Trump Media is in “advanced talks” to buy the cryptocurrency trading company Bakkt, according to Financial Times.
The report cited two unnamed sources familiar with the matter. Bakkt was created by Intercontinental Exchange (ICE), the owner of the New York Stock Exchange.
The news sent both companies’ stock prices soaring. Trump Media, which owns Truth Social and is majority-owned by President Donald Trump, surged by 15% within minutes of the report. Bakkt’s shares jumped over 162%, triggering multiple trading halts due to excessive volatility.
Retail investors have piled in, betting on Trump’s growing political momentum. Despite reporting a $363 million net loss on revenues of only $2.6 million so far this year, Trump Media boasts a market cap exceeding $7 billion.
Bakkt, on the other hand, has yet to achieve widespread adoption. Trump’s potential acquisition could bring a high-profile boost, although the financial terms of the deal remain undisclosed. What this shows us is that Trump is ready to take his crypto commitment a step further.
However, Trump Media’s financial struggles are well-documented, with losses mounting despite its multi-billion-dollar valuation. Truth Social, the company’s flagship platform, has faced stiff competition and regulatory scrutiny, casting doubt on its long-term profitability.
This is a developing story
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