President-elect Donald Trump’s social media company, Trump Media and Technology Group, is in talks to buy cryptocurrency exchange Bakkt.
Bakkt is owned by Intercontinental Exchange, and its market capitalization sits close to $400 million after its stock surged more than 150% with rumors that Trump could buy the company.
The company was formerly led by former Sen. Kelly Loeffler, a co-chairwoman of Trump’s inauguration committee. Bakkt declined to comment on Trump’s possible purchase of the company in a statement on its website.
“Bakkt Holdings, Inc. (NYSE: BKKT) announced today that it is aware of the rumors that appeared in the financial press regarding a potential transaction involving the Company,” a Bakkt spokesperson said. “It is the Company’s policy not to comment on market rumors or speculation.”
Trump platformed himself as a pro-cryptocurrency candidate, appearing at a bitcoin conference in July and telling the audience he would appoint a Securities and Exchange Commission chairman “who will build the future, not block the future” of crypto.
He promised to ensure America becomes “the crypto capital of the planet and bitcoin superpower of the world.”
Trump’s campaign accepted donations in crypto and rolled out World Liberty Financial in September. WLF serves as a “decentralized finance” initiative centered on a crypto token called WLFI.
Cryptocurrency memecoin Dogecoin surged following Trump’s victory and Elon Musk’s solidified role in the Department of Government Efficiency.
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Cryptocurrency markets as a whole also surged following Trump’s election win, with bitcoin up about 30% as investors speculate he will be favorable to the digital currency.
If Trump buys Bakkt, it will be a sign he is committed further to the goal of being favorable to cryptocurrency.