Bakkt Shares Jump Another 20% After 163% Surge on Trump Media Acquisition Talks

Tiger Newspress11-19

Donald Trump's social media company is in advanced talks to buy crypto trading firm Bakkt, the Financial Times reported on Monday, citing two people with knowledge of the talks.

Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, the report said.

Shares of Bakkt, backed by NYSE-owner Intercontinental Exchange, soared 162.5% on Monday. The shares jumped another 20% in premarket trading Tuesday.

Trump Media and Bakkt did not immediately respond to Reuters' requests for comment. Intercontinental Exchange declined to comment.

A deal would help consolidate Trump's involvement with an industry that he championed in the run-up to the U.S. presidential election.

The president-elect has also launched a new crypto venture, World Liberty Financial.

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