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Anonymous ID: e49317 Nov. 18, 2024, 1:22 p.m. No.22011714   🗄️.is 🔗kun   >>1761 >>1762 >>1817 >>1898 >>2062 >>2339 >>2357 >>2429

Donald Trump’s social media group in talks to buy crypto trading venue

 

Truth Social owner is close to an all-share takeover of Intercontinental Exchange’s Bakkt

 

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https://www.ft.com/content/d7f921d5-3668-4b6b-a98d-2681ad73610f

 

Donald Trump’s social media company is in advanced talks to buy Bakkt, a cryptocurrency trading venue owned by Intercontinental Exchange, as it pushes to expand beyond online conversation.

 

The US president-elect’s Trump Media and Technology Group, in which he has pledged to retain his 53 per cent stake, is closing in on an all-share purchase of Bakkt, said two people with knowledge of the talks. The valuation under discussion was not immediately clear but Bakkt’s market capitalisation stood at just over $150mn on Monday.

 

TMTG, which operates Truth Social, has become one of the most actively traded US stocks since Trump’s election victory as retail investors try to profit on its often-volatile trading moves. Although it has reported just $2.6mn in revenues this year, TMTG has a $6bn equity valuation, giving its management a valuable currency with which to buy other companies.

 

Bakkt shares soared 162 per cent after the FT reported the talks. TMTG shares were up about 16.7 per cent.

 

A successful deal would deepen Trump’s move into the cryptocurrency market after he began promoting a new crypto venture set up by longtime business partners, World Liberty Financial, from which he stands to earn significant fees. Crypto markets have also soared following his election victory, with bitcoin up more than 30 per cent on speculation that his administration would enact favourable legislation for the industry.

 

https://www.ft.com/content/d7f921d5-3668-4b6b-a98d-2681ad73610f