Donald Trump social media company in advanced talks to buy Bakkt, a crypto trading platform owned by NYSE parent, FT reports
Donald Trump’s social media company is in advanced talks to buy Bakkt, a cryptocurrency trading platform majority-owned by International Exchange, the parent company of the New York Stock Exchange, the Financial Times reported.
Following the report, shares in Bakkt rose more than 162 percent, while shares in Trump Media and Technology Group (TMTG), which have been highly volatile since their public listing in March, rose more than 16 percent.
The acquisition would be an all-stock deal making use of TMTG’s large increase in valuation since Trump’s re-election earlier in November, the report said.
The terms of the deal were not disclosed, but Bakkt was valued at more than $400 million (£315m) following a surge of investor interest on Monday, while TMTG was valued at more than $7bn.
Diversification
TMTG, which operates the Truth Social platform, has reported only $2.62m in revenues this year.
The acquisition would diversify…
