Trump Media (DJT) could be in “advanced talks” to acquire Bakkt Holdings (BKKT), according to an exclusive Financial Times report. The news sent BKKT stock soaring in pre-market trading. Bakkt is a cryptocurrency trading platform owned by Intercontinental Exchange (ICE). Furthermore, the report stated that it will likely be an all-stock deal.
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Trump Media, in which President-elect Donald Trump has close to a 53% stake, has a market cap of over $7 billion. In fact, for the first nine months of this year, the company behind the social media platform, Truth Social reported a $363 million net loss on modest revenue of $2.6 million.
If DJT does go on to acquire BKKT, the move into cryptocurrency aligns with Trump’s broader ambitions, even as he prepares to assume office in January 2025.
Ex-Bakkt CEO Co-Chairs Trump’s Inauguration Committee
Interestingly, there could be a political dimension to this news. Kelly Loeffler is a former Bakkt CEO, the co-chair of Trump’s inauguration committee, and the wife of ICE CEO Jeffrey Sprecher. Loeffler left Bakkt in 2019 to serve in the U.S. Senate, though her political stint was short-lived after she lost a runoff election.
Meanwhile, BKKT has struggled financially, including a warning from the NYSE about potential delisting and a recent 1-for-25 reverse stock split. In fact, the company warned in its latest quarterly report, that it “may not be able to continue as a going concern.”
Is DJT Stock a Buy?
None of the Wall Street analysts have covered DJT stock over the past three months. DJT has surged by more than 40% over the past three months.
