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Trump Media Nears All-Stock Acquisition of Bakkt; Shares Surge Over 150%

Nov 18, 2024, 08:43 PM

Trump Media & Technology Group, the media company founded by President-elect Donald Trump, is reportedly in advanced talks to acquire Bakkt, a cryptocurrency trading platform majority controlled by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. Bakkt, headquartered in Georgia, provides software-as-a-service solutions for cryptocurrency ownership and trading. The potential all-stock acquisition has led to a significant surge in Bakkt's shares, which have soared by over 150%, while Trump Media's stock (DJT) has risen by 16%. CNBC and the Financial Times reported that Trump intends to retain his 53% stake in Trump Media following the acquisition. The deal, if finalized, would mark a significant move by Trump Media into the cryptocurrency sector.