- Trump Media is looking to acquire Bakkt’s crypto trading business amid plans of expanding into the crypto market.
- Reports says Bakkt’s custody unit is not part of the advanced talks.
- Donald Trump’s crypto footprint would grow with this deal, given the US president-elect’s recent launch of World Liberty Financial.
Trump Media and Technology Group, a media company owned by Donald Trump, is in talks to acquire the crypto trading operations of Bakkt.
Bakkt deal for Trump media
A report by the Financial Times on Nov. 19 indicated that TMTG, which is the parent company of Trump’s Truth Social, is currently in advanced talks with the crypto platform.
Per the Financial Times report, the parties are eyeing a potentially all-stock deal, with Trump Media taking over Bakkt’s business.
However, with Bakkt struggling over the past year, the discussions are reportedly looking to exclude the crypto platform’s custody unit. Bakkt’s shares rose amid the news, hitting highs of $29.71 on Monday after exploding 162%. Pre-market trading also saw the coin trade higher, with over 14% gains to $33.98.
Meanwhile, shares of Trump Media (DJT) rose 16% to $32.78. The stock was however down 6% in pre-market trading on Tuesday.
The Intercontinental Exchange, which also owns the New York Stock Exchange, launched Bakkt in July 2018. It operated as a subsidiary of the Intercontinental Exchange until its spinoff in October 2021. Bakkt discontinued its digital wallet in 2023, focusing on crypto custody and trading.
Meanwhile, Trump launched the decentralized finance project World Liberty Financial ahead of the 2024 US election. Trump’s win buoyed the crypto market, with Bitcoin rallying amid optimism around the new administration’s pro-crypto stance.