The U.S. president-elect, Donald Trump, is reportedly the acquisition of a major crypto trading platform.
A Nov. 18 report from Financial Times claimed that Trump Media and Technology Group (TMTG), the parent company of Trump’s Truth Social platform, is in advanced discussions to acquire Bakkt, a cryptocurrency trading platform owned by Intercontinental Exchange (ICE).
The deal is expected to take the form of an all-stock purchase, meaning ICE would receive shares in TMTG rather than cash to settle the transaction. While TMTG currently boasts a $7.21 billion market cap, its valuation has slumped 36% from a giddy pre-election high. Donald Trump holds a 53% stake in TMTG.
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#undefined [Source: TheDefiant]