Future U.S. Senator Kelly Loeffler will be the first CEO. Finally launching a digital wallet in 2021, which was canceled last year, Backt is now focused on crypto administration and business services. In February, Backt said he ran out of cash to last another 12 months.
Shares of Bakkt Holdings Inc (BKKT) rose 160% on Monday following the report.
The acquisition talks come after Trump’s promotion of World Liberty Financial, a DeFi platform linked to the Trump family. The deal could affect Bakt’s future direction and its possible role in Bakt’s burgeoning media empire. Trump Including Focus on Bitcoin
As a result, Bakt’s crypto custody business, which holds bitcoin, ether and other digital assets, is in trouble and will be spun off from the acquisition. The move comes after the crypto market soared after Trump’s victory, with bitcoin up 30% over the past 30 days, with further gains being seen.
On another note, the Wall Street Journal reported that President-elect Trump is planning to meet with Coinbase CEO Brian Armstrong.