The cryptocurrency market is buzzing! Trump Media & Tech DJT is set to acquire the digital exchange Bakkt, with stock prices soaring for both

Trump accelerates his layout in the cryptocurrency market, with his social media group DJT planning to negotiate the acquisition of the cryptocurrency exchange Bakkt.

On Tuesday, the Financial Times cited sources familiar with the matter, stating that Trump's media and technology group, which is set to become the next U.S. president, is about to fully acquire Bakkt, with Trump promising to retain his 53% stake in the group. The valuation being discussed by both parties is still unclear, but Bakkt's market value was slightly above $150 million on Monday.

Following the news, the stock prices of both companies surged, with Bakkt's stock soaring 162% on Monday and continuing to rise over 15% in after-hours trading, while DJT's stock increased by about 16.7%.

According to two individuals familiar with the negotiations, DJT is in deep discussions to acquire Bakkt, a cryptocurrency exchange under the Intercontinental Exchange, to expand its business beyond online dialogue.

Specifically, since Trump's election, the parent company of the social media platform Truth Social, DJT, has become one of the most actively traded stocks in the U.S. Although DJT's revenue this year is only $2.6 million, its equity valuation has reached $6 billion. The user base of Truth Social remains small; according to Similarweb data, the average daily visits to Truth Social this month were only 646,000, while the average daily visits to the X platform reached 155 million.

Bakkt has struggled with profitability since its launch, generating revenue of $328,000 in the three months ending September 30, but incurring an operating loss of $27,000. Bakkt plans to create a trading platform for institutional investors to hold digital assets like Bitcoin and Ethereum on behalf of clients, but has failed to develop. Due to its sluggish stock price, Bakkt once faced the risk of delisting from the New York Stock Exchange until it implemented a 1-for-25 reverse stock split in April. Last week, its stock price rose by 15%.

It is worth mentioning that Bakkt has a close relationship with Trump; its first CEO was Kelly Loeffler, who served as a Republican senator from Georgia during Trump's first term and will also be the co-chair of the committee organizing Trump's inauguration in January. Her husband is Jeff Sprecher, the founder, chairman, and CEO of the Intercontinental Exchange.

If this agreement is successfully reached, it will further advance Trump's layout in the cryptocurrency market. Previously, he began promoting a new cryptocurrency joint venture established by his long-term business partner World Liberty Financial, earning substantial fees from it. After Trump won the election, the cryptocurrency market also surged, with Bitcoin rising over 30%, as the market bets that he will enact legislation favorable to the industry after taking office.

Additionally, on Monday, Trump also met with Coinbase CEO Brian Armstrong, expected to discuss personnel appointments for the Trump administration, as he continues to nominate cabinet and other senior positions