President-elect Donald Trump gestures during the Bitcoin 2024 event in Nashville, Tennessee, on July 27, 2024.
Kevin Worm | Reuters
Trump Media is said to be in “advanced discussions” to buy the cryptocurrency trading firm BakktFinancial Times notify Monday, citing two people with knowledge of the talks.
The news sent shares of both companies soaring.
The Trump Media, which is the majority of the President-elect Donald TrumpMinutes after the FT report was published, double figures were up.
The company, which operates the Truth Social app and trades on the Nasdaq as DJT, closed up more than 16%.
Bakkt stock was created by Intercontinental ExchangeThe owner of the New York Stock Exchange — rose more than 162% among repeaters trade stoppages because of volatility.
Kelly Loeffler, the former CEO of Bakkt, is the chairman of Trump’s inaugural committee.
Loeffler, who is married to Intercontinental Exchange CEO Jeffrey Sprecher, stepped down as Bakkt’s chief executive in 2019 when Georgia Governor Brian Kemp appointed her to the US Senate seat vacated by Senator Johnny Isakson, who resigned for health reasons.
Democratic Sen. Raphael Warnock defeated Loeffler in a special election runoff for his Senate seat.
Trump Media has seen its market value rise and fall by billions of dollars in the run-up to the 2024 presidential election, as retail investors bet on the Republican’s political momentum and outlook.
While Trump Media has reported a Net loss of $363 million With revenues of $2.6 billion this year, it has a market cap of over $7 billion. The company said in its third quarter earnings report that it has nearly $673 million in cash and cash equivalents.
A spokesperson for Trump Media did not immediately respond to CNBC’s request for comment.
The reported buying moves show Trump further developing his business interests in cryptocurrency even as he enters the White House on January 20, 2025.
Three weeks before the Nov. 5 presidential election, Trump promoted the launch of a token tied to a new cryptocurrency company that he dubbed. World Liberty Financial. as part of deal with WLF, Trump and his family are willing to collect 75% of the coin revenue while not being held accountable.
Bakkt was founded in 2018 to provide technology services for crypto investors. The Alpharetta, Georgia-based company reported revenue of $328.4 million and an operating loss of $27.4 million in its most recent fiscal quarter, a 48% improvement over the prior year.
— CNBC’s Dan Mangan contributed to this report.
