Donald Trump’s social media group is in talks to buy crypto trading platform Bakkt. We will monitor this closely in the coming months. As it were, Bakkt could play a major role in integrating crypto payments into social platforms such as X and Truth Social.
According to the Financial Times, Donald Trump’s social media company, Trump Media and Technology Group (TMTG), is reportedly in advanced talks to acquire crypto trading platform Bakkt in an all-stock deal. This potential acquisition marks an important step in Trump’s growing involvement in the cryptocurrency sector.
Bakkt’s market wave
Post this news: Bakkt, a crypto platform backed by Intercontinental Exchange (ICE), experienced a dramatic 66% increase in its stock price. However, trading was halted due to extreme volatility. Bakkt is known for its innovative services, including institutional crypto trading and consumer-oriented digital asset solutions, making it an attractive acquisition target.
Trump’s crypto expansion
Trump is expanding his cryptocurrency ventures as he prepares to take office in January 2025. Before the November election, he introduced a token tied to his new crypto project, World Liberty Financial (WLF). Under the WLF deal, Trump and his family will earn 75% of the token’s profits without taking on any liabilities. This aligns with Trump’s increasing focus on cryptocurrency. In addition to operating Truth Social, TMTG’s social media platform, Trump recently launched World Liberty Financial, a crypto venture to reshape the financial space. The Bakkt acquisition could serve as a cornerstone for expanding its influence in the blockchain and crypto industries.
Crypto securities
If the takeover is completed, it would consolidate Trump’s position in a recently defended sector, especially ahead of the US presidential election. By integrating Bakkt’s crypto trading infrastructure with its existing platforms, Trump Media could create a powerful ecosystem that combines social media with digital finance.
Immediately, Trump Media’s DJT shares rose 16% to reach $32, while Bakkt experienced an extraordinary 162% surge to trade at $29 just before the close. The rapid spike in Bakkt’s stock price led to a temporary halt in trading, underscoring the market’s intense reaction.
On the other hand, Bakkt faced the risk of delisting from the New York Stock Exchange earlier this year after its shares traded below the minimum of $1 per share for more than 30 consecutive days. To address this, the company conducted a 1-for-25 reverse stock split in April, consolidating shares to increase its trading price and maintain its listing on the NYSE.
Awaiting official comments
Neither Trump Media nor Bakkt responded to questions about the deal. Intercontinental Exchange, Bakkt’s main backer, declined to comment. Industry observers are now speculating about the broader implications of this move, including possible regulatory scrutiny and its impact on the cryptocurrency market.
This deal, if confirmed, could mark a major milestone for both Trump Media and the crypto industry, signaling deeper integration of blockchain technology into mainstream platforms.
Bakkt is a cryptocurrency platform that offers a range of services including institutional crypto trading and consumer-oriented digital asset solutions. It is backed by the Intercontinental Exchange (ICE) and is known for providing a safe and regulated environment for buying, selling and storing digital assets.
