Trump Media & Technology Group Corp., owned by US President-elect Donald Trump, is buying cryptocurrency exchange Bakkt. According to a report in The Financial Times, the deal is in its final stages. The purchase price has not been disclosed.
Following the news, Bakkt shares soared 163% to $29.71, leading to several trading halts due to excessive volatility.
Despite the problems, the acquisition of Bakkt is strategically beneficial for Donald Trump’s company, as it allows the newly elected president to further entrench himself in the digital asset space. Interestingly, Bakkt’s first CEO Kelly Loeffler is a close ally of Trump and co-chair of his inauguration committee.

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