DJT, Stock Soars on 'Bakkt' Acquisition Talks
"Discussing Next Administration Appointment with Coinbase CEO"
President-elect Donald Trump is showing swift 'crypto-friendly' moves. He is discussing the acquisition of a cryptocurrency exchange through 'Trump Media,' where he is a major shareholder, and is also scheduled to meet with the CEO of another exchange.
On the 18th (local time), major foreign media reported that Trump Media and Technology is exploring the acquisition of the exchange 'Bakkt.'
Multiple sources revealed that Trump Media is currently negotiating to purchase all shares of Bakkt. The transaction amount under discussion has not been disclosed, but Bakkt's market capitalization was $155 million as of the 15th.
Trump Media operates the social networking service (SNS) Truth Social, with Trump holding approximately 57% of the shares.
Bakkt is a cryptocurrency platform created by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), along with Microsoft (MS), Starbucks, Boston Consulting Group, and others. ICE holds 55% of the shares. Bakkt's founder and first CEO is Kelly Loeffler, a former ICE marketing executive and a Republican senator from Georgia during Trump's first administration. She currently serves as co-chair of the committee overseeing Trump's inauguration and is the wife of Jeff Sprecher, ICE's founder and CEO.
On the day, Trump Media's stock closed up 16.65%, while Bakkt's stock soared 162.46%.
If Trump Media actually signs the acquisition contract for Bakkt, it is expected that a more crypto-friendly market atmosphere will be created under the next administration. During his campaign, Trump declared he would become the 'cryptocurrency president.' He also stated that if he won the election, he would establish a cryptocurrency presidential advisory committee to design transparent regulatory guidelines. Trump's eldest son, Donald Trump Jr., and second son, Eric, who are considered influential figures in the next administration, are already involved in their own cryptocurrency business called 'World Liberty Financial.'
The Wall Street Journal (WSJ) reported on the same day, citing sources, that Trump will meet with Brian Armstrong, CEO of the cryptocurrency exchange platform Coinbase. WSJ said that during the meeting, Trump and Armstrong are expected to discuss appointments for the second Trump administration.
CEO Armstrong publicly stated on the social media platform X (formerly Twitter) after Trump's victory that Hester Peirce should become the next head of the Securities and Exchange Commission (SEC).
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
