Trump’s media company in talks to buy Bakkt crypto platform, sources say
Sign up now: Get ST's newsletters delivered to your inbox
US President-elect Donald Trump’s Trump Media & Technology Group is in talks to buy the digital-asset marketplace Bakkt.
PHOTO: REUTERS
Follow topic:
New York – US President-elect Donald Trump’s Trump Media & Technology Group (TMTG) is in talks to buy the digital asset marketplace Bakkt, according to people familiar with the discussions who asked not to be named sharing private information.
Shares of Bakkt Holdings more than doubled after the Financial Times initially reported on the talks, which it described as at an “advanced” stage.
The newspaper said Trump Media is closing in on an all-share purchase. Bakkt’s market capitalisation was US$155 million (S$207.5 million) as at Nov 15’s close.
Bakkt was spun out of and is still majority-owned by Intercontinental Exchange (ICE), the parent of the New York Stock Exchange (NYSE). Neither Bakkt nor TMTG returned requests for comment. ICE declined to comment.
Bakkt has been exploring a potential sale for months. ICE, which owns some of the biggest futures markets as well as the NYSE, launched Bakkt with much fanfare in 2018.
Bakkt shares soared 163 per cent to US$29.71 on Nov 18.
The stock had traded at more than US$1,000 in October 2021 as cryptocurrency prices approached all-time highs.
Less than three years later, the exchange disclosed that it might not be able to continue as a going concern, raising the possibility of being delisted from the NYSE.
Ms Kelly Loeffler, Bakkt’s founding chief executive, is married to Mr Jeffrey Sprecher, who is the founder and CEO of ICE and chair of the NYSE.
Ms Loeffler, who spent one year as the US Senator from Georgia, is serving as co-chair of Trump’s inaugural committee alongside Mr Steve Witkoff.
Trump owns more than 50 per cent of TMTG, which operates Truth Social, a social media site.
TMTG shares rose 16.7 per cent to US$32.78 on Nov 18. BLOOMBERG
