Donald Trump’s Media Group Eyes Purchase of Crypto Exchange Bakkt: Report
Summary
Trump Media and Technology Group (TMTG) is in advanced talks to acquire the crypto trading platform Bakkt in an all-stock deal. Bakkt's market capitalization was over $150 million, while TMTG has a $6 billion equity valuation. Bakkt, initially aimed at enabling Starbucks customers to use bitcoin, shifted focus to crypto custody and trading services. Bakkt's shares surged 160% following the acquisition report. The acquisition excludes Bakkt's struggling crypto custody business. The move aligns with Trump's recent promotion of World Liberty Financial and occurs amid a 30% rise in bitcoin prices. President-elect Trump plans to meet Coinbase CEO Brian Armstrong.
