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Shares of Bakkt soared on Monday following reports that Donald Trump’s media company is in advanced discussions to acquire the cryptocurrency exchange.
According to the Financial Times, Trump Media and Technology Group, the operator of Truth Social, is considering an all-share acquisition of Bakkt, which is owned by Intercontinental Exchange.
The rumored deal, which remains unconfirmed, marks another potential move by Trump into the crypto space. His campaign has pledged to ease regulatory pressures on the industry and build a Bitcoin reserve.
Trump has already engaged in cryptocurrency initiatives, including licensing his image for NFTs and backing World Liberty Financial, a family venture expected to generate 75% of project fees for him and his family.
Bitcoin prices have surged by around 30% since Trump’s recent election victory, as the market reacts to his pro-crypto policies.
Despite the hype, Bakkt faces challenges, including a valuation of $400 million after the stock rally and ongoing profitability issues. Its crypto custody services, which have underperformed, are reportedly excluded from the potential deal. Intercontinental Exchange declined to comment, while neither Bakkt nor Trump Media responded to inquiries.