Recently, a report about former President Donald Trump's plan to acquire the cryptocurrency trading platform Bakkt has once again become the focus of the crypto market. This acquisition marks another significant move by Trump in the cryptocurrency field and undoubtedly brings new positive signals to the crypto market.
Trump's Group Plans to Acquire Bakkt
According to insiders, Trump's media technology group (Trump Media & Technology Group, abbreviated as TMTG) is in deep acquisition negotiations with the cryptocurrency trading platform Bakkt. The revelation of this news quickly attracted widespread attention from the market and significantly boosted related stock prices.
Bakkt, as a globally recognized cryptocurrency trading platform, was founded by the Intercontinental Exchange, the parent company of the New York Stock Exchange, and has long held a place in the industry. According to relevant personnel, the valuation under discussion is currently unclear, but on Monday (November 18), Bakkt's market capitalization was slightly above $150 million.
Trump's expansion in the cryptocurrency field is not coincidental. During the election campaign, he expressed support for cryptocurrencies in several public occasions, promising to promote more friendly cryptocurrency regulatory policies, establish a presidential cryptocurrency advisory committee, and propose replacing the current chairman of the Securities and Exchange Commission. This series of initiatives demonstrates Trump's significant interest and confidence in the cryptocurrency market.
Bakkt's Stock Price Soars and Triggers Trading Halt
According to the latest market data today, Bakkt's stock price surged over 162% yesterday (November 18) and triggered a trading halt, while the stock price of Trump's media technology group also rose by more than 16%. This rapid increase in stock prices reflects the market's positive expectations for this acquisition and indicates strong investor confidence in Bakkt's future development potential.
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It is noteworthy that this news also drove up the stock prices of other cryptocurrency-related companies, such as MicroStrategy, which saw its closing price rise by 12.96% compared to the previous trading day on November 18.
Bakkt Faced Delisting Risks
Bakkt, established by the Intercontinental Exchange (ICE) in 2018, is a cryptocurrency trading platform aimed at creating a regulated global ecosystem for digital assets, and it went public in 2021. Bakkt faced the risk of delisting from the New York Stock Exchange due to poor stock performance until it underwent a 1-for-25 reverse stock split in April this year, which improved its situation.
According to Bakkt's latest financial report released on November 14, the company's revenue for the third quarter of 2024 is approximately $49 million to $50 million, showing significant improvement compared to the previous year, with the number of cryptocurrency accounts growing to 6.5 million, a year-on-year increase of 6.7%. The assets under custody increased by 85.5% year-on-year to $938.7 million.
Bakkt's President and CEO Andy Main stated, "Since the U.S. presidential election, we have seen a sharp increase in trading volume, thanks to favorable macro sentiment and rising cryptocurrency prices. As of November 12, our trading volume reached $279 million, surpassing October's $165 million in just 12 days."
Bakkt's parent company, the Intercontinental Exchange, is led by Jeff Sprecher, whose wife, Kelly Loeffler, was a co-chair of Trump's inauguration committee, indicating a potential strategic relationship between Bakkt and Trump. This relationship lays a solid foundation for cooperation between both parties in the cryptocurrency market.
In addition, Bakkt's business scope is not limited to cryptocurrency trading; it also includes the development and implementation of cryptocurrency payment solutions and collaboration with traditional financial institutions. The company is committed to providing users with a more convenient and secure cryptocurrency trading experience.
Summary
The news of Trump's acquisition of Bakkt injects a strong dose of confidence into the cryptocurrency market, and the market has shown a positive response to this news. For Trump, this acquisition is an important attempt in the cryptocurrency field and a significant step in diversifying the business of his media technology group.
In today's increasingly competitive global cryptocurrency market, if Bakkt can be successfully acquired, it may gain greater resource support in terms of technological innovation and market expansion. Trump's involvement brings more policy support and market confidence to the cryptocurrency market.
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