President-elect Donald Trump’s media company, the Trump Media and Technology Group (TMTG), is reportedly in advanced talks to acquire the cryptocurrency trading platform Bakkt through an all-stock deal. This would be TMTG’s first major expansion following the launch of its social media platform, Truth Social.
If the deal closes, Bakkt’s acquisition could have a significant impact on Trump’s portfolio, as his 53% stake in TMTG is currently valued at $3.7 billion. Founded in 2018 by Intercontinental Exchange (ICE), which also owns the New York Stock Exchange, Bakkt currently holds a market capitalization of approximately $150 million with a 55% stake.
TMTG, which has a valuation of $7 billion following Trump’s election victory, aims to capitalize on its high-value stock to facilitate this potential acquisition. If finalized, this deal would mark Trump’s second venture into the cryptocurrency sector, following the launch of World Liberty Financial (WLF) in September.
However, WLF faced challenges in gaining traction and ultimately raised only $15 million, far short of its $300 million goal. Despite these setbacks, the potential acquisition of Bakkt shows Trump’s interest in the cryptocurrency market and the potential for expansion within his media empire.