Trump Media in Advanced Talks to Acquire Crypto Exchange Bakkt

The acquisition could deepen Trump's involvement in the cryptocurrency sector as he prepares to enter the White House.

Trump Media & Technology Group, which operates Truth Social, is negotiating an all-stock deal to purchase Bakkt, a crypto trading platform owned by Intercontinental Exchange.
The potential acquisition has significantly boosted Bakkt's stock, which surged over 160% following the news, reflecting investor optimism about Trump's pro-crypto stance.
Bakkt, founded in 2018, has faced financial challenges, including a recent 'going concern' warning, but has seen a rise in trading volumes since Trump's election victory.
Trump's re-election and his campaign's pro-cryptocurrency promises have led to a surge in digital asset markets, with Bitcoin reaching record highs.
Both Trump Media and Bakkt have struggled to turn profits, but Trump's majority stake in TMTG, valued at around $6 billion, provides leverage for potential acquisitions.