Donald Trump’s Social Media Company in Advanced Talks to Acquire Cryptocurrency Trading Venue Bakkt

In a significant development, Donald Trump‘s social media company, Trump Media and Technology Group (DJT), is in advanced talks to acquire Bakkt, a cryptocurrency trading venue owned by Intercontinental Exchange (ICE). This information was reported by the Financial Times, citing sources familiar with the negotiations.

The potential acquisition involves an all-share purchase, although the exact valuation under discussion has not been disclosed. As of Monday, Bakkt’s market capitalization stood at just over $150 million.

The news has had a substantial impact on Bakkt’s stock, with the company’s shares surging by 48% following the report. This reaction reflects the market’s anticipation and speculation about the potential deal.

Bakkt, which operates as a platform for trading cryptocurrencies, has been a part of the Intercontinental Exchange since its inception. The acquisition, if successful, would mark a significant expansion of Trump Media and Technology Group’s portfolio, particularly in the realm of digital assets.

Trump Media and Technology Group, which operates the social media platform Truth Social, has been exploring various avenues to diversify its offerings. This potential acquisition aligns with the company’s strategy to venture into new markets and technologies.