Republican presidential nominee and former U.S. President Donald Trump gestures at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024.
Kevin Wurm | Reuters
Trump Media is reportedly in “advanced talks” to buy the cryptocurrency trading firm Bakkt, the Financial Times reported Monday, citing two people with knowledge of the talks.
The news sent shares of both companies soaring. Trump Media, the Truth Social operator majority-owned by President-elect Donald Trump, suddenly shot up as much as 15% minutes after the FT report was published.
Shares of Bakkt — which was created by Intercontinental Exchange, the owner of the New York Stock Exchange — skyrocketed more than 162% amid repeated trading halts due to volatility.
Trump Media, which appears on the Nasdaq as DJT, has seen its market capitalization 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 political prospects.
While Trump Media has reported a $363 million net loss on revenues of just $2.6 million so far this year, it boasts a market capitalization above $7 billion.
A Trump Media spokeswoman did not immediately respond to CNBC’s request for comment.
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