PANews reported on November 19 that according to the Financial Times, US President-elect Donald Trump's Trump Media and Technology Group (TMTG) is negotiating with Intercontinental Exchange (ICE) to acquire its cryptocurrency trading platform Bakkt, which is expected to be completed in an all-stock manner. Bakkt's current market value is about US$150 million, while TMTG's equity valuation is as high as US$6 billion, providing sufficient capital support for its business expansion.
If the deal is successful, it will mark Trump's further entry into the cryptocurrency market. Influenced by the news, Bakkt's stock price soared 162%, and TMTG's stock price rose by about 16.7%. In addition, the crypto market has seen favorable policies due to Trump's victory, and the price of Bitcoin has risen by more than 30%. Bakkt previously planned to close its digital asset custody business due to profitability difficulties, leaving only the trading platform.
