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Trump Media is reportedly in advanced talks to acquire Bakkt, a major cryptocurrency trading firm. The Financial Times revealed the negotiations, triggering a 162% spike in Bakkt’s stock price and a 15% boost in Trump Media shares, fueling widespread market intrigue.
Trump Media and Bakkt in Advanced Talks
The Financial Times reported on Monday that Trump Media is purportedly in "advanced talks" to acquire the cryptocurrency trading platform Bakkt. The story cited two individuals who were aware of the developments in the negotiations.
Both companies' stock prices skyrocketed as a result of the news. Within minutes after the publication of the Financial Times report, Trump Media, the Truth Social operator that is majority owned by President-elect Donald Trump, experienced a quick and significant increase of up to fifteen percent.
Bakkt Shares Surge Despite Trading Volatility
The shares of Bakkt, which was established by Intercontinental Exchange, the company that owns the New York Stock Exchange, experienced a significant increase of more than 162% despite the fact that trading was repeatedly halted due to volatility.
The market value of Trump Media, which is listed on the Nasdaq under the ticker symbol DJT, has fluctuated upwards and downwards by billions of dollars in the run-up to the presidential election of 2024. This is because ordinary investors have placed their bets on the momentum and electoral prospects of the Republican candidate.
Trump Media Faces Financial Challenges Despite Market Cap
Despite the fact that Trump Media has declared a net loss of $363 million on revenues of only $2.6 million from the beginning of this year, the company has a market cap that is greater than $7 billion.
There was no quick response from a spokeswoman for Trump Media to the request for comment that was made by CNBC.
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