Trump Media and Technology Group (TMTG), the operator of Truth Social, is reportedly in advanced negotiations to acquire cryptocurrency trading platform Bakkt. The deal, which has sparked significant speculation, would see President-elect Donald Trump’s company expand into the cryptocurrency space.
According to a report by the Financial Times, TMTG is pursuing an all-stock acquisition of Bakkt, a Georgia-based crypto firm that has faced financial difficulties in recent months. Trump, who holds a 53% stake in TMTG, has positioned himself as a “crypto president,” making digital assets a key part of his campaign messaging and pledging to create a crypto-friendly regulatory environment.
The Political and Financial Connections
Bakkt, which was founded in 2018, has deep ties to Georgia politics. It was spearheaded by Kelly Loeffler, a former executive at Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange and Bakkt’s majority owner. Loeffler, who served briefly as a U.S. senator, has been a close ally of Trump.
Loeffler left Bakkt in 2019 to fill the Senate seat vacated by Johnny Isakson but lost the subsequent election in 2021. Since then, she has remained active in Republican politics, founding Greater Georgia, a voter turnout organization, and co-chairing Trump’s inaugural committee. Alongside her husband, ICE CEO Jeff Sprecher, Loeffler was among Trump’s top donors in Georgia during the recent election cycle, contributing nearly $5 million to his campaign.
Financial Challenges for Bakkt
The potential acquisition comes as Bakkt faces significant financial headwinds. Earlier this year, the company raised concerns about its financial viability, warning in a regulatory filing that it lacked sufficient cash reserves to sustain operations over the next 12 months.
Despite these challenges, the news of the potential deal has invigorated Bakkt’s stock. Shares surged from $12 to $30 in after-hours trading following the report.
Implications for Trump’s Crypto Agenda
The acquisition, if finalized, would mark a major step in Trump’s efforts to position the U.S. as a global hub for cryptocurrency. His vocal support for the industry, including an appearance at a major Bitcoin conference, has bolstered enthusiasm among crypto investors.
Neither Bakkt nor ICE has commented on the reported deal, and details regarding Bakkt’s valuation remain unclear. However, the move highlights Trump’s ongoing push to integrate digital assets into his broader economic vision, signaling a potential shift in the role of cryptocurrency within the U.S. financial landscape.
