President-elect Donald Trump’s media company, Trump Media and Technology Group (TMTG), is reportedly in advanced talks to acquire Alpharetta-based cryptocurrency trading platform Bakkt. This potential move underscores Trump’s ongoing pivot towards digital assets and his campaign promise to serve as a “crypto president.”
According to the Financial Times, the deal would involve an all-stock acquisition, though Bakkt’s current valuation remains unclear. Shares of Bakkt, which were trading at $12 per share before the news broke, surged to $30 in after-hours trading on Monday.
Bakkt, a public company, is majority-owned by Atlanta’s Intercontinental Exchange (ICE), the parent firm of the New York Stock Exchange. The platform was co-founded by former U.S. Senator Kelly Loeffler, a key Trump ally, in 2018 during her tenure as an ICE executive.
Loeffler, who left Bakkt in 2019 to fill the Senate seat vacated by Johnny Isakson, has remained a prominent figure in Trump’s political orbit. Alongside her husband, ICE CEO Jeff Sprecher, Loeffler was a top Trump donor during the last election cycle, contributing nearly $5 million to his campaign. She now serves as co-chair of Trump’s inaugural committee and is rumored to be under consideration for a role in his administration.
Bakkt has faced financial difficulties in recent months, raising concerns about its ability to remain operational. In a regulatory filing earlier this year, the company expressed doubts over its available cash reserves, stating they might not suffice to sustain operations for the next 12 months.
Despite these challenges, Bakkt’s financial performance has recently shown signs of improvement. CEO Andy Main reported a significant increase in trading volumes and revenue following Trump’s election victory.
“Since the U.S. Presidential election, we’ve seen a dramatic increase in trading volumes driven by favorable macro sentiment and rising crypto prices,” Main said in a statement last week.
In the first 12 days of November alone, Bakkt reported $279 million in trading volume, surpassing its total for October by $114 million. The company’s third-quarter revenue surged by more than 60% to $328.4 million, while its losses narrowed from $51.7 million last year to $6.3 million.
Trump’s support for cryptocurrency has bolstered industry optimism. During his campaign, he actively courted crypto traders and spoke at a major Bitcoin conference, solidifying his shift from crypto skeptic to advocate.
Should the Bakkt acquisition materialize, it would mark a significant step in Trump’s broader vision to position the United States as a global leader in digital assets.
