Donald Trump’s Trump Media & Technology Group is planning to acquire the crypto trading firm Bakkt.
Bakkt stock more than doubled in value, and Trump Media stock surged by nearly 17%.
Trump Media’s potential acquisition of Bakkt Holdings Inc. would solidify Trump’s ties with the crypto industry
The U.S. President-elect Donald Trump’s Trump Media & Technology Group Corp. (DJT) plans to acquire crypto trading firm Bakkt Holdings Inc. (BKKT). Reports of the acquisition sent Trump Media’s stock surging by nearly 17%, while Bakkt’s shares more than doubled before trading was halted due to volatility.
The Financial Times revealed that Trump Media is advancing toward an all-share purchase deal with Bakkt, describing negotiations as well-developed. Bakkt’s stock skyrocketed by 162%, reaching $29.70, while its market value closed at $155 million on Friday.
Bakkt’s Rocky Road: From $1,000 Per Share to Survival Mode
The acquisition represents a dramatic turn for Bakkt, which has faced severe challenges in recent years. Back in October 2021, Bakkt’s stock traded above $1,000 as the crypto market approached all-time highs. However, declining market…
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