Bakkt, the once-promising darling of traditional finance entering the crypto space, could soon be owned by pro-crypto president-elect Donald Trump.
A recent report disclosed that Trump’s media company is in advanced talks to acquire the Intercontinental Exchange-founded trading venue in an all-stock deal.
The Financial Times reported on Monday, citing two anonymous individuals privy to the matter, that Trump Media and Technology Group (TMTG), which runs Truth Social, is in advanced discussions for an all-share acquisition of Intercontinental Exchange-owned Bakkt.
Despite raking in a revenue of just $2.6 million year-to-date, TMTG, in which Trump holds a majority 53% stake, boasts a $6 billion equity valuation driven by retail investor interest following the former president winning the presidency.
The Intercontinental Exchange initially created Bakkt intending to help users buy Starbucks coffee with Bitcoin. However, after debuting its first crypto options products, Bakkt shifted focus to crypto custody and trading services. It’s worth mentioning that this custody business, which holds crypto assets like Bitcoin and Ethereum, will be excluded from the potential deal with Trump’s media company.
If the deal goes through, it will represent another key step for Trump to expand his presence in the crypto world. He has already launched several high-profile crypto efforts, including multiple non-fungible token collections and a decentralized finance venture called World Liberty Financial.
The President-elect has also made a number of overt promises, from nurturing the blockchain industry, replacing unpopular regulators like Securities and Exchange Commission chairman Gary Gensler, to creating a strategic Bitcoin reserve.
Bitcoin and the broader crypto market have witnessed bullish momentum ever since Trump secured reelection as the next president of the United States, with BTC soaring over 30% amid heightened hopes of friendly industry legislation under his government. The price of the OG crypto reached a new record high of $94,040 earlier today, per data from CoinGecko.
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