Trump Media Moves Into Crypto With Potential Bakkt Purchase

• Trump Media & Technology Group explores potential acquisition of crypto platform Bakkt.
• Bakkt shares surged 162%, and Trump Media shares stood at $32.78 after the news.
• Move signals growing acceptance of cryptocurrency after Trump’s promises to the industry.

Donald Trump’s Trump Media & Technology Group has reportedly entered discussions to acquire Bakkt. Bakkt is a cryptocurrency trading platform backed by the Intercontinental Exchange. According to the report by Financial Times, the company is inching closer towards the all-share purchase of Bakkt.

The announcement triggered a market response, with Bakkt’s shares experiencing a 162% surge. At press time, the stock price of Bakkt stood at $29.71. Trump Media shares also demonstrated strong performance, closing with a 16.65% gain and a share price of $32.78 at press time.

This potential acquisition could have a crucial impact on the cryptocurrency sector, particularly following Donald Trump’s recent presidential election victory and his increasingly crypto-friendly stance. During his July keynote at a major Bitcoin conference in Nashville, Trump pledged to protect federal Bitcoin holdings and establish a “Bitcoin and crypto presidential advisory council.”

During the conference, Trump said the rules would be crafted by people who support the industry and not oppose it. “For too long our government has violated the cardinal rule that every bitcoiner knows by heart: Never sell your Bitcoin,” Trump emphasized in his conference speech. Trump’s pledge to create a crypto advisory council, combined with direct ownership of a major trading platform, suggests a more comprehensive approach to cryptocurrency integration in mainstream finance.

The acquisition talks represent a strategic move by Trump Media to enter the cryptocurrency space through an established platform with institutional backing. Bakkt’s connection to NYSE-owner Intercontinental Exchange also provides a bridge between traditional finance and digital assets.Trump’s previous commitment to maintaining government Bitcoin holdings adds context to this corporate strategy.

This development could accelerate institutional adoption of cryptocurrencies and potentially influence future regulatory frameworks. As per the details, the valuation of the acquisition was not disclosed. But as of press time, the market cap of Bakkt was at $401 million.