Trump’s social media group in talks to buy Bakkt, FT reports

(Reuters) -Donald Trump’s social media company is in advanced talks to buy crypto trading firm Bakkt, the Financial Times reported on Monday, citing two people with knowledge of the talks.

Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, the report said.

Shares of Bakkt, backed by NYSE-owner Intercontinental Exchange (NYSE:ICE), soared nearly 66% in late afternoon trading, before being halted for volatility.

Trump Media and Bakkt did not immediately respond to Reuters’ requests for comment. Intercontinental Exchange declined to comment.

A deal would help consolidate Trump’s involvement with an industry that he championed in the run-up to the U.S. presidential election.

The president-elect has also launched a new crypto venture, World Liberty Financial.