The social media company of incoming US President Donald Trump is reportedly in talks to buy cryptocurrency trading company Bakkt.
According to the Financial Times, Trump Media and Technology Group (TMTG), the parent company of Truth Social, is a subsidiary of Intercontinental Exchange Inc. It has acquired all shares in Bakkt, a #cryptocurrency trading platform owned by the company. The FT cites two sources familiar with the discussions.
According to the report, the exact valuation being considered remains unclear. However, note that Bakkt had a market capitalization of just over $115,000 million as of Monday. The acquisition of Bakkt could strengthen Trump's brand influence in the cryptocurrency market, align with his campaign stance and expand his influence on digital assets.
After Trump's election victory, TMTG stock became one of the most actively traded stocks, attracting retail investors looking to profit from volatile price swings. Shares of Bakkt soared 162% following news of the possible purchase, while TMTG shares rose about 16.7%.
the cryptocurrency market experienced a significant rebound following the announcement of Trump's victory. #Bitcoin surged 30% on hopes that the Trump administration will pass legislation favorable to the industry. The successful deal will help strengthen Trump's position in the digital asset market, an industry he supported during the campaign.
the president-elect also made a big move into the crypto industry by promoting a new crypto venture, World Liberty Financial (WLF). He announced it during a live broadcast at the Bitcoin9 conference in May 2024 and admitted that he was initially not very interested in cryptocurrency, but was intrigued by its potential after the success of the Trump-branded digital trading card.
his financial reports filed between 2024 and 2028 showed that in 2023, he earned about $7,720 million from license agreements related to NFT-
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