Trump Media in Talks to Acquire Bakkt

(Reuters) – Donald Trump's social media company is in advanced discussions to buy crypto trading firm Bakkt, as reported by the Financial Times on Monday, citing two sources with knowledge of the negotiations.

Trump Media and Technology Group, which manages Truth Social, is reportedly close to an all-stock acquisition of Bakkt.

Shares of Bakkt, which is supported by NYSE-owner Intercontinental Exchange (NYSE:ICE), surged nearly 66% in late afternoon trading before being halted due to volatility.

Trump Media, Bakkt, and Intercontinental Exchange have not yet responded to Reuters' requests for comments.

This deal would strengthen Trump's involvement in the cryptocurrency industry, which he has supported leading up to the U.S. presidential election. The president-elect has also introduced a new crypto venture called World Liberty Financial.