30s Summary

Donald Trump’s media company is reportedly considering acquiring Bakkt, a crypto trading platform, excluding its segment that holds digital assets. Bakkt, established by the Intercontinental Exchange, was designed to help Starbucks customers purchase coffee with Bitcoin. Despite its financial struggles, Bakkt’s share price saw a massive 160% leap amid rumors of the potential deal. The Donald Trump media company could fully absorb Bakkt, valued at over $150 million, despite its own valuation of $6 billion with minimal revenue. Adding further fuel to the fire, Trump is planning a meeting with Coinbase CEO Brian Armstrong.

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So, here’s the deal. Trump’s media company is thinking about jumping into the world of cryptocurrency by buying Bakkt, a crypto trading platform. However, the Bakkt segment that holds digital assets like Bitcoin and Ether won’t be part of this deal.

Interestingly, Trump’s past and present involvement with the cryptocurrency world seems to be weaving a larger story. He had promoted World Liberty Financial, a decentralized finance platform associated with him. This potential Bakkt deal might shape up the future of Bakkt and how it fits into Trump’s growing media kingdom that already has an interest in Bitcoin.

Now, Bakkt wasn’t always a crypto trading platform. It was established by Intercontinental Exchange, with a unique vision – to help Starbucks customers buy their coffee using Bitcoin. The company even had a future U.S. Senator, Kelly Loeffler, as its first CEO.

Last year, Bakkt introduced a digital wallet, but unfortunately, it was sidelined within the same year. Now, the company is mainly offering crypto custody and trading services. However, it had some financial struggles as it confessed not having enough funds to run for another 12 months. But guess what, even with these struggles, Bakkt shares leaped 160% the day the rumor about this deal got out.

There’s more to the story. The Financial Times reveals that Trump’s media company is expected to fully absorb Bakkt, which was valued more than $150 million recently. Even with barely any revenue, Trump’s media company, thanks to retail investor interest following Trump’s re-election, is valued at a whopping $6 billion.

While the deal’s discussions are ongoing, something else caught people’s attention. Trump is planning a private rendezvous with Coinbase CEO Brian Armstrong, as revealed by the Wall Street Journal.

Alright, that’s the latest in Trump’s media company jumping on the crypto bandwagon. We will keep you updated as things progress!