What's Going On With Bakkt Holdings Stock Tuesday?

Bakkt Holdings Inc BKKT shares are trading higher Tuesday following reports suggesting Trump Media & Technology Group Corp DJT is in talks to buy the crypto-related company.

What Happened: According to the Financial Times, Trump Media, the parent company of social media platform Truth Social, is in advanced talks to acquire Bakkt, a crypto trading venue that went public via SPAC in October 2021.

Two people with knowledge of the matter reportedly said that President-elect Donald Trump’s media company is closing in on an all-share purchase of Bakkt. Trump currently owns more than a 50% stake in Trump Media.

The report indicates that Bakkt is owned by Intercontinental Exchange, and that the company’s first chief executive Kelly Loeffler was a former head of marketing at Intercontinental Exchange, as well as a former Republican senator for Georgia during Trump’s first term. Loeffler is also reportedly co-chair of the committee organizing Trump’s inauguration and is married to the founder and CEO of Intercontinental Exchange.

Bakkt issued a statement on the transaction rumors Tuesday morning. The company noted that it’s aware of the reports regarding a potential transaction and said it’s against company policy “to comment on market rumors or speculation.”

Check This Out: Trump Digs Deeper Into Cryptocurrency? Bakkt Shares Soar On Reported Interest From President-Elect’s Media Company

BKKT Price Action: Bakkt Holdings shares closed Monday up 162.5% at $29.71. The stock was up 17.3% at $34.92 at the time of publication Tuesday, according to Benzinga Pro.

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