- Trump Media is reportedly seeking to acquire Bakkt’s crypto trading operations as part of plans to expand into the cryptocurrency market.
- Reports indicate Bakkt’s custody unit is not part of the advanced talks.
- If completed, the deal would increase Donald Trump’s crypto footprint, following the recent launch of World Liberty Financial by the newly elected U.S. president.
Trump Media and Technology Group (TMTG), the media company controlled by Donald Trump, is in talks to acquire the cryptocurrency trading operations of Bakkt.
Deal for Bakkt under discussion with Trump Media
A Financial Times report from November 19 indicated that TMTG, the parent company of Trump’s Truth Social, is engaged in advanced discussions with the crypto platform.
According to the Financial Times, the parties are contemplating a potential all-stock transaction in which Trump Media would take over Bakkt’s trading business. However, because Bakkt faced challenges last year, the talks are reportedly focused on excluding the platform’s custody unit from any deal.
Shares of Bakkt rose on the news, reaching highs of $29.71 on Monday after jumping roughly 162%. Pre-market trading also showed gains, with the stock up more than 14% to $33.98.
Meanwhile, shares of Trump Media (DJT) climbed about 16% to $32.78, though they later fell around 6% in pre-market trading on Tuesday. Bakkt was launched by Intercontinental Exchange, which also owns the New York Stock Exchange, in July 2018 and operated as an ICE subsidiary until its spin-off in October 2021.
In 2023, Bakkt discontinued its digital wallet service and shifted focus to crypto custody and trading. Separately, ahead of the 2024 U.S. election, Trump launched the decentralized finance project World Liberty Financial.
Trump’s election victory has encouraged the crypto markets, with Bitcoin and other digital assets recovering amid optimism about the new administration’s pro-crypto stance.