and could be phased out. Earlier in the year, Bakkt explored the possibility of selling or restructuring its business, having enlisted a financial advisor to explore options. Founded in 2018, Bakkt went public in 2021, with ICE holding a majority stake.
This move by Trump Media follows the launch of the decentralized finance (DeFi) initiative World Liberty Financial, which aims to promote the global adoption of stablecoins and DeFi solutions. The project’s goal is to strengthen the global presence of U.S.-backed stablecoins, ensuring continued dominance of the U.S. dollar and solidifying America’s financial influence.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
