According to breaking news, Donald Trump's social media company is in advanced talks to acquire Bakkt, a cryptocurrency trading venue owned by the intercontinental exchange.
President-elect Donald Trump's social media company, Trump Media and Technology Group (TMTG), is reportedly in advanced talks to acquire Bakkt, a cryptocurrency trading platform owned by the Intercontinental Exchange (ICE).
Sources familiar with the matter said TMTG was looking to buy all of Bakkt’s shares. The value of the deal remained unclear, with Bakkt’s market value currently at around $150 million.
TMTG, which has an equity value of $6 billion, has seen increased trading activity since Trump’s election victory despite reporting revenue of just $2.6 billion this year. Its high valuation gives the company a strong source of money for acquisitions.
Following the news, Bakkt shares rose by 86% and TMTG shares rose by 14%.
*This is not investment advice.