Trump’s social media team is in talks to buy crypto exchange Bakkt
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Trump Media and Technology Group is in talks to acquire crypto exchange Bakkt in an all-share transaction. The purchase widens its influence on the crypto market, where bitcoin prices have been rising since Trump won the election.
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Donald Trump's Media and Technology Group (TMTG) is in advanced negotiations to acquire Bakkt, the crypto trading platform owned by Intercontinental Exchange (ISA).
TMTG, which operates Truth Social and has $2.6 million in revenue this year but is valued at $6 billion in equity, plans to use the stake as leverage, according to the Financial Times.
The deal expands Trump's presence in the crypto market following the launch of a separate crypto venture, World Liberty Financial.
The crypto market has seen significant activity since Trump's election victory, with Bitcoin surging over 30% on speculation of favorable industry legislation under his administration.
ICE maintains a 55% economic interest in Bakkt, which was originally held by Kelly Loeffler, ICE's former chief marketing officer and a former Republican senator from Georgia.
Loeffler, who is married to ICE founder and CEO Jeff Sprecher, currently serves as co-chair of the Trump Inauguration Committee.
Bakkt's crypto holding business, which operates under a New York regulatory license, is expected to be excluded from the deal. The division reported a loss of $27,000 in the third quarter on revenue of $328,000.
Truth Social, which averaged 646,000 daily website visitors this month, is significantly behind Similarweb, which records 155 million visits daily.
Despite its relatively small reach, Truth Social has become a key asset for Trump, with its 53% stake in TMTG worth more than $5.7 billion, as calculated by Bloomberg.
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