Trump Media and Tech Group, owned by U.S. President-elect Donald Trump, is in talks to acquire the cryptocurrency trading platform Bakkt. The deal is valued at over $150 million, excluding the crypto custody business.
Deal Negotiations
According to Financial Times reports, Bakkt is valued at over $150 million and is currently in negotiation with Trump Media. Following the announcement, shares of both companies surged.
Financial Performance of Bakkt and TMTG
Bakkt recently reported potential financial difficulties and is seeking advice from financial experts. In Q3 2024, the company posted $328.4 million in revenue with an operating loss of $27.4 million. Meanwhile, TMTG has announced a net loss of $363 million, with $2.6 million in revenue this year.
Donald Trump's Plans in the Crypto Space
During his presidential campaign, Donald Trump positioned himself as the "crypto candidate", endorsing digital currencies and accepting donations in crypto assets. He further expressed a desire to make the U.S. the crypto capital of the world and explored the possibility of creating a crypto reserve to tackle national debt.
The acquisition of Bakkt by Trump Media could significantly impact the cryptocurrency market. Meanwhile, Trump's ambitions in the crypto space continue to strengthen his position in the industry.
