Donald Trump to meet Armstrong amid Bakkt buy talks

Donald Trump’s bid to keep his crypto promises appears to include talks with the leader of America’s largest crypto exchange and a potential takeover of digital asset trading hub Bakkt.

President-elect Donald Trump and Coinbase CEO Brian Armstrong are reportedly planning a private meeting to discuss appointments in Trump’s administration as crypto excitement increases following the November 5 general election.

Weeks before Trump took office in January 2025, changes were already underway at federal agencies to accommodate new policy views. Trump appointed former Securities and Exchange Commission chairman Jay Clayton as U.S. Attorney for the Southern District of New York. The office later announced plans to reduce crypto litigation days after the news.

Current SEC chairman Gary Gensler thanked staff and commissioners, signaling his resignation amid increasing pressure and scrutiny over his tenure. Members of the digital asset industry and policymakers criticized Gensler’s SEC for taking an anti-cryptocurrency approach rather than providing clear rules for the nascent industry.

Candidates like former Binance US CEO Briand Brooks and Robinhood Markets CLO Dan Gallagher have been named top contenders for the prediction platform data per Gensler’s successor.

Attention turned to Trump’s choice of US Treasury Secretary. Industry leaders like Nic Carter believe this position will be crucial in reversing the crypto crackdown and reopening banking access to blockchain businesses.

Polymarket users named former Federal Reserve Board member Kevin Warsh, Cantor Fitzgerald CEO Howard Lutnick, and Key Square Group founder Scott Bessent as their top three choices. Lutnick’s crypto custodian collaborates with stablecoin issuer Tether, while Bessent shares Trump’s pro-Bitcoin stance.

Predictions regarding Donald Trump’s election as US Treasury Secretary| Source: Polymarket Trump media looks at Bakkt

Donald Trump’s Media and Technology Group is reportedly in “advanced talks” to acquire Bakkt, a crypto trading platform owned by Intercontinental Exchange, through an all-stock transaction, according to a Financial Times report.

If the deal is completed, Trump’s influence in the crypto market will increase as Bitcoin (BTC) and other crypto prices continue to rise following his election.

The Financial Times reported that TMTG, the parent company of social media platform Truth Social, plans to use its shares as currency for the acquisition. Despite TMTG’s $6 billion equity valuation, its revenue this year is only $2.6 million.

Bakkt, originally founded by Kelly Loeffler, former Republican senator and wife of Intercontinental Exchange CEO Jeff Sprecher, operates under ICE’s 55% majority stake. Loeffler, who served as co-chair of Trump’s inauguration committee, has ties to the development of the platform.

Core components of Bakkt’s operations, such as its licensed crypto custody business in New York, are expected to be excluded from the deal, according to the Financial Times.

The acquisition signals his administration’s potential alignment with the industry, following Trump’s recent unveiling of another crypto startup, World Liberty Financial.

For TTMTG, the deal represents an opportunity to diversify its holdings and capitalize on growing crypto adoption. However, details of the transaction, including ICE’s continued involvement, were unclear and under negotiation at press time.