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BTC $91,474 +0.85% ETH $3,129 +0.37% BNB $619 -1.06% SOL $242 -0.62% XRP $1.11
-4.11% TON $5.60 +2.04%
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Jesse Coghlan
4 hours ago


BAKKT SHARES SURGE 162% AFTER REPORT SUGGESTS TRUMP MEDIA IS BUYING IT

Shares in crypto exchange Bakkt jumped on Nov. 18 after a report that Donald
Trump’s company is in advanced stages of a deal to buy the struggling business.

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Bakkt’s share price jumped over 162% on Monday after the Financial Times
reported Donald Trump’s company was in advanced talks to acquire the crypto
exchange.

Bakkt Holdings Inc (BKKT) closed up 162.46% at $29.71 on Nov. 18 and continued
to climb 16.43% to $34.59 after the bell. Trump Media and Technology Group Corp
(DJT) — which operates the social media platform Truth Social — also closed the
day up 16.65% but lost around 3.5% after hours, according to Google Finance.

The Financial Times reported earlier on Nov. 18, citing two people with
knowledge of the talks, that Trump Media — in which the United States
president-elect holds a majority 53% stake — was in advanced talks for an
all-share purchase of Bakkt, owned by Intercontinental Exchange.

BKKT surged on Monday, but it’s still down around 44% this year and 97% off its
$1,063 peak from October 2021. Source: Google Finance

Crypto markets have surged since Trump’s election win earlier this month, with
Bitcoin BTC $91,464 up around 30%. Trump’s campaign promised to end regulatory
hostility toward the crypto industry and promised a strategic Bitcoin stockpile,
among other pro-crypto promises.


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The deal, if successful, would mark another move by Trump into crypto. The
incoming president has already licensed his image to multiple non-fungible token
(NFT) collections and backed his family’s crypto project World Liberty Financial
which he and his family are set to get a 75% cut of its fees.

A spokesperson for Intercontinental Exchange said it had no comment when asked
questions about the reported deal. Trump Media and Bakkt did not immediately
respond to requests for comment.

The valuation of the deal isn’t known, but Bakkt is now valued at over $400
million after its stock surge despite the exchange struggling to turn a profit.
Its crypto custody business also never took off, which the firm said it would
wind down and the FT reported that it wouldn’t be included in a deal with Trump
Media.


BAKKT: TRUMP’S VEHICLE FOR STRATEGIC BITCOIN RESERVE?

Trump is expected to face headwinds in getting a Bitcoin reserve up and running,
which would require congressional approval. Not every lawmaker on Capitol Hill
would want the government to hold a historically speculative and volatile asset.

“Getting the bitcoin reserve established would be tricky without congressional
approval, and that the easiest way around it would be via a SPV,” Izabella
Kaminska, founder of the finance-focused news outlet The Blind Spot, wrote on X.

A special purpose vehicle (SPV), or special purpose entity (SPE), is a company
created for the purpose of isolating risk from its parent company and
undertaking limited operations, which in this case would be buying Bitcoin.

Related: Coinbase CEO to meet with Trump to discuss personnel appointments — WSJ

Kaminska speculated that Trump could use Trump Media “as the mechanism” to make
a Bitcoin strategic reserve without congressional approval.

She explained, in theory, that Trump could order Trump Media to use Bakkt as an
SPV to buy Bitcoin and set up a profit transfer agreement to donate the
company’s capital gains to the US government.



“If people still think this is insane, I don’t think they appreciate just how
much privatization is coming in the Trump admin,” Kaminska said.

Magazine: ‘Everything feels like it’s going to shit’ — Peter McCormack reveals
new podcast

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Weekly snapshot of key business trends in blockchain and crypto, from startup
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