According to sources, a U.S. social media company is in advanced talks with Bakkt, a cryptocurrency trading platform under Intercontinental Exchange, nearing a full stock acquisition agreement. This move is seen as an important step for the company to enter the cryptocurrency market. Boosted by the news, Bakkt's stock price soared by 162.46% by Monday's close, with a market value of approximately $400 million, while the social media company's stock also rose by 16.65%, reaching a market value of $7.111 billion.
Bakkt was created by Intercontinental Exchange, which holds a 55% stake. Despite having cryptocurrency custody services licensed by New York regulators, Bakkt has struggled with profitability, recording only $328,000 in revenue and $27,000 in operating losses for the third quarter of this year. It is reported that the custody business is not included in the transaction scope.
Bakkt faced the risk of delisting from the New York Stock Exchange but retained its listing status after a 1-for-25 reverse stock split in April this year. If this acquisition is successful, it may provide Bakkt with a new development direction and mark the social media giant's further expansion into the cryptocurrency realm.
The market has reacted positively to this potential acquisition, and the policy prospects in the cryptocurrency field have received attention accordingly. Meanwhile, some analysts predict that more digital assets may be included in the U.S. strategic reserves in the future, sparking industry excitement.
Since its inception, the social media company has become a market trading hotspot. Although its annual revenue is only $2.6 million, it has a strong capital operation ability with a market value exceeding $7.1 billion, providing financial support for acquisitions. If this acquisition is realized, it will strengthen its position in the digital economy and cryptocurrency sectors.
