Donald Trump's Truth Social parent company, Trump Media and Technology Group (DJT, Financial), is reportedly closing in on a deal to buy Bakkt, a crypto exchange that's been struggling to stay relevant. Word of the talks sent Bakkt's stock soaring 162% and bumped Trump Media up 16.7%. Trump's 60% stake in Trump Media—worth $7.1 billion—now accounts for the bulk of his wealth. The details are still murky, but the potential acquisition would position Trump to dig even deeper into the booming digital asset world.
The timing couldn't be better for crypto bulls. Bitcoin has shot up near $92,000, fueled by expectations that Trump's administration will roll out the red carpet for digital currencies. Promises of a crypto-friendly SEC shakeup and a Presidential Advisory Council have the market buzzing. Even beyond Bakkt, the rally is lifting other crypto players—MicroStrategy (MSTR, Financial) surged 13% after announcing a fresh Bitcoin buy, while Coinbase (COIN, Financial) climbed over 6% on whispers of its CEO meeting with Trump. Investors are clearly banking on a favorable regulatory backdrop and a new wave of adoption under his leadership.
For Trump Media, the Bakkt deal could be a lifeline. The company's fundamentals have been shaky, with Truth Social pulling in just $2.6 million in revenue this year. But adding Bakkt's institutional trading platform to its portfolio would diversify its offerings and open up new growth avenues. It's a high-stakes gamble, no doubt—but one that could cement Trump as a major player in the crypto revolution. Investors riding this wave should buckle up; it's going to be a wild ride.
