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Trump Media Eyeing Purchase of Cryptocurrency Platform

Trump and his inner circle have in recent months expressed a deep interest in cryptocurrency.

The parent company of Donald Trump’s Truth Social platform is engaged in talks to purchase a cryptocurrency trading platform, according to a new report. Trump Media and Technology Group, despite the company’s well publicized financial struggles, has emerged in recent weeks as a proxy for Trump’s political stock, with the company’s shares skyrocketing in value since the president-elect won re-election earlier this month. This has given it plenty of opportunities to invest in other companies, among them the crypto marketplace Bakkt, the Financial Times reported Monday. The company’s former CEO, Kelly Loeffler—who served as a Republican U.S. Senator during Trump’s first term—is also the co-chair of Trump’s inauguration. Trump and his inner circle have in recent months expressed a deep interest in cryptocurrency, which emerged as a major theme of the president-elect’s 2024 campaign. After news of TMTG’s interest in Bakkt broke Monday, shares of the company soared more than 150 percent—while TMTG itself jumped 16 percent.

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