Trump Media Group in talks to acquire crypto trading platform Bakkt – FT
President-elect Donald Trump’s media company, Trump Media and Technology Group (TMTG), is reportedly in advanced discussions to acquire Bakkt, a crypto trading platform owned by Intercontinental Exchange (ICE), according to a report from the *Financial Times* on Nov. 18.
The proposed acquisition is said to involve an all-stock deal, signaling TMTG's effort to diversify its operations and enter the growing cryptocurrency market. The news sparked a dramatic surge in Bakkt’s share price, which rose approximately 165% to $29, based on data from CryptoSlate.
TMTG, the parent company of Truth Social, has been one of the most volatile and actively traded stocks since Trump’s election victory. Despite generating only $2.6 million in revenue this year, TMTG holds a lofty $6 billion equity valuation.
Sources close to the discussions revealed that Bakkt’s crypto custody business, which has struggled to gain traction, is excluded from the deal and may be shut down. This segment reported just $328,000 in revenue and $27,000 in operating losses for Q3 2023.
### Strategic Move for TMTG
By acquiring Bakkt, TMTG would gain access to a platform designed for institutional investors, aligning with Bakkt’s trading infrastructure focus. The deal could further strengthen Trump’s growing involvement in the cryptocurrency sector, complementing his recent push into stablecoin-focused financial services through World Liberty Financial.
### Bakkt’s Challenges
Founded by ICE in 2018, Bakkt has faced hurdles in achieving profitability. Earlier this year, the company narrowly avoided being delisted from the New York Stock Exchange through a 1-for-25 reverse stock split.
Despite these struggles, Bakkt’s institutional focus and ties to ICE—the owner of the NYSE—may provide strategic value to TMTG. Notably, Bakkt’s first CEO, Kelly Loeffler, is a close Trump ally and served as co-chair of his inauguration committee.