Trump Media in Talks to Acquire Bakkt Crypto Exchange

November 19, 2024 William Ross Business, Cryptocurrency News 0

Trump Media's Strategic Move Acquisition of Bakkt Crypto Exchange

 US President-elect Donald Trump’s social media company Trump Media, is currently in advanced talks to purchase Bakkt, a crypto exchange. The company is valued at over $400 million following the recent stock surge

Bakkt, once a prominent player in the crypto industry, had seen its prominence wane in recent years. Earlier this year, Bakkt publicly considered sale or breakup options, describing itself as a “marginal player in the space”.

Stock Price Surge

Since the news of the acquisition talks broke, Bakkt’s stock price has soared dramatically. Shares of Bakkt jumped over 162% on Monday following the report.

Trump Media’s stock also saw a substantial increase, closing the day up 16.65%. This surge in stock prices reflects the market’s positive reaction to the potential deal, reported BeingCrypto.com.

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Industry Reactions

The potential acquisition has sparked various reactions within the industry. “The only thing Trump Media has demonstrated they’re good at is selling overvalued equity,” said University of Florida finance professor Jay Ritter.

Despite this skepticism, the market’s response has been overwhelmingly positive, with investors showing strong support for the deal.

Future Prospects

If the acquisition goes through, it could mark a new chapter for both Trump Media and Bakkt. Trump Media, which has struggled to turn a profit, could benefit from Bakkt’s established presence in the crypto market.

Bakkt provides turnkey solutions for businesses looking to integrate crypto trading services. This includes handling KYC/AML, KYT, on-chain forensics, tax, and custody.

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This potential acquisition marks an important move for Trump Media, which operates the social media platform Truth Social.

 

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William Ross
About William Ross 282 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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