A social media company that’s majority-owned by US President-elect Donald Trump is reportedly in talks to acquire Bakkt, a crypto trading and custody firm backed by Intercontinental Exchange Inc.
The Financial Times, citing “two people with knowledge of the talks,” reports that the Trump Media and Technology Group, which operates Truth Social, a microblogging platform, is in the advanced stage of talks to acquire Bakkt for an undisclosed amount in an all-stock deal.
As of the market close on November 18th, Trump Media & Technology Group Corp (NASDAQ: DJT) had a market capitalization of $7.12 billion while Bakkt Holdings Inc (NYSE: BKKT) had a market value of approximately $402 million.
The Financial Times reports that Bakkt’s crypto custody business, which has struggled to gain a foothold, has been left out of the talks and is likely to be wound down.
In June this year, reports emerged that Bakkt had reportedly been working with a financial advisor and looking into the possibility of a sale or a breakup. Bakkt was founded in 2018 and went public in 2021. Intercontinental Exchange, the parent company of the New York Stock Exchange, owns 55.6% of the crypto firm.
Trump Media and Technology Group’s reported interest in potentially acquiring a crypto firm comes just months after the US President-elect launched the decentralized finance (DeFi) project World Liberty Financial. Before the launch, World Liberty Financial stated its mission was to increase the adoption of DeFi globally.
“Our mission is crystal clear: make crypto and America great by driving the mass adoption of stablecoins and decentralized finance. We believe that DeFi is the future, and we’re committed to making it accessible and secure for everyone.
By spreading U.S.-pegged stablecoins around the world, we ensure that the US dollar’s dominance continues, securing America’s financial leadership and influence on the global stage.”
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