Trump’s social media group in negotiations to buy Bakkt, reports the FT

(Reuters) – 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 familiar with the talks.

Trump Media and Technology Group, which operates Truth Social, is close to a stock buyout of Bakkt, the report said.

Shares of Bakkt, backed by NYSE owner Intercontinental Exchange, surged nearly 66% in late afternoon trading before being halted on volatility.

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

A deal would help consolidate Trump’s commitment to an industry he championed in the run-up to the US presidential election.

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

(Reporting by Niket Nishant and Zaheer Kachwala in Bengaluru; Editing by Shilpi Majumdar)