- Donald Trump’s Trump Media & Technology Group is planning to acquire the crypto trading firm Bakkt.
- Bakkt stock more than doubled in value, and Trump Media stock surged by nearly 17%.
- Trump Media’s potential acquisition of Bakkt Holdings Inc. would solidify Trump’s ties with the crypto industry
The U.S. President-elect Donald Trump’s Trump Media & Technology Group Corp. (DJT) plans to acquire crypto trading firm Bakkt Holdings Inc. (BKKT). Reports of the acquisition sent Trump Media’s stock surging by nearly 17%, while Bakkt’s shares more than doubled before trading was halted due to volatility.
The Financial Times revealed that Trump Media is advancing toward an all-share purchase deal with Bakkt, describing negotiations as well-developed. Bakkt’s stock skyrocketed by 162%, reaching $29.70, while its market value closed at $155 million on Friday.
Bakkt’s Rocky Road: From $1,000 Per Share to Survival Mode
The acquisition represents a dramatic turn for Bakkt, which has faced severe challenges in recent years. Back in October 2021, Bakkt’s stock traded above $1,000 as the crypto market approached all-time highs. However, declining market conditions left the company struggling, raising doubts about its operational viability and its future on the New York Stock Exchange (NYSE).
Trump Media’s stock, which has experienced volatility since the U.S. election, fell by 3% despite the recent rally. However, Monday’s gains provided a notable boost. Trump, who owns 53% of his media company, earlier announced he would retain his stake, signaling confidence in the firm’s growth trajectory.
If finalized, the deal would deepen Trump’s involvement in the crypto space, aligning with his administration’s anticipated pro-crypto policies. This acquisition could mark a significant step toward transforming the U.S. crypto industry. Observers believe Trump’s actions aim to position the country as a leader in the global digital economy.
Read also: Donald Trump to Appoint Pro-Crypto Candidates in Key Positions
The announcement of the acquisition and subsequent stock surges have drawn significant attention from the crypto community. Speculators are eager to see how Trump’s administration may shape the U.S. crypto market and deliver on promises to bolster economic leadership worldwide.
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Source: https://coinedition.com/trump-media-targets-bakkt-deal-as-stock-prices-soar-162/