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Trump Media & Technology Group, the parent company of the social media platform Truth Social, is reportedly on the verge of acquiring crypto trading platform Bakkt, sparking a remarkable surge in Bakkt's stock value. Shares of Bakkt Holdings Inc. skyrocketed by more than 160% following the news and continued their upward trajectory on Tuesday.

According to sources cited by the Financial Times, Trump Media's acquisition move is an all-share purchase deal, indicating that negotiations are nearing finalization. This potential acquisition is particularly noteworthy given that Donald Trump, who owns over 50% of Trump Media, is directly involved in steering the company towards this strategic expansion into the cryptocurrency sector.

Bakkt, which went public via a SPAC (Special Purpose Acquisition Company) in October 2021, is currently owned by Intercontinental Exchange. The company's first CEO, Kelly Loeffler, has notable connections to both Intercontinental Exchange and Trump. Loeffler, a former Republican senator for Georgia during Trump's first term, also held the position of co-chair of the committee responsible for organizing Trump's inauguration. Furthermore, she is married to the founder and CEO of Intercontinental Exchange.

Despite the flurry of activity and speculation, Bakkt issued a statement on Tuesday morning, acknowledging the reports but refraining from commenting on what it termed "market rumors or speculation" due to company policy.

The news has had a significant impact on Bakkt Holdings’ stock market performance. On Monday, the stock closed with an impressive gain of 162.5%, reaching $29.71. As of Tuesday, the stock continued its ascent, trading 17.3% higher at $34.92 according to Benzinga Pro.