Trump Media reports in talks to buy crypto trading platform Bakkt sent shares soaring

Trump Media is reportedly in “advanced talks” to buy the cryptocurrency trading firm BakedFinancial Times reported on Monday, citing two people with knowledge of the conversations.

The news sent both companies soaring.

Trump Media, which is majority-owned by President-elect Donald Trump, shot up by double digits minutes after the FT report was published.

The company, which operates the Truth Social app and trades on the Nasdaq as DJT, closed more than 16% higher.

Shares of Bakkt — which is created by Intercontinental exchangethe owner of the New York Stock Exchange — soared more than 162% amid repeated trading halt due to volatility.

Kelly Loeffler, a former CEO of Bakkt, co-chairs Trump’s inauguration committee.

Loeffler, who is married to Intercontinental Exchange CEO Jeffrey Sprecher, stepped down as Bakkt’s chief executive in 2019 when Georgia Governor Brian Kemp appointed her to the US Senate seat vacated by Sen. Johnny Isakson, who resigned due to health reasons.

Loeffler was defeated by Democratic Senator Raphael Warnock in a special election runoff for her Senate seat.

Trump Media has seen its market value rise and fall by billions of dollars in the run-up to the 2024 presidential election as retail investors bet on the Republican’s momentum and policy prospects.

While Trump Media has reported a net loss of $363 million on revenue of just $2.6 million so far this year, it boasts a market capitalization of over $7 billion.

A spokeswoman for Trump Media did not immediately respond to CNBC’s request for comment.

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