According <\/a>to sources familiar with the ongoing discussions, TMTG is considering an all-share purchase of Bakkt, although the exact valuation remains unclear. As of Monday, Bakkt\u2019s market capitalization was just over $150 million.<\/p>\nTMTG, which Trump has pledged to maintain a 53% stake in, has gained considerable attention in the stock market since the former president\u2019s election victory on November 5. Despite reporting only $2.6 million in revenues this year, TMTG boasts an equity valuation of $6 billion, providing it with a robust currency for potential acquisitions.<\/p>\n
Following the announcement of the acquisition talks, Bakkt\u2019s shares jumped 86%, reflecting investors\u2019 optimism about the potential acquisition. TMTG\u2019s share price also rose significantly by around 14%.\u00a0<\/p>\n
TMTG Explores All-Share Purchase Of Bakkt\u00a0<\/h2>\n
Founded by ICE, Bakkt was initially designed to facilitate a range of crypto services, including a custody business aimed at holding the industry\u2019s leading digital assets, Bitcoin (BTC) and Ethereum (ETH), for clients.\u00a0<\/p>\n
However, this part of the crypto business has struggled, with reported operating losses of $27,000 against revenues of only $328,000 for the third quarter of the year. Consequently, it is expected that TMTG\u2019s acquisition will not include Bakkt\u2019s custody operations, which are likely to be phased out.<\/p>\n
In terms of user engagement, Trump\u2019s Truth Social remains relatively small, averaging around 646,000 daily visits compared to the 155 million daily visits on Elon Musk\u2019s X platform.\u00a0<\/p>\n
Still, the president-elect\u2019s investment in TMTG is significant, accounting for more than half of his estimated $5.7 billion net worth, according to Bloomberg.<\/p>\n
Featured image from LA Times, chart from TradingView.com <\/p>","protected":false},"excerpt":{"rendered":"
Donald Trump\u2019s media venture, the Trump Media and Technology Group (TMTG), is reportedly in advanced negotiations to acquire Bakkt, a crypto trading platform owned by the Intercontinental Exchange (ICE).\u00a0 Trump Sets Sights On Crypto Expansion According to sources familiar with the ongoing discussions, TMTG is considering an all-share purchase of Bakkt, although the exact valuation […]<\/p>\n","protected":false},"author":0,"featured_media":21523,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-21522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21522"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21522"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21522\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/21523"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}