Trump Media & Technology Group (TMTG), the parent company of Truth Social, is reportedly in advanced discussions to acquire cryptocurrency trading platform Bakkt.

The Financial Times cites sources familiar with the matter, indicating that the deal would be an all-stock transaction.

Bakkt, established in 2018 by Intercontinental Exchange (ICE), offers a platform for trading digital assets and currently lists 16 cryptocurrencies.

The company has faced profitability challenges, leading to considerations of winding down certain operations.

The potential acquisition aligns with President-elect Donald Trump’s increasing involvement in the cryptocurrency sector.

Recently, Trump promoted World Liberty Financial, a decentralized finance venture, signaling a broader interest in digital assets.

Market reactions to the news have been significant. Bakkt’s shares surged by 162% following reports of the acquisition talks, while TMTG’s stock experienced a 16.7% increase.

Analysts suggest that the deal could provide TMTG with a foothold in the growing cryptocurrency market, potentially diversifying its revenue streams beyond social media.

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