- Talking about the Trump Media and Technology Group, it has become an actively traded stock after the victory of Donald Trump.
- In the Q3 of the last year, the platform reported a significant loss estimated at about $27,000 along with a revenue of $328,000 in the same quarter.
- It is also speculated that if the deal is sealed then it will help to spread the increasing involvement of Trump in the industry. It will also accompany his crypto venture, World Liberty Financial
On November 18, a prestigious media outlet reported that the media group owned by Donald Trump, Trump Media and Technology Group (TMTG), can reportedly acquire Bakkt. Bakkt is a crypto trading platform owned by Intercontinental Exchange (ICE).
The report further states that the deal will consist of all-share purchases, which is a step taken by TMTG to expand operations and set foot in the rapidly growing crypto market. A data aggregator shows that after the news of the acquisition surfaced over the internet, the share price also went up by 165% to $29.
The speculated acquisition
Talking about the Trump Media and Technology Group, it has become an actively traded stock after the victory of Donald Trump. In 2024, the media group has generated around $2.6 million and it holds a $6 billion equity valuation.
Some sources who are constantly in touch with the talks have revealed to the prestigious media source that the crypto custody business of Bakkt is not included in the presented deal as it has tried hard to achieve resistance and was anticipated to relax.
After the acquisition of the crypto trading platform, TMTG will be able to have complete access to the platform. The platform mainly targets institutional investors which is a market sector targeted by an organized trading infrastructure.
It is also speculated that if the deal is sealed then it will help to spread the increasing involvement of Trump in the industry. It will also accompany his crypto venture, World Liberty Financial, a stablecoin-backed credit platform. Neither the firms, Bakkt nor TMTG have commented on the matter and also they haven’t replied to the requests by various media organizations.
Gains and losses by the platform
ICE commonly known as Intercontinental Exchange founded Bakkt, back in 2018, and it has struggled a lot to gain profit. In the Q3 of the last year, the platform reported a significant loss estimated at about $27,000 along with a revenue of $328,000 in the same quarter.
The gains and losses reported by the firm is of its crypto custody business, holding cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). Adding more to this, at the beginning of this year, the firm has kept the platform away from delisting from the New York Stock Exchange.
Regardless of the struggles faced by Bakkt, the continued institutional focus and tie-up to ICE would add strategic value to TMTG. The first chief executive officer of Bakkt, Kelly Loeffler is a fast friend of Trump and also positioned as co-chair of his inauguration committee.
