Shares of Bakkt Holdings Inc. (BKKT) skyrocketed by 162% following news that Trump Media and Technology Group is in advanced talks to acquire the crypto exchange.
Bakkt Stock Surge
On Monday, Bakkt shares soared by 162%, closing at $29.71. After-hours trading saw continued growth with shares rising another 16.43% to $34.59. This rise comes after the Financial Times reported talks with Trump Media.
Talks with Trump Media
Trump Media, led by Donald Trump with a 53% stake, is reportedly in discussions for an all-share deal to acquire Bakkt. Bakkt is owned by the Intercontinental Exchange.
Future of the Deal
The deal could mark another step by Trump into the crypto world. With experience in licensing his image for NFTs and backing his family’s crypto project, Trump might use Bakkt to establish a Bitcoin reserve. However, this would require congressional approval.
The future of the deal between Trump Media and Bakkt remains unclear, but investor enthusiasm reflects positive expectations for the potential impact on both companies.
