Bitcoin Foundation Chairman Brock Pierce argues that Bitcoin skeptics are clearly not reading the tea leaves.
Trump Media and Technology Group (TMTG), a major shareholder in social media companies, is a cryptocurrency exchange with digital assets soaring since President-elect Trump secured a second term in the White House. The company is reportedly in talks to acquire Bakkt.
The Financial Times reported on Monday, citing two sources familiar with the matter, that TMTG, which runs Truth Social, is finalizing a deal to buy all of Bakkt, but details of the valuation were not disclosed.
The Truth Social network logo will appear on February 21, 2022. (Reuters/Dado Ruvic/Illustration/Reuters Photo)
Bakkt said on Tuesday it was aware of “rumors published in the financial press regarding potential transactions involving the company,” but said the company “does not comment on market rumors or speculation.”
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Bakkt shares, backed by New York Stock Exchange owner Intercontinental Exchange, closed 162.5% higher on Monday following the FT report, and were up another 14.8% in pre-market trading on Tuesday.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| BKKT | Bakkt Holdings | 29.54 | -0.17 |
-0.57% |
TMTG stock closed 16.7% higher on Monday, but was down more than 7% in Tuesday afternoon trading.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| DJT | Trump Media & Technology Group Corporation | 29.84 | -2.94 |
-8.97% |
Trump Media & Technology Group Corporation
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TMTG's acquisition of Bakkt will help strengthen its involvement in an industry that Trump championed in the run-up to the US presidential election.
President-elect Trump speaks to the House Republican Conference at the Hyatt Regency on Capitol Hill in Washington, DC, on November 13, 2024. (Alison Robert Poole/Getty Images/Getty Images)
Bitcoin has soared more than 32% since November 5, hitting an all-time high of more than $93,000. Traders are betting that support for digital assets promised by President Trump will lead to regulatory relief and revive Bitcoin after a listless few months.
But market gains go beyond Bitcoin. According to CoinGecko, the total cryptocurrency market has risen to an all-time high of $3.16 trillion. Open interest on derivatives exchanges is at an all-time high of more than $102 billion, according to data from Coinglass.
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Ethereum has risen about 32% since the election, pushing the decentralized finance-focused token's market value to $93 billion, a five-month high.
Trump previously launched a new cryptocurrency venture, World Liberty Financial.
Reuters contributed to this report.
