Weeks following the U.S. presidential elections, the crypto market is still buzzing with anticipation, especially after it went viral that the Trump Media & Technology Group is about to acquire crypto company Bakkt.
Almost immediately, both companies saw a big surge, trading as DJT on Nasdaq, rose over 16%, while Bakkt shares surged 162%.
According to many analysts, a Trump win could trigger a strong December bull run since his crypto-friendly attitude promises to attract more investors and create new opportunities within the market.
Bring the game on
With such positive market trends, many other sectors are skyrocketing as well, especially online casinos, with more than 400 million active players making serious money out there – If you ever played poker or blackjack you know what I’m talking about.
Since we are approaching the peak of gaming season, industry analyst Michael Graw has reviewed all Stake alternatives where you can find improved security, better games, and bigger bonuses.
Let’s face it – there are much better options than Stake at the moment.
These sites are carefully selected, bringing more free spins, deposit matches, and cashback offers while keeping the crypto rewards and all major tournaments.
Back to the office
There’s an interesting political connection here – Kelly Loeffler, who previously served as Bakkt’s CEO, currently co-chairs Trump’s inauguration committee.
Loeffler left Bakkt in 2019 when Georgia Governor Brian Kemp appointed her to fill Johnny Isakson’s vacant Senate seat. She later lost the special election runoff to Democratic Senator Raphael Warnock.
Different business model
Trump Media had a rather spectacular mismatch of business performance versus market valuation at the beginning of the year. Despite minimal revenue of $2.6 million and a $363 million net loss, the company maintains a $7 billion market cap and holds $673 million in cash. That’s how it goes in today’s market.
On the other hand, Bakkt, founded in 2018 by NYSE parent company Intercontinental Exchange, offers technological services for crypto investors. The Georgia-based firm’s latest quarterly report shows $328.4 million in revenue alongside a $27.4 million operating loss – though this represents a 48% improvement from last year.
Challenges along the way
In the quarterly result recently, Bakkt admitted it “may not be able to continue as a going concern.” Although it believes the company has sufficient cash for the company’s operations in the coming 12 months, management warned that “if conditions do deteriorate,” shareholders will “lose most or all of their investment.”
Making matters worse, in March, Bakkt received a warning from the NYSE that it faced possible delisting after its stock traded below the $1 minimum requirement for more than 30 consecutive trading days.
Trump’s crypto appetite keeps growing
A likely takeover by Trump is a seal to his growing interest in crypto and a new ray of hope for investors. Just weeks before the November presidential election, he promoted World Liberty Financial, a new crypto venture where he and his family stand to receive 75% of net coin revenue.
All this was a big call to action to seasoned investors – and if the market keeps the current momentum, we might be entering the beginning of the new crypto era.