The President-elect\u2019s Trump Media and Technology Group is in talks to buy digital-asset marketplace Bakkt Holdings, according to a report by the FT citing sources familiar with the matter on Nov. 19.<\/p>\n
The all-stock acquisition by Trump\u2019s social media firm, which owns Truth Social, would consolidate his position in the digital asset industry.<\/p>\n
Bakkt is an institutional crypto asset platform backed by New York Stock Exchange owner Intercontinental Exchange (ICE).<\/p>\n
Trump\u2019s social media group in talks to buy crypto trading venue https:\/\/t.co\/wYiaa6onuM<\/a><\/p>\n \u2014 Financial Times (@FT) November 18, 2024<\/a><\/p>\n\n Bakkt<\/a> shares surged more than 160% as the news broke, while Trump Media stock ended the day up almost 17%. There were no details of the deal but estimates that it could be worth upwards of $100 million were circulating.<\/p>\n \u201cThe crypto scene is on the move once again,\u201d commented<\/a> head of research at Pepperstone Group, Chris Weston, who added that Trump Media\u2019s play for Bakkt is \u201canother piece of positive news that is lifting sentiment.\u201d<\/p>\n \u201cThe only thing (Trump Media has) got going for them is the incoming president\u2019s name. But the crypto crowd has backed the president quite strongly, and now they\u2019re expecting a payoff,\u201d said Jim Angel, a finance professor at Georgetown University in Washington.<\/p>\n However, the crypto custody and trading platform received a warning<\/a> from the NYSE regarding non-compliance in March.<\/p>\n Donald Trump has promised to create supportive regulations for crypto assets and set up a strategic Bitcoin reserve stockpile and this play could be part of that, some speculated.<\/p>\n Bloomberg reported that there were other positive developments for crypto which included Nasdaq\u2019s plan to list options on BlackRock\u2019s iShares Bitcoin Trust as early as Tuesday.<\/p>\n Additionally, Goldman Sachs Group plans to spin out its crypto asset platform which is \u201csigns of how crypto and its underlying blockchain technology are burrowing deeper into the financial system,\u201d it noted.<\/p>\n Crypto market capitalization returned to its all-time high of just above $3.2 trillion on Nov. 18, led primarily by Bitcoin.<\/p>\n BTC spiked<\/a> to an intraday high of $92,650 as the news broke but had retreated marginally to $91,700 at the time of writing during the Tuesday morning Asian trading session.<\/p>\n The asset has gained 37% since Trump won the election around two weeks ago. It is currently just 2.4% away from notching another all-time high.<\/p>\n Altcoin movements were mostly muted, aside from Toncoin (TON), Chainlink (LINK), Polkadot (DOT), and Stellar (XLM).<\/p>\n The post Trump Media Firm in Talks to Buy Crypto Platform Bakkt: Report<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The President-elect\u2019s Trump Media and Technology Group is in talks to buy digital-asset marketplace Bakkt Holdings, according to a report by the FT citing sources familiar with the matter on Nov. 19. The all-stock acquisition by Trump\u2019s social media firm, which owns Truth Social, would consolidate his position in the digital asset industry. Bakkt is […]<\/p>\n","protected":false},"author":0,"featured_media":21803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-21802","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\/21802"}],"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=21802"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/21802\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/21803"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21802"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21802"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21802"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}More Good News for Crypto<\/h2>\n
Bitcoin Price Reaction<\/h2>\n