🧐 Trump's media company Truth Social is negotiating to acquire the cryptocurrency platform Bakkt
According to the Financial Times, Trump's social media company Truth Social is in talks with the cryptocurrency platform Bakkt Holdings to acquire Bakkt. Bakkt is an institutional cryptocurrency asset platform backed and supported by ICE, the parent company of the New York Stock Exchange.
Upon this news, Bakkt's stock price soared by 160%, and Trump's media stock rose by 17%. Although the details of the deal have not been disclosed, it is said that the transaction value may exceed $100 million!
Chris Weston, head of research at Pepperstone Group, stated that this event has revitalized the cryptocurrency market and may have provided a positive boost to market sentiment.
Jim Angel, a finance professor at Georgetown University in Washington, commented that the only advantage of Trump’s media is the label of being the new president. Currently, the cryptocurrency community strongly supports the president, and they are all looking forward to returns.
However, it is worth noting that this cryptocurrency custody and trading platform received a non-compliance warning from the New York Stock Exchange in March.
There are also views that Trump has promised to promote regulations favorable to cryptocurrency assets and establish a national strategic Bitcoin reserve, and this acquisition of Bakkt may be a manifestation of that promise.
There’s more good news, as Bloomberg's latest report states that Nasdaq is about to list options for BlackRock's iShares Bitcoin Trust, and Goldman Sachs is also planning to spin off its cryptocurrency asset platform, which are all signs of the deepening integration of cryptocurrency and blockchain technology into the financial system.
As of now, the market capitalization of cryptocurrency has rebounded to a historic high of $3.2 trillion. At the same time, Bitcoin has risen by 37% since Trump's election win, and is now less than 10% away from $100,000.
What are your thoughts on this potential deal exceeding $100 million? Is the future of cryptocurrency looking brighter? See you in the comments!
