Donald Trump's media company, Trump Media and Technology Group (TMTG), is reportedly in discussions to acquire the cryptocurrency trading platform Bakkt, owned by the Intercontinental Exchange.
Discussions on Bakkt Acquisition
Sources indicate that Trump Media and Technology Group (TMTG) is nearing an all-in purchase of Bakkt. Neither company has publicly commented on the discussions.
Financial Background of the Deal
As of Monday, Bakkt's market capitalization was approximately $150 million. Meanwhile, TMTG boasts an equity valuation of around $6 billion, providing it with the necessary resources for acquisitions.
Impact on the Crypto Industry
The potential acquisition of Bakkt underscores Donald Trump's increasing involvement in the crypto sector. This move could allow Bakkt to reevaluate its operational strategy.
The potential handover of Bakkt to TMTG demonstrates a significant interest in the cryptocurrency sector from Donald Trump's media business. This deal might have considerable impact on both organizations.
