Donald Trump's head-long charge into the crypto market is gathering pace with the news his media company is set to buy trading platform Bakkt, just weeks before he assumes the presidency.
Trump Media & Technology Group, which owns Truth Social, is in discussions to buy the US firm, the Financial Times reported on Monday.
Its shares increased by as much as 17 per cent on Monday and Bakkt's stock more than tripled in after-hours trading; the latter's rise was so high that trading had to be stopped for volatility.
That has also led to Bakkt's market capitalisation to leap to about $402 million – nearly 160 per cent higher compared to Friday's close. Both companies are said to be in advanced talks and are close to sealing an all-stock acquisition. The value of the deal was not disclosed.
Trump Media, Bakkt and its majority shareholder, financial exchange operator Intercontinental Exchange (ICE), have yet to comment on the report.
The move is also another apparent vote of confidence from Mr Trump, the once crypto sceptic, who, in a spectacular shift, is now openly accepting digital currencies as part of promises made during the campaign trail.
What is Bakkt?
Founded in 2018, Bakkt is a financial services company that “builds crypto technology that enables businesses to grow with the crypto economy”, according to its LinkedIn profile. ICE owns 55 per cent of the company.
Its first chief executive, Kelly Loeffler, is a former Republican senator from Georgia, who is also currently co-chairwoman of the committee in charge of Mr Trump's upcoming inauguration in January.
It was listed on the New York Stock Exchange in October 2021 and was able to raise $50 million in a post-initial public offering equity round, according to data from start-up tracker Crunchbase.
From 2019 to 2022, it made four acquisitions: Rosenthal Collins Group, Digital Asset Custody Company, Bridge2 Solutions and Apex Crypto, which it bought for $200 million.
Did Bakkt foresee the crypto stock price spike?
Sort of. “Since the US presidential election, we’ve seen a dramatic increase in trading volumes driven by favourable macro sentiment and rising crypto prices,” Andy Main, president and chef executive of Bakkt, said while releasing its third-quarter earnings.
“As of November 12th, we had transacted $279 million in volume, already surpassing October’s total of $165 million in just 12 days.”
Bakkt did not directly attribute this boost to Mr Trump's win; instead, the company said these “tailwinds” were aligned with the upcoming roll-out of its BakktX institutional trading platform.
The company “believe[s BakktX] will put us in a strong position to win share in a rapidly growing market”, it added.
Bitcoin, and the crypto industry in general, were in its “normal” trading range in the lead-up to the US elections, but then soared to numerous records once it was clear Mr Trump clinched victory on November 6.
That was just more than a week before Bakkt released its third-quarter financial results on November 14. It is normal for key company reports like these to be updated up to the last second.
In this case, Bakkt's tone in a statement accompanying the results was indicative of the prevailing sentiment after the poll results – which could have been different if Vice President Kamala Harris, who is not as enthusiastic as Mr Trump on cryptocurrencies, won the vote.
Why Trump's change of heart with crypto?
Mr Trump made a spectacular U-turn when it comes to cryptocurrency: in his first term, he derided Bitcoin and its peers as a “not money”, “based on thin air” and something that “can facilitate unlawful behaviour, including drug trade and other illegal activity [sic]", even calling it a “scam” after he left office.
The turning point was when Mr Trump began selling non-fungible tokens of himself as a superhero in December 2022, a month after he declared his intention to run for president again.
He raised $8.9 million in the process, which apparently proved to him that crypto can be beneficial. It may have also helped that the vice president-elect, current Ohio Senator J D Vance, has been known to own Bitcoin since 2021.
Can Trump own a company while he is president?
The short answer is yes. US law dictates that while government officials are barred from owning or running businesses, there are no such rules covering the president and vice president.
However, all US presidents since Lyndon Johnson have either sold their business interests or placed them in a so-called blind trust – which prevents asset owners from having any relationship with trustees – in order to prevent being suspected of profiting from the presidency, or leveraging to office for personal gains.
“If the president of the US used his official power as president to make a decision in order to enhance his own wealth, he would expose himself to severe political criticisms and perhaps even impeachment, if one could argue that it rose to the level of bribery,” Andrew Napolitano, a former jurist, said on the online legal education platform Talks on Law.
“But there is no statute prohibiting it. Now, if he could tolerate the political firestorm, no legal action would ensue.”
Mr Trump, in his first term, turned over his Trump Organisation to his children; it is unclear what move he will make in his next.
Trump's touch rubs off on Tesla again
Bakkt was not the only company that benefitted from the manoeuvring of Mr Trump's team on Monday.
The incoming president's team has broached plans to ask the Department of Transportation to create a framework and prioritise the posting of self-driving vehicles, Bloomberg reported.
If enacted, that would be a huge win for autonomous driving – and Elon Musk, who has championed self-driving vehicles with his Tesla Motors and is arguably Mr Trump's staunchest supporter right now, stands to greatly benefit from it.
This has, again, helped Tesla: shares of the world's biggest electric vehicle maker climbed more than 7 per cent on Monday, extending its gains to about 28 per cent since election day.
That was also bad news for Uber Technologies and Lyft, as their stock prices fell more than 6 per cent, on the spectre that it may compete with Mr Musk's planned Cybercab robotaxis, which he unveiled last month.
Malcolm & Marie
Directed by: Sam Levinson
Starring: John David Washington and Zendaya
Three stars
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Results
6pm: Dubai Trophy – Conditions (TB) $100,000 (Turf) 1,200m
Winner: Silent Speech, William Buick (jockey), Charlie Appleby
(trainer)
6.35pm: Jumeirah Derby Trial – Conditions (TB) $60,000 (T)
1,800m
Winner: Island Falcon, Frankie Dettori, Saeed bin Suroor
7.10pm: UAE 2000 Guineas Trial – Conditions (TB) $60,000 (Dirt)
1,400m
Winner: Rawy, Mickael Barzalona, Salem bin Ghadayer
7.45pm: Al Rashidiya – Group 2 (TB) $180,000 (T) 1,800m
Winner: Desert Fire, Hector Crouch, Saeed bin Suroor
8.20pm: Al Fahidi Fort – Group 2 (TB) $180,000 (T) 1,400m
Winner: Naval Crown, William Buick, Charlie Appleby
8.55pm: Dubawi Stakes – Group 3 (TB) $150,000 (D) 1,200m
Winner: Al Tariq, Pat Dobbs, Doug Watsons
9.30pm: Aliyah – Rated Conditions (TB) $80,000 (D) 2,000m
Winner: Dubai Icon, Patrick Cosgrave, Saeed bin Suroor
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
8 traditional Jamaican dishes to try at Kingston 21
- Trench Town Rock: Jamaican-style curry goat served in a pastry basket with a carrot and potato garnish
- Rock Steady Jerk Chicken: chicken marinated for 24 hours and slow-cooked on the grill
- Mento Oxtail: flavoured oxtail stewed for five hours with herbs
- Ackee and salt fish: the national dish of Jamaica makes for a hearty breakfast
- Jamaican porridge: another breakfast favourite, can be made with peanut, cornmeal, banana and plantain
- Jamaican beef patty: a pastry with ground beef filling
- Hellshire Pon di Beach: Fresh fish with pickles
- Out of Many: traditional sweet potato pudding
More from Neighbourhood Watch
Inside%20Out%202
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UEFA CHAMPIONS LEAGUE FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT) unless stated
Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid
Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
