### Trump Media in Advanced Talks to Acquire Cryptocurrency Firm Bakkt

Trump Media is reportedly in the final stages of discussions to acquire the cryptocurrency trading platform Bakkt. According to the Financial Times, which cited two insiders familiar with the negotiations, the news of the impending deal sent the shares of both companies soaring.

Following the Financial Times report, shares of Trump Media, which mainly operates the Truth Social app and is listed on Nasdaq under the ticker DJT, surged by over 16%. Shares of Bakkt experienced an even more dramatic increase, skyrocketing more than 162%, prompting multiple trading halts due to extreme volatility.

Bakkt, founded by Intercontinental Exchange (the owner of the New York Stock Exchange), has seen significant shifts in leadership and operations since its inception. Kelly Loeffler, who was Bakkt's CEO, left the role in 2019 after being appointed to a U.S. Senate seat. Loeffler, who is married to Intercontinental Exchange CEO Jeffrey Sprecher, now co-chairs Donald Trump's inauguration committee. She was appointed to the Senate seat by Georgia Governor Brian Kemp after Sen. Johnny Isakson vacated it for health reasons. Loeffler was later defeated by Democratic Sen. Raphael Warnock in a runoff election.

Trump Media has experienced volatile market valuations in the lead-up to the 2024 presidential election. The company's market cap is currently above $7 billion, despite reporting a $363 million net loss on revenues of just $2.6 million this year. In its third-quarter earnings report, Trump Media revealed it holds nearly $673 million in cash and cash equivalents.

The potential acquisition marks a significant move for Trump Media into the cryptocurrency space, an area President-elect Donald Trump has increasingly shown interest in as he prepares for his return to the White House on January 20, 2025. Just before the November 5 presidential election, Trump announced the launch of a new cryptocurrency venture named World Liberty Financial, which promises his family 75% of its net coin revenue without any liability.

Founded in 2018, Bakkt offers technology services for cryptocurrency investors. In its latest fiscal quarter, the Alpharetta, Georgia-based company reported total revenues of $328.4 million and an operating loss of $27.4 million, marking a 48% improvement from the previous year.

A spokeswoman for Trump Media did not immediately respond to requests for comment.