Trump Media In Talks To Buy Crypto Trading Platform Bakkt
Trump Media is in advanced talks to buy crypto trading platform Bakkt, sending shares of the platform soaring. The company, majority-owned by President-elect Donald Trump, also operates the Truth Social app, also saw its shares surge following the reports. Kelly Loeffler, a former CEO of Bakkt, is the co-chair of Trump’s inauguration committee. Bakkt went public in 2021 and generated over $50 million in revenue last year, according to data from FactSet. The exchange’s current market capitalization is just over $400 million.
Trump is also set to meet Coinbase CEO Brian Armstrong in the pair’s first meeting since the election. However, details on the meeting’s agenda remain unclear. The meeting comes as Trump picks his cabinet and decides on other crucial roles. The President-elect plans to appoint a Bitcoin and crypto advisory council. Armstrong has publicly supported Hester Pierce, a Trump SEC Commissioner to lead the regulator. Coinbase also contributed over $100 million to various political action committees.