Donald Trump’s media company is exploring a bold move into the crypto world. Reports suggest Trump Media and Technology Group (TMTG), the operator of Truth Social, is nearing a deal to acquire crypto trading firm Bakkt. This acquisition could strengthen Trump’s connection with the cryptocurrency industry ahead of the upcoming U.S. elections.
- Market Impact:
- Bakkt’s shares surged by 162.5% on Monday after the news and climbed another 14.8% in premarket trading on Tuesday.
- TMTG shares rose 16.7% on Monday but dropped 6.7% before the bell Tuesday.
- Rumors and Speculation:
Bakkt acknowledged the market rumors but declined to comment. Trump Media and Intercontinental Exchange have not publicly addressed the reports. - Trump and Crypto:
Trump has actively promoted cryptocurrency ventures, with his new project, World Liberty Financial, further signaling his interest in the industry.
