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    Home»Crypto News»Trump Media Group in talks to accumulate crypto buying and selling platform Bakkt – FT
    Trump Media Group in talks to accumulate crypto buying and selling platform Bakkt – FT
    Crypto News

    Trump Media Group in talks to accumulate crypto buying and selling platform Bakkt – FT

    By Crypto EditorNovember 18, 2024No Comments2 Mins Read
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    Trump Media Group in talks to accumulate crypto buying and selling platform Bakkt – FT

    President-elect Donald Trump’s media group, Trump Media and Expertise Group (TMTG), is reportedly in superior discussions to accumulate Bakkt, the crypto buying and selling platform owned by Intercontinental Trade (ICE), the Monetary Instances reported on Nov. 18.

    In accordance with the report, the deal would contain an all-share buy, which is TMTG’s transfer to diversify operations and enter the burgeoning crypto market.

    The information brought about Bakkt’s share worth to surge roughly 165% to $29 as of press time, primarily based on CryptoSlate information.

    TMTG is the guardian firm of Fact Social and has develop into one of the risky and actively traded shares since Trump’s election victory. Regardless of producing simply $2.6 million in income this 12 months, TMTG instructions a $6 billion fairness valuation. 

    Sources accustomed to the talks instructed the FT that Bakkt’s crypto custody enterprise is excluded from the proposed deal because it has struggled to realize traction and was anticipated to be wound down.  

    By buying Bakkt, TMTG would achieve entry to a platform aimed toward institutional buyers, a market section Bakkt targets with its deliberate buying and selling infrastructure. 

    If finalized, the deal would additionally develop Trump’s rising involvement within the crypto trade, complementing his just lately promoted crypto enterprise, the stablecoin-focused credit score platform World Liberty Monetary.  

    ICE and Bakkt declined to touch upon the matter, and TMTG didn’t instantly reply to requests for remark.  

    Bakkt’s struggles

    Bakkt, based by ICE in 2018, has confronted persistent challenges in attaining profitability.

    Its crypto custody enterprise, which holds crypto similar to Bitcoin (BTC) and Ethereum (ETH) for purchasers, reported minimal revenues of $328,000 and working losses of $27,000 within the third quarter of 2023. 

    Moreover, the corporate narrowly prevented delisting from the New York Inventory Trade earlier this 12 months via a 1-for-25 reverse inventory cut up.  

    Regardless of its struggles, Bakkt’s institutional focus and ties to ICE, the New York Inventory Trade proprietor, might provide strategic worth to TMTG. Bakkt’s first CEO, Kelly Loeffler, is a detailed Trump ally and co-chair of his inauguration committee.

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