US Stock Market Move | The news that Trump Media & Technology Group (DJT.US) will acquire the digital asset platform Bakkt (BKKT.US) has caused its stock to rise over 160%.

According to informed sources, Trump Media and Technology Group (DJT.US), owned by President-elect Trump, is in negotiations to acquire the digital asset platform Bakkt (BKKT.US). Sources say that the negotiations have entered the "final" stage, after which Bakkt's stock price has more than doubled. The report stated that Trump Media is about to acquire all of the company's stock. As of the close of trading on Monday, Bakkt's market value was $155 million. Bakkt was spun off from the parent company of the New York Stock Exchange, Intercontinental Exchange, Inc., which still holds a majority stake in the company. For several months, Bakkt has been exploring potential sales. Intercontinental Exchange, Inc., which owns some of the largest futures markets and the New York Stock Exchange, launched Bakkt in a big way in 2018. As of the close of trading on Monday, Bakkt's stock price had risen 162.46% to $29.71. In October 2021, as cryptocurrency prices neared all-time highs, the stock price exceeded $1,000. Less than three years later, the exchange disclosed that it may not be able to continue operating, increasing the possibility of delisting from the NYSE. Bakkt's founding CEO Kelly Loeffler's husband Jeffrey Sprecher is the founder and CEO of Intercontinental Exchange, Inc., and the chairman of the New York Stock Exchange. Loeffler served as a U.S. Senator from Georgia for one year and currently serves as co-chair of the Trump Inaugural Committee with Steve Wittenkopf. Trump owns more than 50% of Trump Media and Technology, which operates the social media site Truth Social.