Trump’s Crypto Play: TMTG Eyes Bakkt Amid Surging Market Momentum

In a groundbreaking move, the Trump Media and Technology Group (TMTG) is reportedly in advanced talks to acquire Bakkt, a cryptocurrency trading platform, for a valuation exceeding $150 million. However, the deal won’t include Bakkt’s struggling crypto custody business, which is anticipated to collapse. This potential acquisition reflects Donald Trump’s growing influence in the crypto sector and his ambition to redefine financial innovation in the United States.

The announcement sent shares of both Trump Media and Bakkt soaring. Trump Media shares surged by 16% to $32, while Bakkt’s stock skyrocketed by an astonishing 162% to $29. Yet, Bakkt’s history tells a more tumultuous tale.

The crypto platform has faced significant challenges, including warnings from the New York Stock Exchange about potential delisting due to its prolonged sub-$1 stock price. Once a promising venture by Intercontinental Exchange (parent company of NYSE), Bakkt has struggled with operating losses, reporting $328.4 million in revenue but a $27.4 million loss in Q3 2024.

Trump’s Crypto Renaissance

Trump’s pre-acquisition strategy aligns with his campaign persona as the “crypto candidate.” Accepting campaign donations in digital assets and launching a DeFi project, World Liberty Financial, Trump has embraced the crypto movement. He has also vowed to oust SEC Chair Gary Gensler, criticizing the agency’s strict stance on crypto regulation.

At a Nashville Bitcoin conference, Trump shared ambitious plans to make the U.S. the crypto capital of the world, including establishing a crypto reserve to address America’s $36 trillion debt. His election victory sparked optimism in the crypto market, pushing Bitcoin (BTC) to new all-time highs within weeks.

The ripple effects of Trump’s victory extend beyond Bakkt. Dogecoin (DOGE) rocketed by 1,200%, Bitcoin flirts with the $100,000 milestone, and DeFi tokens like Uniswap (UNI) are experiencing mixed sentiments. Polymarket polls suggest a 40% chance of Bitcoin surpassing $100,000, highlighting the electrifying buzz in the crypto community.

As TMTG eyes Bakkt, Trump’s second act in politics and crypto is proving to be one of reinvention and ambition. This potential acquisition not only reflects Trump’s strategic vision but also signals a broader push to integrate crypto into mainstream finance. With his plans to redefine America’s financial landscape, Trump 2.0 is shaping up to be more than a political comeback—it’s a crypto revolution.