Shares in crypto exchange Bakkt jumped on Nov. 18 after a report that Donald Trump’s company is in advanced stages of a deal to buy the struggling business.
Bakkt’s share price jumped over 162% on Monday after the Financial Times reported Donald Trump’s company was in advanced talks to acquire the crypto exchange.
Bakkt Holdings Inc (BKKT) closed up 162.46% at $29.71 on Nov. 18 and continued to climb 16.43% to $34.59 after the bell. Trump Media and Technology Group Corp (DJT) — which operates the social media platform Truth Social — also closed the day up 16.65% but lost around 3.5% after hours, according to Google Finance.
The Financial Times reported earlier on Nov. 18, citing two people with knowledge of the talks, that Trump Media — in which the United States president-elect holds a majority 53% stake — was in advanced talks for an all-share purchase of Bakkt, owned by Intercontinental Exchange.
