Trump Media & Technology Group (TMTG) is reportedly in advanced discussions to acquire Bakkt Holdings, Inc., a crypto trading firm backed by Intercontinental Exchange. The Financial Times reported on Monday that the potential transaction would be an all-share deal, though specific valuation details were not disclosed.
The reported acquisition would exclude Bakkt's crypto custody business, which the company had previously indicated it was likely to wind down. Bakkt, founded in 2018, is majority-owned by Intercontinental Exchange, the parent company of the New York Stock Exchange.
In its latest fiscal quarter, Bakkt reported total revenue of $328.4 million and an operating loss of $27.4 million. The company had previously raised concerns about its ability to continue as a going concern in a March filing, though management later stated it had sufficient capital for at least 12 months.
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