According to sources familiar with the negotiations, TMTG is nearing a finalized agreement with Bakkt, which is owned by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. While the exact valuation of the deal is unclear, Bakkt’s market capitalization was approximately $150 million as of Monday.
If successful, this acquisition would mark a significant expansion of President-elect Donald Trump’s presence in the crypto market, building on his recent endorsements of blockchain ventures.
The potential acquisition of Bakkt represents a bold move for TMTG, a company already riding high on its flagship social media platform, Truth Social. Trump holds a 53% stake in TMTG, which boasts an equity valuation of $6 billion. Following his election victory, TMTG’s stock became one of the most actively traded on the market, buoyed by investor enthusiasm.
In response to the news, Bakkt’s shares skyrocketed by 162%, while TMTG shares climbed 16.7%.
This acquisition could further solidify Trump’s influence in the burgeoning crypto sector. Earlier this month, Trump publicly promoted World Liberty Financial, another crypto-related venture, signaling his interest in blockchain technology as a key growth area.
Launched with much fanfare, Bakkt initially aimed to revolutionize crypto trading and custody services. However, financial difficulties have plagued the company, and its parent company, Intercontinental Exchange, still holds a 55% economic interest in it.
The negotiations indicate that Bakkt’s struggling crypto custody business—where digital assets like Bitcoin are stored on behalf of clients—will likely be excluded from the deal. Instead, the focus is reportedly on Bakkt’s plans to develop a trading platform for institutional investors.
This strategic pivot aligns with Trump’s vision of expanding into financial services while leaving behind underperforming segments.
Trump’s renewed presence in the cryptocurrency landscape is already making waves. The sector saw a notable uptick following his Election Day victory, as investors anticipated favorable policies and an endorsement of blockchain innovation.
The acquisition of Bakkt, if completed, would position Trump as a key player in the industry, giving him direct involvement in a trading platform catering to both retail and institutional clients.
The deal also revives historical ties between Trump and key players at Bakkt. The company’s first CEO, Kelly Loeffler, served as a Republican senator from Georgia during Trump’s first term. Loeffler was also co-chair of the committee responsible for organizing Trump’s inauguration.
While Loeffler is no longer directly associated with Bakkt, her tenure adds an intriguing layer to the narrative of Trump’s deepening involvement in blockchain technologies.
Despite its ambitions, Bakkt has struggled to gain a foothold in the highly competitive crypto market. Questions remain about whether TMTG can turn the platform into a profitable venture.
By targeting Bakkt’s trading capabilities rather than its custody services, TMTG appears to be focusing on areas with greater growth potential. Institutional trading, in particular, has seen a surge in interest as major financial players explore crypto investments.
For Trump, this deal represents more than just a business move—it’s a chance to consolidate his brand in the fast-evolving world of digital finance.
If finalized, the acquisition will deepen Trump’s foray into crypto and further expand TMTG’s portfolio beyond social media. As the financial and political worlds continue to intersect, Trump’s ventures could have wide-ranging implications for the blockchain industry.
While the deal is not yet complete, the market reaction suggests significant anticipation. Investors are closely watching TMTG’s next steps, as well as potential regulatory responses to the merger.
This potential acquisition underscores Trump’s intention to leverage his brand and political influence in new and disruptive industries. For TMTG, adding a crypto trading platform could be the next step in its transformation into a multifaceted tech and financial conglomerate.
As the crypto market evolves, the partnership between TMTG and Bakkt—if realized—could redefine the landscape, offering Trump a new avenue to influence and innovate. For now, the financial world waits to see if this high-stakes gamble will pay off.
