Key Takeaways
- Trump Media & Technology Group shares jumped Monday following a Financial Times report the Truth Social owner is in talks to buy cryptocurrency trading platform Bakkt.
- President-elect Trump holds a 53% stake in Trump Media, and said he has “no intention” of selling.
- Bakkt’s first CEO was Kelly Loeffler, a former Republican senator who now co-chairs Trump’s inaugural committee.
Trump Media & Technology Group (DJT) shares jumped Monday following a Financial Times report the Truth Social operator is in talks to buy cryptocurrency trading platform Bakkt (BKKT).
Trump Media stock surged nearly 17% Monday, while shares of Bakkt more than doubled in value before being halted for volatility. The financial terms of the deal under consideration were not disclosed.
The surge in Trump Media shares stands to benefit President-elect Donald Trump, who holds a 53% stake in Trump Media, and said earlier this month that he has “no intention” of selling his stake in the company. The stock has seen volatile swings in the wake of Trump’s Nov. 5 election victory, and despite Monday’s gains, shares have lost about 3% since the election.
Bakkt, which went public in 2021, is owned by Intercontinental Exchange (ICE). Its first CEO was Kelly Loeffler, a former Republican senator from Georgia and the current co-chair of Trump’s inaugural committee.
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