Trump SocMed Firm Eyes Bakkt Crypto Exchange Takeover

Incoming U.S. President Donald Trump’s social media company is reportedly in advanced talks to buy crypto trading firm Bakkt.

According to the Financial Times, Trump Media and Technology Group (TMTG), the parent company of Truth Social, is nearing an all-share acquisition of Bakkt, a cryptocurrency trading platform owned by Intercontinental Exchange Inc. The FT cited two sources familiar with the discussions.

The exact valuation being considered remains unclear, the report said. However, it is notable that Bakkt’s market capitalization was logged at just over $150 million as of Monday. Acquiring Bakkt could cement the Trump brand’s influence in the crypto market, aligning with his campaign’s crypto-friendly stance and expanding his reach in digital assets.

Since Trump’s election victory, TMTG has become one of the most actively traded stocks, attracting retail investors eager to profit from its volatile price swings. Following news of the possible purchase, Bakkt’s stock soared by 162%, while TMTG stocks saw an increase of around 16.7%.

Crypto markets have seen a significant rise after Trump’s victory was announced. Bitcoin surged 30% on expectations that his administration would introduce legislation beneficial to the industry. A successful deal would help strengthen Trump’s move into the digital assets market, an industry he championed for during his campaign.

Trump Trading Cards, World Liberty Financial and DeFi

The president-elect has also made a significant move into the crypto industry by promoting a new crypto venture, World Liberty Financial (WLF). He introduced it during a livestream at a Bitcoin 2024 Conference in September, admitting that he was initially not “overly interested” in crypto but later became intrigued by its potential after the success of his Trump-branded digital trading cards.

His financial disclosures, filed in August 2024, revealed that he earned around $7.2 million in 2023 through a licensing deal related to NFTs.

WLF is exploring opportunities within the DeFi space by launching its own cryptocurrency, a “stablecoin,” which will be tied to the value of the U.S. dollar. Trump has been advocating for DeFi as a solution to prevent “big banks and financial elites” from taking advantage of ordinary Americans.

An X Spaces livestream also revealed that WLF seeks to function as a banking platform where users can eventually borrow, lend, and invest in crypto. Only accredited investors will be eligible to purchase tokens. Approximately 63% of the tokens will be available to the public, while 20% of the equity will be reserved for Trump family members and insiders, and 17% will be allocated for user rewards.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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