Donald Trump Meets with Coinbase CEO, Sets Sight on Bakkt Acquisition
Pro-Bitcoin US president-elect Donald Trump has made headlines again after taking center stage in major crypto-related moves on Monday.Trump was involved in two pro-crypto events on Monday as he continues to show his support for the nascent sector following his election victory. Notably, his firm recently acquired a crypto platform while he met with a key industry leader, sparking speculations of another pro-crypto cabinet member.Trump Media Acquires Bakkt ExchangeThe Trump Media and Technology Group (TMTG) is reportedly in advanced talks to acquire Bakkt, a trading exchange owned by Intercontinental Exchange. The Financial Times disclosed the contact between the two firms on Monday, citing people familiar with the matter.TMTG's supposed acquisition had a massive impact on Bakkt's shares, which soared over 160% on Monday. At the time of this report, BKKT is still enjoying a flourishing market outing, up 13% in the past 24 hours to trade at $33.56.Meanwhile, the deal came despite TMTG's lack of financial buoyancy. For context, Truth Media reported a net loss of $363 million in the third quarter and a revenue of just $2.6 million year-to-date.On the other hand, the Intercontinental Exchange-owned Bakkt records a total revenue of $328.4 million and an operating loss of $27.4 million. Notably, Bakkt shares the same parent company as the New York Stock Exchange (NYSE) and has had its financial woes too.Meanwhile, reasons for the possible purchase remain undisclosed at press time. However, it is said to be related to Trump's recent crypto venture, the World Liberty Financial, but this remains unconfirmed.Trump in Discussion with Coinbase CEONotably, the acquisition news also followed reports that Trump met with Coinbase's CEO, Brian Armstrong. A report from the Wall Street Journal, citing people familiar with the development, confirmed the meeting, which was their first since the decisive November 5 election win.WSJ noted that the duo allegedly discussed matters related to administrative appointments. Notably, Trump has been busy with his cabinet appointments, with Elon Musk and Robert F. Kennedy filling roles in the new administration.Furthermore, Trump's proposal to set up a crypto presidential advisory council would be part of the president's discussions with Armstrong. The report stated that Trump may be tapping the Coinbase CEO to fill the role amid his vast involvement in the crypto industry.
Text source: The Crypto Basic
