Trump Media and Technology Group (TMTG) is cooking up its first crypto play, and it’s a big one. The Financial Times reports TMTG is deep in talks to snag Bakkt, the crypto trading platform, in an all-stock deal. This could be a game-changer for TMTG, which currently hangs its hat on Truth Social, Trump’s edgy social media joint.
The buzz hit hard. Shares in both companies skyrocketed. Bakkt surged a jaw-dropping 163% before the bell tolled, and TMTG climbed a chill 16%. In after-hours trading, Bakkt squeezed out another 17%, though TMTG gave back 3.5%. Neither company had much to say when asked for comments, and ICE, Bakkt’s founding daddy, stayed mum too.
Bakkt’s Rocky Road and Meme Stock Madness
Bakkt, birthed in 2018 by Intercontinental Exchange (the NYSE overlord), was once the golden child of crypto dreams. It launched with big names backing it—Microsoft, Starbucks, and Fortress Investment Group, to name-drop a few. The idea? To take crypto mainstream, slipping it into 401(k)s and IRAs like it was old-school cash.
But reality hit hard. By February, Bakkt dropped a “going concern” warning, basically saying, “We might not make rent.” In March, NYSE warned them about delisting after their stock couldn’t hold above $1 for 30 days.
TMTG, on the other hand, is running a meme-stock vibe. Valued at $7 billion, its stock moves on election buzz, not balance sheets. Trump holds a 53% stake worth $3.7 billion, and this Bakkt move could juice that up.
Crypto Meets Trump’s Empire
This isn’t Trump’s first crypto rodeo. His family-backed World Liberty Financial launched in September, promising DeFi loans and its own token. Of course, Trump’s clan keeps the lion’s share—75% of tokens stay in-house.
If TMTG bags Bakkt, it’s more than a headline. It could mean Trump’s empire takes a big leap into the digital asset sandbox, aiming to shake up markets and maybe even rewrite the crypto playbook.
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