:Donald Trump’s social media company is in advanced talks to buy crypto trading firm Bakkt, the Financial Times reported, citing two people with knowledge of the talks.
Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, the report said on Monday.
A deal would help consolidate Trump’s involvement with an industry that he championed in the run-up to the U.S. presidential election.
Bakkt said on Tuesday it was aware of “the rumors that appeared in the financial press regarding a potential transaction involving the company,” but the company “does not comment on market rumors or speculation.”
Shares of Bakkt, backed by NYSE-owner Intercontinental Exchange, which closed up 162.5 per cent on Monday after FT’s report, were up another 14.8 per cent in premarket trading on Tuesday.
Trump Media and Technology Group’s shares, which closed up 16.7 per cent on Monday, slipped 6.7 per cent before the bell.
Trump Media did not immediately respond to Reuters’ request for comment and Intercontinental Exchange declined to comment.
The president-elect has also launched a new crypto venture, World Liberty Financial.
