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.