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Bakkt may be acquired by Trump’s media company
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Truth Social, the social media company of Donald Trump, president-elect of the United States, is in advanced negotiations to acquire the cryptocurrency platform Bakkt, according to information released by the Financial Times.
The operation, if confirmed, will take place through shares and will involve Trump Media and Technology Group, in which Trump holds a 53% stake.
The acquisition would mark another step in Trump’s involvement with the cryptocurrency sector. Bakkt, created in 2018 by Intercontinental Exchange (ICE), controller of the New York Stock Exchange, has undergone several restructurings since its founding.
Initially conceived as an institutional trading platform for physically settled Bitcoin futures, the company has shifted its focus to custody services and a consumer-facing rewards system.
Bakkt’s history and difficulties in the market
Throughout its history, Bakkt has raised hundreds of millions of dollars from investors such as Boston Consulting Group, Galaxy Digital and Microsoft’s M12 venture fund. Despite significant financial support, the company faced difficulties in achieving profitability.
Recently, the platform announced the possible discontinuation of its crypto custody service. In April, it carried out a reverse stock split in a ratio of 1 to 25, in order to avoid being delisted from the New York Stock Exchange. With Trump’s nomination as presidential candidate, Bakkt (BAKKT) shares gained 15% last week and are up 162.37% in after-market trading.
Donald Trump has shown a strong interest in supporting the blockchain and cryptocurrency industry. During his election campaign, he raised millions of dollars from big names in the industry. Additionally, it launched initiatives such as NFT collections and the World Liberty Financial decentralized finance protocol.
Among his promises are the dismissal of the current chairman of the US Securities and Exchange Commission, Gary Gensler, and the release of Ross Ulbricht, creator of Silk Road.
Bakkt also has historical ties to the Trump administration. This is because Kelly Loeffler, its first CEO, left her position in 2019 to temporarily take up a seat in the US Senate for the state of Georgia during the former president’s government. She is currently involved in organizing Trump’s inauguration, scheduled for January, if elected.
If completed, the acquisition will reinforce Trump’s presence in the cryptocurrency market and his positioning strategy in the financial technology sector.
Bakkt may be acquired by Trump’s media company
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Bakkt may be acquired by Trump’s media company
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Bakkt may be acquired by Trump’s media company
