TRUMP EXPANDS CRYPTO FOOTPRINT 🌝🌝REPORTEDLY ACQUIRING BAKKT EXCHANGE 🙂🙂🙂
Donald Trump's media company, Trump Media & Technology Group, is reportedly in advanced talks to acquire Bakkt, a cryptocurrency trading platform . This move would expand Trump's influence in the crypto market, which has seen significant growth since his election victory.
Bakkt, founded by Intercontinental Exchange (ICE) in 2018, aims to bridge the gap between the crypto world and institutional finance . The platform offers technical services to crypto investors and has reported $328.4 million in revenue, with an operating loss of $27.4 million .
The acquisition would be an all-share transaction, with Trump Media's shares rising 16% and Bakkt's shares surging 162% following the news . This deal would also exclude Bakkt's crypto custody business, which operates under a New York regulatory license .
Trump's interest in Bakkt is seen as a strategic play to broaden his reach in the crypto market, which has been growing rapidly . As the president-elect, Trump has been a vocal supporter of cryptocurrencies and has even launched his own crypto venture, World Liberty Financial .
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