Donald Trump’s social media company ‘Trump Media and Technology Group,’ which operates Truth Social, is reportedly close to an all-stock acquisition of crypto trading firm Bakkt.
Social media company Trump Media and Technology Group, owned by President-elect Donald Trump, is reportedly in advanced talks to buy cryptocurrency trading firm Bakkt. The news was announced by the Financial Times, citing two persons with knowledge of the talks.
Trump-Owned Social Media Company Set to Acquire Crypto Platform
According to FT, the social media company that operates Truth Social, Trump Media and Technology Group, is in “advanced talks” to acquire the crypto platform Bakkt. If closed, the deal would see the president-elect’s company purchase Atlanta-based Bakkt from the operator of the New York Stock Exchange, Intercontinental Exchange (ICE).
The president-elect maintains a 53% stake in Trump Media and Technology Group.
Bakkt offers licensed and regulated custody, trading and onramp solutions for crypto and was founded in 2018 by the Intercontinental Exchange (ICE). ICE maintains a 55% interest in the company. The platform initially offered an institution-grade trading platform for daily physically settled bitcoin futures contracts but struggled to get this product off the ground. Soon after launching its first cryptocurrency options product, the company announced it would pivot to focus on crypto custody and a consumer-focused reward-point operation. Bakkt, however, recently said it plans to downscale its custody business. Bakkt’s first CEO, Kelly Loeffler, briefly stepped down from her position in 2019 to become a Republican US Senator from Georgia under Donald Trump’s first presidential administration and is reportedly involved in organizing Trump’s January 2025 inauguration. Loeffler is also married to the CEO of ICE, Jeff Sprecher.
President Trump’s Involvement and History with Crypto
Donald Trump raised hundreds of millions from major crypto players during his campaign, including a sizeable $2 million donation from co-founders of Gemini, Tyler and Cameron Winklevoss. Trump launched several significant crypto efforts, including multiple NFT series and plans to l
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Author: Jana Serfontein
