Donald Trump’s Truth Social Eyes Crypto, in Advanced Talks To Acquire Bakkt

Key Takeaways

• Donald Trump’s media company is in talks to acquire crypto trading platform Bakkt.
• Bakkt is valued at $150 million, while Trump’s media company is valued at $16 billion.
• Trump’s pro-crypto stance has become a central part of his campaign as he prepares to take office in January.

President-elect Donald Trump’s social media company, Truth Social, is reportedly in advanced talks to acquire crypto exchange Bakkt.

Bakkt, currently valued at $150 million, is operated by the Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE).

According to a Financial Times report , the Truth Social team plans to acquire all of Bakkt’s shares, currently valued at $150 million.

Bakkt and Truth Social See Stock Surge

Rumors of the acquisition have already affected the stock prices of both companies.

Bakkt shares surged by 162% on Monday, reaching a six-month high of $29.67.

Meanwhile, shares in Trump’s parent company, Trump Media & Technology Group (TMTG), saw a 17% rise on the same day. While specific terms of the deal remain unclear, sources suggest that Truth Social is looking to acquire all of Bakkt’s outstanding shares.

Trump, who owns a 53% stake in TMTG, founded Truth Social in 2022 following his ban from X. Despite struggling to challenge the dominance of social media giants like X, Truth Social’s valuation of $6 billion provides the platform with the leverage to pursue high-profile acquisitions, such as Bakkt.

A Turning Point for Trump’s Business Strategy

For Trump, the potential deal with Bakkt represents a pivotal moment in his business career. Known for his real estate empire, Trump’s financial history is also marked by several bankruptcies , having filed for bankruptcy four times.

However, his recent ventures into the crypto space have shown promise. If successful, the Bakkt acquisition would solidify his status as a major player in the crypto industry.

Trump’s relationship with crypto has evolved significantly over the years. As president, he frequently criticized Bitcoin , dismissing it as a passing internet bubble.

However, his stance has since shifted. In December 2022, Trump launched a successful non-fungible token (NFT) collection, earning millions in the process. This launch marked the beginning of his increasing involvement in the crypto world.

Since then, he has launched additional NFT collections and made crypto policies a central focus of his 2024 campaign, promising to appoint pro-crypto regulators and turn the U.S. into the global “Bitcoin capital.”

The Crypto Voter Impact

Trump’s win in the 2024 election was fueled in part by support from the crypto community, with millions of dollars in donations from crypto corporations.

The market’s reaction to his victory was overwhelmingly bullish, with Bitcoin hitting an all-time high above $93,000—marking a nearly $30,000 increase from its previous record.

Should the acquisition of Bakkt go through, it would be a significant step for Trump as he reshapes his business empire. With his pro-crypto policies gaining traction, the President-elect’s next chapter could be defined by his influence on the crypto industry.