Bakkt in Talks to Be Acquired by Trump Media: Report

Bakkt, a crypto trading and digital asset platform, is in advanced talks to be acquired by Trump Media and Technology Group, according to a Financial Times report.

Bakkt, founded in 2018 by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, is a regulated firm for cryptocurrency trading and asset management. Bakkt is headquartered in Atlanta, Georgia, and caters to both institutional and retail investors.

Trump Media is headquartered in Florida. The firm runs the Truth Social social-media platform and is owned by President-elect Donald Trump.

Bakkt Shares Rise 162%

Following the news of the acquisition Bakkt’s shares surged over 162% on Monday. The talks of a possible acquisition hint Trump Media, appears to be looking at solidifying its entry into the crypto space through this potential deal.

Bakkt has gained attention for its focus on bridging the gap between traditional finance and the emerging digital economy. It offers services ranging from cryptocurrency trading to loyalty program integrations, allowing users to manage assets like Bitcoin, airline miles, and gift cards.

Both Bakkt and Trump Media were unavailable for comment on the report.

Trump’s Presidential Election Win Positive For Crypto

Trump has openly expressed his desire to enact a crypto-friendly regulatory framework while in office amid the launch of his family’s crypto platform, World Liberty Financial.

Most recently, Trump pledged to fire SEC Chair Gary Gensler for the federal agency’s regulation-by-enforcement approach to cryptocurrencies in recent years.

Following Trmup’s election, Bitcoin soared to new highs, hitting $93,000 on Wednesday.