Acquisition of Bakkt worth $150 million
TMTG (Trump Media and Technology Group) is preparing to acquire Bakkt, a Bitcoin trading platform, for $150 million, showcasing its ambition to expand from social media into the cryptocurrency sector. This acquisition could be a major boost for TMTG as Bakkt has faced many obstacles such as stock price decline and risk of delisting.Expectations from the merger
Under TMTG’s leadership, Bakkt is expected to transition to trading dedicated to institutional investors, with potential business performance improvements. Bakkt’s difficulties include the lack of stable profits since its founding and an unsuccessful cryptocurrency storage division.Market highlights
As reported, after Trump was elected, Bitcoin prices rose over 30%, helping to boost the cryptocurrency market. Meanwhile, Bakkt’s stock increased 162%, and TMTG also recorded a 16.7% increase. This event illustrates increased investor confidence in this pioneering field strategy.