Trump Media Group Negotiates Bakkt Acquisition

Shares of Trump Media and Technology Group (TMTG) surged nearly 17% following reports of advanced negotiations to acquire cryptocurrency exchange Bakkt, owned by Intercontinental Exchange (ICE). Bakkt's stock skyrocketed over 162% amid the acquisition speculation, although the financial terms remain undisclosed. Donald Trump, the president-elect and majority owner of TMTG with a stake valued at approximately $3.8 billion, has expressed his intention to retain his shares in the company, despite its reported losses. The acquisition aims to enhance TMTG's expansion into the cryptocurrency market, coinciding with a broader market rally fueled by Trump's election victory. Concurrently, Bitcoin prices have risen significantly, with predictions of favorable regulations for cryptocurrencies under his administration. Bakkt, struggling for profitability since its 2021 public launch, has now become a focal point in TMTG's strategic growth.