Trump Media And Technology Group (DJT) Is Reportedly In “Advanced Talks” To Acquire The Crypto Exchange Bakkt

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Trump Media and Technology Group (NASDAQ: DJT), the parent entity of Truth Social platform, is reportedly deepening its crypto footprint after successfully deploying a “custom-built” content delivery network (CDN) to cater to Truth Social’s streaming service.

To wit, as per the reporting by the Financial Times, Trump Media and Technology Group (TMTG) is in advanced talks to acquire Bakkt, a dedicated crypto exchange owned by Intercontinental Exchange.

If the deal closes, this would be Trump’s second major crypto-focused move in recent weeks after the Trump family endorsed a cryptocurrency project, dubbed World Liberty Financial, back in October. The project has devoted 63 billion $WLFI tokens for direct sale to the public, but has only managed to sell 1.35 billion tokens so far. Trump stands to gain hefty fees from the sale of $WLFI tokens.

Coming back, Bakkt is currently valued at ~$150 million. As of the end of September, TMTG’s balance of cash, cash equivalents, and short-term investments stood at $672.9 million with no debt.

On the 06th of November, Trump Media and Technology Group disclosed $1 million in revenue and $4.7 million in interest income for the third quarter of 2024. The company recorded a net loss of $19.2 million for the quarter after accounting for $12.1 million in legal costs, including those in relation to TMTG’s acquisition of TV streaming technology in August 2024.

Of course, TMTG derives almost the entirety of its value through its close association with the president-elect.

For the benefit of those who might not be aware, the president-elect currently retains a mammoth 59 percent stake in Trump Media and Technology Group (TMTG), which corresponds to 114.75 million shares. Based on the current stock price of $31.60 per share, Trump Media boasts of a market capitalization of $6.79 billion. This means that Trump’s stake is currently worth a whopping $4 billion.

The president-elect recently termed all rumors regarding his supposed intention to reduce his stake in Trump Media and Technology Group as “fake, untrue, and probably Illegal.”

Bear in mind that Trump Media and Technology Group has now launched its Truth+ TV streaming service on a dedicated content delivery network (CDN). The service supports live TV as well as video on demand and is now available via the native Truth+ apps for Android, iOS and smart TVs.