Trump's Truth Social in Advanced Talks to Acquire Bakkt in $100 Million All-Stock Deal

Nov 18, 2024, 08:35 PM

Donald Trump's social media company, Trump Media and Technology Group (TMTG), which operates Truth Social, is reportedly in advanced talks to acquire Bakkt, a cryptocurrency trading platform owned by Intercontinental Exchange (ICE). The potential all-stock deal, valued at over $100 million, would expand TMTG's presence into the cryptocurrency market. Bakkt, founded in 2018 and headquartered in Georgia, has struggled to turn a profit despite being publicly traded. The discussions, reported by the Financial Times, have caused Bakkt's shares to surge over 162%, bringing its valuation to approximately $150 million.