Breakthrough $94,000! Trump Plans to Acquire Crypto Exchange Bakkt, Continuing to Expand Crypto Indu

It was reported that Trump's Trump Media & Technology Group (TMTG) is negotiating with the Intercontinental Exchange (ICE) to acquire the cryptocurrency exchange Bakkt. After the news broke, the stock prices of both companies soared. By the close of trading on November 19, TMTG's stock price rose more than 16%, and Bakkt's stock price skyrocketed over 163% after several circuit breakers. Affected by the expected policy benefits brought about by Trump's victory in the election, the price of Bitcoin has risen by more than 30% and once broke through $94,000 on November 20. Bakkt, launched by ICE in 2018, initially aimed to help Starbucks customers buy coffee with Bitcoin. It went public in October 2021. Since its establishment, Bakkt has had lackluster performance and faced financial difficulties. Its 2023 financial report showed that its total revenue rose sharply to $780 million, but it had a net loss of $226 million. In the first three quarters of 2024, Bakkt's cumulative revenue was $1.693 billion, up 199.30% year-on-year, but still had a cumulative net loss of $63.078 million. In February 2024, Bakkt revealed its cash crunch in a filing with the US Securities and Exchange Commission (SEC), saying it might not be able to continue operating and its cash and restricted cash were hardly enough to support its operations for the next 12 months. Later, with SEC approval, the company planned to raise $150 million by selling shares to ease the shortage of working capital. Since October 2021, Bakkt's stock price has been on a downward trend. In mid-March 2024, Bakkt received a delisting warning from the New York Stock Exchange as its stock price continuously dropped below $1. In June 2024, there was news that Bakkt was considering a sale or spin-off. Analysts believe that if TMTG successfully acquires Bakkt, it will bring a good brand effect to Bakkt, relieve its financial pressure, and bring new development opportunities. Trump has repeatedly signaled support for the crypto market during his campaign and has proposed measures such as listing Bitcoin as a strategic reserve asset of the United States and dismissing SEC Chairman Gary Gensler.