Trump Media and Technology Group (TMTG), operating Truth Social, is reportedly close to an all-stock acquisition of Bakkt, a struggling crypto trading platform owned by Intercontinental Exchange. The deal would see TMTG absorb Bakkt, which has a market valuation of around $150 million. Bakkt, initially intended to enable Bitcoin transactions for Starbucks, has shifted focus to crypto custody and trading services. Notably, Bakkt’s crypto custody business will not be included in the acquisition. This move highlights Trump’s expanding interest in the cryptocurrency sector after recently promoting World Liberty Financial, a DeFi platform linked to the Trump family. Following news of the potential acquisition, shares of Bakkt surged by 160%. Amid intense market activity, Bitcoin prices have risen over 30% in the last month, adding to the significance of this deal. TMTG, despite minimal revenue, has seen its worth balloon to $6 billion fueled by retail investor enthusiasm in light of Trump's recent electoral successes.

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