Shares in Donald Trump’s media company, which runs the social media platform Truth Social, shot up over 16.5% after news broke that the company is in talks to buy a cryptocurrency exchange.
The company, Trump Media and Technology Group (TMTG), saw a big boost in stock prices following a report from the Financial Times that revealed they are in advanced discussions to buy Bakkt, a crypto platform.
The news has raised hopes in the crypto world that Trump’s future presidency could bring in reforms that help the industry grow. If the deal goes through, Trump could benefit personally from any favorable regulations his administration might introduce.
After the report was released, Bakkt’s stock surged by over 160%. The company’s parent, Intercontinental Exchange (ICE), didn’t immediately comment on the story.
Bakkt, which went public in 2021, has partnered with big names like Starbucks and Mastercard to make crypto easier for people to use. While the company has yet to turn a profit, its losses have been shrinking in recent years.
For 2023, TMTG reported a modest revenue of $2.6 million, but it still faced a loss of $363 million. Trump holds 53% of the company. He’s also connected to another crypto platform called World Liberty Financial.
Crypto groups spent millions supporting political candidates from both parties in the November elections, including Trump.
