Trump Media Eyes Acquisition of Troubled Bakkt Platform

Trump Media and Technology Group (DJT), associated with Donald Trump, is reportedly in advanced talks to acquire the struggling platform Bakkt. This information comes from sources cited by the Financial Times.

The terms of the deal have not been disclosed. The acquisition will exclude the crypto-custodial business licensed by the NYDFS. Previously, Bakkt representatives indicated plans to liquidate this segment.

The FT publication triggered a 162.5% surge in BKKT shares. The platform’s market capitalization soared to $379.7 million.

In February, ForkLog reported that Bakkt had warned of a potential shutdown in the absence of new funding. Management was also considering scaling back its product expansion program and halting future developments.

According to the publication, DJT is negotiating to purchase 55% of Bakkt’s shares, currently held by Intercontinental Exchange, a subsidiary of the NYSE.

Intercontinental Exchange introduced Bakkt in 2018. The platform offered trading in options, as well as cash-settled and physically delivered bitcoin futures.

In October 2021, Bakkt went public following a merger with SPAC VPC Impact Acquisition Holdings. Later that year, the company’s president, Adam White, left without explanation.

In November 2022, Bakkt signed a definitive agreement to acquire Apex Crypto, a crypto division of Apex Fintech Solutions.

Previously, Apex partnered with Revolut as part of the latter’s initiative to expand supported digital assets for U.S. users.

In March 2023, Bakkt announced the discontinuation of its retail investor app, shifting focus to providing crypto services and loyalty programs to businesses through a B2B2C model via SaaS and API solutions.

In August 2023, the CEO of the institutional platform, Gavin Michael, reported a high rate of client inflow.