:max_bytes(150000):strip_icc()/GettyImages-2111708727-018a3d8bcf9544e8a2f510c722e84d0b.jpg?w=1500&resize=1500,1027&ssl=1 "Trump Media’s Stock Pops After Reports It’s in Talks to Buy Crypto Exchange Bakkt | Global News Avenue")
Trump Media’s Stock Pops After Reports It’s in Talks to Buy Crypto Exchange Bakkt
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Main points
- Shares of Trump Media Technology Group rose on Monday financial times The owner of Truth Social is reportedly in talks to acquire cryptocurrency trading platform Bakkt.
- President-elect Trump owns 53% of Trump Media and has said he has “no intention” to sell.
- Bakkt’s first CEO was former Republican Senator Kelly Loeffler, who now co-chairs Trump’s inaugural committee.
Trump Media & Technology Group (DJT) shares rose on Monday financial times Truth Social operator is reportedly in talks to acquire cryptocurrency trading platform Bakkt (BKKT).
Trump Media shares soared nearly 17% on Monday, while Bakkt shares more than doubled before being halted due to volatility. Financial terms of the deal under consideration have not been disclosed.
The surge in Trump Media shares will benefit President-elect Donald Trump, who holds a 53% stake in Trump Media and said earlier this month that he had “No intention” to sell his shares in the company. The stock has been volatile since Trump’s Nov. 5 election victory, and despite Monday’s gains, it has fallen about 3% since the election.
Bakkt will be listed in 2021 and is affiliated with Intercontinental Exchange (ice). Its first CEO was Kelly Loeffler, a former Republican senator from Georgia who now co-chairs Trump’s inaugural committee.
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