Trump's social media group in talks to buy Bakkt, FT reports (updated)
18/11/2024 20:44
(Adds share movement in paragraph 3, context on Trump's crypto
venture in paragraphs 5-6)
Nov 18 (Reuters) - Donald Trump's social media company
is in advanced talks to buy crypto trading firm Bakkt BKKT.N ,
the Financial Times reported on Monday, citing two people with
knowledge of the talks.
Trump Media and Technology Group DJT.O , which operates
Truth Social, is close to an all-stock acquisition of Bakkt, the
report said.
Shares of Bakkt, backed by NYSE-owner Intercontinental
Exchange ICE.N , soared nearly 66% in late afternoon trading,
before being halted for volatility.
Trump Media, Bakkt and Intercontinental Exchange did not
immediately respond to Reuters' requests for comment.
A deal would help consolidate Trump's involvement with an
industry that he championed in the run-up to the U.S.
presidential election.
The president-elect has also launched a new crypto venture,
World Liberty Financial.
(Reporting by Niket Nishant and Zaheer Kachwala in Bengaluru;
Editing by Shilpi Majumdar)
((Niket.Nishant@thomsonreuters.com))