Trump Media Group negotiates to acquire Bakkt, and the crypto market is boiling

According to sources, Trump Media and Technology Group, owned by US President-elect Trump, is in acquisition negotiations with Bakkt, a cryptocurrency trading platform under the Intercontinental Exchange (ICE). On Monday, boosted by the news, Bakkt's stock price soared 162.46%, with a market value of approximately US$400 million; Trump Media and Technology Group's stock price also rose 16.65%, with a market value of US$7.111 billion.

If the acquisition is successful, Trump will further enter the cryptocurrency market. Bakkt was created by Intercontinental Exchange and holds a 55% stake, but its cryptocurrency custody business has been difficult to make a profit. In the third quarter of this year, revenue was only US$328,000 and a loss of US$27,000. Despite this, Bakkt has attracted much attention for its connection with Intercontinental Exchange and its position in the cryptocurrency field.

Trump Media and Technology Group is the parent company of the social media platform Truth Social, which has become an important channel for Trump to speak out since he was banned by mainstream social media platforms after the riots at the US Capitol in 2021. Although Truth Social has a relatively small user base, Trump Media & Technology Group's market value far exceeds its revenue scale, providing capital support for its acquisition.

It is worth noting that Bakkt's CEO Kelly Loeffler served as a senator from Georgia during Trump's first term and was co-chair of Trump's inauguration organizing committee. This background makes the acquisition more eye-catching. Trump has previously begun to promote new cryptocurrency companies and promised to list Bitcoin as a strategic reserve asset in the United States if he returns to the White House. If this acquisition is successful, it will further consolidate Trump's position in the cryptocurrency market.

However, Trump Media & Technology Group's acquisition plan also faces some challenges. Bakkt's cryptocurrency custody business may not be included in the transaction scope, and the company once faced the risk of delisting. In addition, Truth Social has a relatively small user base and its visits cannot be compared with mainstream social media platforms. Despite this, Trump Media & Technology Group is still regarded as an important force in the cryptocurrency market, and its acquisition of Bakkt will further promote the development of the market.$BTC $ETH #币安矿池FB联合挖矿 #英伟达财报即将公布