In a dramatic shift from his previous crypto skepticism, President-elect Donald Trump is rapidly expanding his digital asset footprint through multiple strategic moves. Trump Media & Technology (DJT) has entered advanced negotiations to acquire crypto trading platform Bakkt, sending both companies’ stocks soaring – Trump Media jumped 16.7% while Bakkt shares skyrocketed over 162% to $29.71. The potential acquisition, reported by the Financial Times, would combine Bakkt’s $401.1 million market cap with Trump Media’s $7.1 billion valuation, though specific deal terms remain undisclosed.
The acquisition talks coincide with Trump’s scheduled meeting with oinbase">Coinbase CEO Brian Armstrong, their first encounter since Election Day. This meeting gains particular significance as Trump assembles his administration and fulfills campaign promises regarding cryptocurrency policy. These promises include ambitious goals such as building a bitcoin reserve, exploring bitcoin nationalization, and establishing a presidential crypto advisory council. The timing aligns with oinbase">Coinbase’s significant political engagement, having contributed over $100 million to various political action committees, with substantial support directed toward crypto-friendly initiatives.
These developments build upon Trump’s growing cryptocurrency agenda, which began with the launch of World Liberty Financial in September. The momentum in the crypto sector is reflected in bitcoin’s performance, trading near $91,800 after recently hitting an all-time high of $93,445 post-election. With Trump holding a 65% stake in Trump Media and the cryptocurrency market showing strong growth – bitcoin up 119% year-to-date – these moves suggest a potentially transformative period for both traditional finance and digital assets under the incoming administration.
