Trump Media & Technology Group (TMTG), the parent company of Truth Social, is in advanced discussions to acquire Bakkt, the digital-asset marketplace, according to sources familiar with the matter. The potential deal, reported by the Financial Times, is set to be an all-share purchase. Bakkt’s market value was estimated at $155 million as of the latest trading session, and the company’s shares surged by more than 160% after the news broke.
Bakkt, which was launched by Intercontinental Exchange (ICE) in 2018, is still majority-owned by the parent company of the New York Stock Exchange (NYSE). Despite the rapid growth of Bakkt’s valuation during the 2021 cryptocurrency boom, the platform faced significant struggles, including the possibility of delisting from the NYSE due to financial troubles. Bakkt’s shares traded as high as $1,000 in October 2021 but have since fallen to around $29.70.
TMTG, founded by former President Donald Trump, operates the Truth Social platform and is backed by Trump, who owns more than 50% of the company. TMTG’s shares rose by approximately 17% following the reports of the Bakkt acquisition talks.
The news comes as Bakkt explores strategic options to revitalize its position in the digital asset space. TMTG’s potential acquisition of Bakkt could bring new attention and resources to the platform, signaling Trump’s deeper involvement in the cryptocurrency market and the digital asset industry.
