Donald Trump’s social media company is in advanced talks to buy Bakkt, a cryptocurrency trading venue owned by Intercontinental Exchange, as it pushes to expand beyond online conversation.
The US president-elect’s Trump Media and Technology Group, in which he has pledged to retain his 53 per cent stake, is closing in on an all-share purchase of Bakkt, said two people with knowledge of the talks.
Bakkt’s market capitalisation stood at just over $150mn on Monday.
TMTG, which operates Truth Social, has become one of the most actively traded US stocks since Trump’s election victory.
Although it has reported just $2.6mn in revenues this year, TMTG has a $6bn equity valuation, giving its management a valuable currency with which to buy other companies.
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