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JST JUST

+3.20% $0.03

Trump Media in Talks to Buy Crypto Firm Bakkt

By Altcoin Buzz

3 days ago

JST

2024

DJT

CEO

Send

This news has caused both companies’ stocks to surge.

After the report, Trump Media’s stock, which trades on the Nasdaq under the ticker DJT, shot up by over 16%. Let’s discover more about this important news for Bakkt.

Trump Media Eyes Bakkt Acquisition Amid Rising Stock Prices

Bakkt’s stock also skyrocketed by more than 162%, though it was briefly halted multiple times due to volatility. The deal would mark another step in Trump’s growing interest in the cryptocurrency world, even as he prepares to enter the White House in January 2025.

JUST IN – Trump media stock jumps after reports of talks to buy crypto trading firm Bakkt. Bakkt (BKKT) shares skyrocket pic.twitter.com/6LssfM6f3W

— Insider Paper (@TheInsiderPaper) November 18, 2024

Bakkt, founded in 2018, offers technology services to crypto investors. The company is based in Alpharetta, Georgia, and was originally launched by Intercontinental Exchange, which also owns the New York Stock Exchange. The company has struggled in recent years and even warned it might not be able to continue operating if things don’t improve. Still, Bakkt claims it has enough capital to survive for at least the next 12 months.

$BKKT Bakkt Reports Third Quarter 2024 Results

BakktX successfully tested, institutional client rollout to begin Q4’24

Net loss improved 87.8% year-over-year pic.twitter.com/IQGMRX7jyd

— 𝐭𝐡𝐞 𝐦𝐀𝐑𝐊𝐞𝐫 (@themarker18) November 14, 2024

A Business Deal with Big Potential

The news of Trump Media’s potential acquisition of Bakkt adds fuel to the fire for investors. Trump Media has seen its market value jump and drop significantly in the past year, largely due to speculation about Trump’s political future. Despite a reported $363 million net loss this year, Trump Media is valued at over $7 billion, in part because of its strong cash reserves.

Kelly Loeffler, a former CEO of Bakkt, also has close ties to Trump. She co-chaired Trump’s inauguration committee and was once married to the CEO of Intercontinental Exchange, Jeffrey Sprecher. Loeffler left Bakkt in 2019 to serve in the U.S. Senate but was defeated in 2021 by Democratic Senator Raphael Warnock.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.

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