Bitcoin price held steady over the weekend around $91,000 after last week's surge sent prices for the world's largest cryptocurrency above $80,000 and then $90,000 for the first time.
Bitcoin has played a significant role in the "Trump trade," as President-elect Donald Trump has pledged to pursue policies that are favorable to cryptocurrencies, including establishing a national bitcoin stockpile.
Recent weeks have also seen substantial inflows into bitcoin spot ETFs.
According to a report earlier this week by Yahoo Finance's David Hollerith, BlackRock’s spot bitcoin ETF (IBIT) experienced a $13 billion increase in assets following Trump's victory on November 5. This surge brought the assets of the iShares Bitcoin Trust to over $40 billion, just ten months after its launch.
Additionally, options linked to IBIT began trading on the Nasdaq on Tuesday, further enhancing trading activity in the cryptocurrency market.
The recent rise in bitcoin prices follows a Financial Times report indicating that Trump Media & Technology Group (DJT) is in advanced discussions to acquire the crypto trading firm Bakkt (BKKT). This partnership could further stimulate initiatives in the cryptocurrency sector.
Crypto-related stocks, such as trading platforms Coinbase (COIN) and Robinhood (HOOD), have also seen significant gains from the rally, with increases of 65% and 42%, respectively, over the past ten days.
Additionally, bitcoin proxy MicroStrategy (MSTR) reached new all-time highs on Tuesday. The business intelligence and software company added 52,000 bitcoins to its holdings over the past week, marking its largest purchase of the cryptocurrency to date. Year-to-date, MicroStrategy's stock is up 500%.
Trump Media Stock Soars on Potential Bakkt Acquisition Amid Crypto Expansion
Trump Media's stock surged nearly 17% on Monday after a Financial Times report revealed that the parent company of Truth Social is in "advanced talks" to acquire the crypto trading and brokerage platform Bakkt (BKKT). The article noted that financial terms and valuation details remain unclear, according to two unnamed sources.
Bakkt, which went public in October 2021, reported $53.1 million in revenue last year and had a market capitalization of $401.1 million as of Monday's closing. In contrast, Trump Media Group's valuation stood at $7.1 billion at the close of trading on Monday.
Following the report, BKKT's stock skyrocketed over 162%, reaching $29.71 on Monday. Although shares gained another 21% early Tuesday, they ultimately closed down 0.7%.
This news marks Trump’s latest foray into the cryptocurrency space. In September, the President-elect launched his own cryptocurrency project, World Liberty Financial. Once a skeptic of crypto, Trump has made several campaign promises related to digital assets, including plans for a bitcoin reserve, efforts to nationalize bitcoin, and a push to remove SEC Chair Gary Gensler.
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