8 sources·Business

Trump Media Close to Acquiring Crypto Platform Bakkt as Political Influence Grows

Donald Trump's media company is nearing an all-stock deal to buy cryptocurrency trading firm Bakkt, signaling deepening ties with the crypto industry.

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Updated: Nov 19th, 2024, 6:42 PM ET

Summary

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Trump Media and Technology Group (TMTG) is reportedly in advanced talks to acquire Bakkt, a cryptocurrency trading platform, in an all-stock deal. This move, anticipated to strengthen Trump's position in the crypto market, comes amidst rising stock prices for both companies following the news. Bakkt's shares surged over 162%, while TMTG experienced a 16% increase before facing a slight decline. The deal involves connections with former Bakkt CEO Kelly Loeffler and highlights Trump's shift toward pro-crypto policies and support from high-profile industry figures as he seeks to become a significant player in the cryptocurrency space.

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