Trump Media’s Crypto Push: Trademark for TruthFi and Bakkt Acquisition Talks

President-elect Donald Trump’s media firm, Trump Media & Technology Group (TMTG), is making a bold move into cryptocurrency. The company recently filed a trademark for a new service, TruthFi, which could include digital wallets, crypto payments, and trading. Alongside this, TMTG is in advanced talks to acquire the digital asset platform Bakkt in an all-stock deal.

• TruthFi Trademark: Aimed at expanding TMTG’s digital asset footprint, TruthFi could offer services like asset custody and crypto payment processing.
• Bakkt Acquisition: Bakkt, known for crypto trading and backed by the NYSE owner, could bolster TMTG’s crypto strategy.
• Market Reaction: Shares of Bakkt surged 160% following acquisition rumors, while TMTG’s stock also rose significantly.

These developments highlight Trump’s growing interest in cryptocurrency. His campaign promised to establish the U.S. as a global crypto hub and create a national Bitcoin reserve. Industry insiders anticipate a regulatory shift, as SEC Chair Gary Gensler announced his resignation before Trump’s term begins, signaling potential crypto-friendly policies.

Despite TMTG’s small workforce and limited revenue, its $6 billion valuation showcases investor optimism. Acquiring Bakkt could bring critical infrastructure, but questions remain about Bakkt’s financial health, given its past struggles with crypto custody operations.

Observers note potential ethical concerns. Richard Painter, a former ethics lawyer, emphasized the need for Trump to divest business interests to avoid conflicts with his presidential duties. Meanwhile, analysts speculate whether Trump’s administration will fulfill industry hopes for lenient crypto regulations.