Trump Media reportedly in talks to buy crypto firm Bakkt
Donald Trump’s social media company ended the trading day up Monday on reports it’s looking to buy crypto trading firm Bakkt.
Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, the Financial Times reported on Monday, citing two people with knowledge of the talks.
Shares of Bakkt, backed by NYSE-owner Intercontinental Exchange, skyrocketed more than 160% and were halted multiple times due to volatility. Trump Media shares ended the day up 16.7%.
Trump Media has struggled to turn a profit, reporting earlier this month a $19 million third-quarter net loss and $1 million in revenue, but its market cap is valued at over $7 billion, thanks to its stock market performance. As of Sept. 30,…
