• Bakkt’s stock soared 162% as Trump Media negotiates to buy the crypto firm
• Trump Media’s stock, which owns TruthSocial, surged by over 16% following the news
• Trump has pledged to transform the US into the crypto capital of the world if elected president
Donald Trump‘s media company, Trump Media & Technology Group, is in talks to acquire the cryptocurrency firm Bakkt, according to a report by The Financial Times. This potential deal sent Bakkt’s stock price surging over 160%.
Trump Media’s Interest in Bakkt
Trump Media owns the conservative social media platform Truth Social. It has a market capitalization over $7 billion.
News of negotiations to purchase Bakkt caused Trump Media’s stock to jump more than 16%.
Bakkt is owned by the same company as the New York Stock Exchange. After the report, Bakkt’s shares rose 162%.
Earlier this year, Trump spoke at a Bitcoin conference and vowed to make the U.S. the “crypto capital of the world” if he returns to the presidency. His goals include replacing SEC Chair Gary Gensler, establishing a national Bitcoin reserve, and promoting crypto innovation.
Under Biden, the crypto industry claims it has faced harsher regulations from the SEC against companies like Ripple and Coinbase.
Background on Bakkt
Bakkt was created in 2018 through a special purpose acquisition company (SPAC). This allows a private company to go public without a traditional IPO.
This spring, Bakkt received a delisting warning from the NYSE for its stock falling below $1 per share for over 30 days. To address this, Bakkt did a 1-for-25 reverse stock split in April to boost its share price.
