That Trump wanted to target the crypto market, he had said several times even before the elections. And now he is moving on to facts. The Trump Media and Technology Group, that manages Truth Social, is in negotiations to acquire all of the shares of cryptocurrency trading and custody company Bakkt, which is backed by Intercontinental Exchange, owner of the NYSE. It was reported by the Financial Times, citing two competent people.
The hypothesis has made the Bitcoin is rising, both the actions of the same Bakkt. The world’s largest and most popular cryptocurrency has more than doubled this year. It is trading around $92.000 in Asian trading hours today, after hitting an all-time high of $94.078 late in the U.S. session. Bakkt (BKKT) shares are up 162% in post-market trading on Monday. BKTT’s current price is $29,71, the highest it has been since February 2024.
How much is Bakkt worth?
There is no indication of the market value of the transfer, but yesterday the capitalization Bakkt's market value was around $150 million, while today it is around 400 million dollars. The Alpharetta, Georgia-based company reported total revenue of $328,4 million and an operating loss of $27,4 million in its most recent fiscal quarter, a 48% improvement from the previous year. The deal will not include Bakkt’s struggling custody business, which has seen operating losses and a lack of traction in the market.
In March, the New York Stock Exchange warned the company that it was at risk of being delisted because its common stock was trading at an average below the $1 per share minimum. It is worth noting that Kelly Loeffler, former CEO of Bakkt, served as co-chair of Trump's inauguration committee.
Trump Meets With Cryptocurrency Platform Coinbase CEO
Furthermore, as reported by Wall Street Journal, Trump reportedly met with Coinbase CEO, Brian Armstrong, to address the topic of cryptocurrencies and in particular the bitcoin market. In the meeting, the newspaper says, they wanted to talk about the personnel of the next Trump administration and therefore, most likely, they were trying to understand what place to give the topic in the presidential agenda. Coinbase: is a digital asset exchange company based in San Francisco, founded in 2012 to buy, sell, send and store cryptocurrencies, as well as being able to carry out trading operations through Coinbase Advanced.
Trump Media is worth $7 billion
Trump Media, which is majority-owned (53%) by President-elect Donald Trump and operates the Truth Social app, closed up more than 16%. The company reported a net loss of $363 million on revenue of just $2,6 million in the first nine months of 2024, but at the same time boasts a market capitalization of more than $7 billion. Trump, who will enter the White House on January 20, 2025, has never hidden his interest in the world of cryptocurrencies and has promised a series of facilitations for the sector.
Three weeks before the presidential election, he announced the launch of a token pegged to a new crypto venture called World Liberty Financial, from which the President's family could collect up to 75% of any profits.
