Donald Trump’s Social Media Company in “Advanced Talks” to Acquire Crypto Platform Bakkt

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As a seasoned crypto investor with a knack for spotting trends and a keen interest in politics, I find this potential acquisition of Bakkt by Trump Media and Technology Group intriguing. Donald Trump’s involvement in the crypto world has been quite dynamic, from raising significant funds during his campaign to launching NFT series and DeFi projects.

It’s being reported that Donald Trump’s digital platform company, ‘Trump Media and Technology Group,’ which runs Truth Social, is near to a takeover deal involving only stocks with the cryptocurrency trading firm, Bakkt.

According to reports from the Financial Times, which has sources familiar with the matter, Trump Media and Technology Group, a social media company owned by President-elect Donald Trump, is said to be in advanced negotiations to acquire Bakkt, a cryptocurrency trading firm.

Trump-Owned Social Media Company Set to Acquire Crypto Platform

As reported by FT, Truth Social and Trump Media and Technology Group, the social media companies, are in advanced discussions for a potential acquisition of Bakkt, a cryptocurrency platform. If successful, this deal would mean that the president-elect’s company would take over Atlanta-based Bakkt from its current owner, Intercontinental Exchange (ICE), which operates the New York Stock Exchange.

The president-elect maintains a 53% stake in Trump Media and Technology Group.  

Bakkt, founded by the Intercontinental Exchange (ICE) in 2018, offers secure storage, trading, and onboarding services for cryptocurrencies. Initially, it focused on a professional-level platform for daily bitcoin futures contracts, but struggled to gain traction. After introducing its first options product for cryptocurrency, the company decided to shift its focus towards crypto custody and a consumer-centric reward program. However, Bakkt has recently announced plans to reduce its custody business. Notably, its first CEO, Kelly Loeffler, temporarily stepped down from her role in 2019 to serve as a Republican US Senator from Georgia during Donald Trump’s presidency. She is also reportedly involved in organizing Trump’s potential inauguration in January 2025. Interestingly, her husband, Jeff Sprecher, is the CEO of ICE.

President Trump’s Involvement and History with Crypto

During his campaign, Donald Trump received hundreds of millions from major cryptocurrency investors, with the Winklevoss twins, Tyler and Cameron, contributing $2 million. Trump took various steps in the crypto sphere, such as launching numerous NFT series and planning to introduce a decentralized finance (DeFi) project called World Liberty Financial. According to the white paper for this project, users will be able to utilize digital wallets, credit systems, and borrow or lend funds. Additionally, the platform intends to offer token-based investments in various assets, including cryptocurrencies. The DeFi project also aims to issue a non-transferable governance token that grants users some control over platform decisions.

Additionally, Trump has expressed many favorable comments about cryptocurrency and intends to establish pro-crypto policies. Remarkably, Trump suggested earlier this year that the remaining Bitcoin (BTC) should be mined within the United States, arguing that it would aid the nation in becoming more energy self-sufficient.

Following his significant victory in the U.S. presidential election, President Trump has implemented a number of policy shifts, one of which involves assigning Elon Musk and Vivek Ramaswamy to head the Department of Government Efficiency (DOGE). In a statement, Trump announced that DOGE is instrumental for his administration to “disassemble government red tape, reduce unnecessary regulations, curtail unnecessary spending, and reorganize federal departments – all critical steps for the ‘Save America’ initiative.

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2024-11-19 18:02