Catenaa, Saturday, November 23, 2024-Donald Trump’s social media company, Truth Social, is reportedly in “advanced talks” to acquire Bakkt, a crypto platform founded by the Intercontinental Exchange (ICE) in 2018.
The acquisition, if completed, would be an all-stock deal, with Trump Media and Technology Group, which Trump holds a 53% stake in, purchasing the platform from ICE.
Bakkt, initially launched as an institutional-grade platform for Bitcoin futures, has struggled with profitability and undergone several pivots since its inception. The company has recently focused on crypto custody and reward-points operations but is now expected to wind down its custody business.
Trump’s involvement in the crypto space has expanded in recent years, with efforts including NFT series, a DeFi protocol called World Liberty Financial, and pledges to support blockchain technologies.
Bakkt’s stock has been volatile, but saw a significant 15% rise following Trump’s nomination. The company had also been dealing with a reverse stock split earlier this year to avoid delisting from the NYSE.
