Truth Social, the social media company in which Donald Trump holds a 53% stake, is in talks to buy the crypto custody platform, Bakkt. In response to the news, Bakkt (BKKT) shares experienced a price surge of +162% in one day.
Bakkt: Truth Social di Trump è in trattativa per acquistare la piattaforma crypto
According to what has been reported, Truth Social, the social media company in which Donald Trump holds a 53% stake, might buy Bakkt.
The two companies are reportedly already in a situation of “advanced negotiations” and, if the operation were to be concluded, Trump Media and Technology Group will be seen acquiring the company from the Intercontinental Exchange, the operator of the New York Stock Exchange.
Bakkt is a crypto custody and trading company, founded by the NYSE operator Intercontinental Exchange in 2018.
Over the years, the crypto platform has gone through multiple reinventions. A connection is the first CEO of Bakkt, Kelly Loeffler, who resigned in 2019 to briefly become a Republican senator from Georgia under the first Trump administration. Loeffler is the wife of ICE CEO, Jeff Sprecher. And it is ICE that launched Bakkt and today holds a 55% stake in the crypto platform.
At the same time, Trump continues to be increasingly involved in the crypto world and this new purchase could become further confirmation.
Bakkt acquired by Trump’s Truth Social? BKKT shares soar by +162%
While the rumors circulating have not yet been made official, it seems that investors have appreciated the news.
Just the idea that Bakkt could be acquired by Trump’s social media company caused the price of BKTT shares to bull.
In fact, Bakkt (BKKT) shares increased by +162% in post-market trading on Monday. The current price of BKTT is $29.71, the highest since last February 2024.
In fact, the latest news from Bakkt dates back to last June, when it was thought that the crypto custody and trading company was considering multiple strategic options, such as the possibility of a sale or dissolution.
In that month, it seems that Bakkt had sought the help of a financial advisor to make its decision, but still no choice was officially announced.
Despite the uncertainties, Bakkt also entered into a partnership with Blockchain.com in August 2024, in order to expand all the in-app crypto wallet services to all 50 States of the USA. Thanks to Bakkt, Blockchain.com was able to reach those 8 States in the USA where it previously could not offer its brokerage services.
Trump and the electoral vote on Blockchain
Apparently, Trump is increasingly involved in the crypto world even in his version as President-elect of the USA.
In fact, in addition to this “advanced negotiation” to acquire the crypto platform, recently the news has arrived that it seems to be working on a voting system on Blockchain as well.
In practice, together with the upcoming Department of Government Efficiency (D.O.G.E), Trump is aiming for a federal voting and identity verification system based on Blockchain.
This project should involve the platforms of Cardano, X, Hyperledger, and Hedera and have all the States implement an online electronic voting platform, called “eVote”.
