Bakkt (BKKT.US) surges over 160% as it is rumored to be acquired by Trump Media & Technology (DJT.US)

Market IntelMonday, Nov 18, 2024 6:30 pm ET

1min read

President-elect Trump's Trump Media & Technology (DJT.US) is in talks to acquire digital asset platform Bakkt (BKKT.US), according to people familiar with the matter.

The people said the talks are in the "late stage" and that Bakkt's stock has since more than doubled. The Journal reported that Trump Media is set to buy Bakkt all-stock. As of Monday's close, Bakkt was valued at $155 million.

Bakkt was spun out of Intercontinental Exchange, the parent of the New York Stock Exchange, and still has a majority stake in the company.

Bakkt has been exploring a possible sale for months. The company, which owns some of the largest futures markets as well as the New York Stock Exchange, was launched with fanfare by ICE in 2018.

As of Monday's close, Bakkt's stock rose 162.46% to $29.71. The stock traded above $1,000 in October 2021 as cryptocurrency prices neared record highs. Less than three years later, the exchange disclosed it may not be able to continue operating, increasing the likelihood of a delisting from the NYSE.

Jeffrey Sprecher, the founder and CEO of ICE and chairman of the New York Stock Exchange, is married to Kelly Loeffler, Bakkt's founding CEO.

Loeffler served one year as a U.S. senator from Georgia and currently co-chairs the Trump Inaugural Committee with Steve Wiethekov.

Trump owns more than 50% of Trump Media & Technology, which operates the social media site Truth Social.

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