Trump Media group reportedly in talks to buy crypto marketplace Bakkt as bitcoin approaches $100K

Published On Nov 19, 2024, 4:02 PM

Trump Media and Technology Group (TMTG) is reportedly in advanced talks to acquire cryptocurrency marketplace Bakkt, coinciding with a surge in Bitcoin prices nearing $100,000. TMTG aims to consolidate its operations within the crypto industry, which has seen a significant rise since the recent election. Bakkt's shares surged by 162.5% following the announcement, while TMTG shares increased by 16.7%. Investors are betting that Trump's influence will lead to favorable regulatory conditions for digital assets.

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Stock Forecasts

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Positive

The planned acquisition of Bakkt by Trump Media could enhance TMTG's position in the growing cryptocurrency market. This development is occurring at a time when Bitcoin and the overall crypto market are experiencing substantial gains, driven by investor optimism regarding regulatory changes. Bakkt, being a prominent crypto marketplace, could provide TMTG with a more robust platform to leverage the current bullish sentiment in the cryptocurrency space.

DJTView DJT chart on TradingView

Negative

Despite the positive reception of the Bakkt acquisition news, TMTG's stock experienced a decline after the initial surge. This could be attributed to profit-taking or market volatility. However, if the acquisition is finalized and the cryptocurrency environment remains favorable, TMTG's fortunes may improve in the long run. Yet, investors should be cautious given TMTG's past performance and market reactions.

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