President-elect Donald Trump is looking to get more heavily invested in the cryptocurrency market as he prepares to take office, where he has promised to take a number of actions that are expected to pump the price of Bitcoin and other digital assets, and help the sector overall.
Trump Media and Technology Group, the company that owns Truth Social, is in advanced talks to buy cryptocurrency trading platform Bakkt, according to the Financial Times. Trump is the majority shareholder of the publicly-traded Trump Media and Technology Group, and he has repeatedly said that he does not plan to sell his shares, including in a post on Truth Social after the election. Trump Media and Technology Group merged with a special purpose acquisition company connected to GOP donor Jeff Yass in March, catapulting Trump’s paper fortune by more than $4 billion.
Bakkt is owned by Intercontinental Exchange, the owner of the New York Stock Exchange. The company’s CEO is Jeffrey Sprecher, a billionaire Trump donor who gave $1 million this year to the Make America Great Again Inc. super PAC and $824,600 to Trump 47 Committee, a joint fundraising vehicle, according to Federal Election Commission records. Sprecher also hosted a fundraiser for Trump in April.
