Donald Trump is taking more and more steps in the world of crypto. According to the Financial Times, Trump Media, the media company of the incoming American president, is in advanced negotiations to acquire the crypto exchange Bakkt.
Investors responded enthusiastically to the news. The stock prices of both companies skyrocketed: Bakkt rose more than 162%, while Trump Media ended the trading day 16% higher on the Nasdaq.
An acquisition of Bakkt would mark a strategic expansion of Trump’s involvement in the crypto market. Earlier this year, Trump launched the crypto initiative World Liberty Financial, where he and his family are entitled to 75% of the revenue from the new token.
Bakkt is currently in a challenging financial position. Although the company posted revenue of $328.4 million last quarter, this was overshadowed by an operating loss of $27.4 million. A possible acquisition by Trump Media could give the company a much-needed boost and a step towards a more stable and promising future.
Bitcoiner as Minister of Finance
Trump’s influence on the crypto market may continue to expand, with rumors surrounding Howard Lutnick as a possible new US Treasury Secretary. Lutnick, CEO of Cantor Fitzgerald and a noted Bitcoin maximalist, enjoys broad support. Elon Musk, among others, praises his leadership qualities.
Lutnick’s outspoken support for Bitcoin and Cantor Fitzgerald’s involvement in managing Tether’s assets strengthen his position as a progressive candidate. A possible appointment is seen as an important step towards the integration of crypto into the traditional financial world.
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Source: https://newsbit.nl/trump-media-overweegt-aankoop-van-crypto-exchange/
