PANews reported on November 19 that Donald Trump's Trump Media & Technology Group (TMTG) is negotiating with the Intercontinental Exchange (ICE) to acquire its cryptocurrency trading platform Bakkt, which is expected to be completed in an all-stock transaction. Bakkt currently has a market value of about $150 million, while TMTG's equity valuation is as high as $6 billion, providing ample capital support for its business expansion.
If this transaction is successful, it marks Trump's further entry into the cryptocurrency market. As a result of this news, Bakkt's stock price soared by 162%, and TMTG's stock price increased by about 16.7%. In addition, due to the favorable policies expected from Trump's election victory, the cryptocurrency market has seen Bitcoin prices rise by over 30%. Previously, Bakkt planned to shut down its digital asset custody business due to profitability difficulties, retaining only the trading platform.
