Trump Media nears takeover of crypto platform Bakkt in stock deal
Trump Media & Technology Group (TMTG) is in advanced negotiations to acquire cryptocurrency platform Bakkt in an all-stock deal, marking its first expansion beyond Truth Social.
Trump and Ivanka Trump together
Key Details:
- Bakkt's market value: ~$150 million
- TMTG's current valuation: ~$7 billion
- ICE owns 55% of Bakkt
- Trump owns 53% of TMTG (worth ~$3.7 billion)
Market Response:
- Bakkt shares: +163%
- TMTG shares: +16%
Important Context:
- Bakkt issued a "going concern" warning in February 2024
- TMTG remains unprofitable since going public in March
- Former Bakkt CEO Kelly Loeffler now chairs Trump's inaugural committee
- Trump launched World Liberty Financial in September 2023
This potential acquisition represents TMTG's strategic move to diversify beyond social media, though both companies face operational challenges. The deal would leverage TMTG's valuable stock for expansion while potentially stabilizing Bakkt's uncertain financial position.
