Trump Media and Technology Group (TMTG), which operates Truth Social, is in advanced talks to acquire the struggling cryptocurrency trading platform, Bakkt. The Financial Times reports that this potential all-stock deal would see TMTG absorb Bakkt, which currently has a market cap of just over $150 million.

TMTG, despite its minimal revenue, holds a $6 billion valuation driven by retail interest after Trump's campaign for re-election.

Established by Intercontinental Exchange, Bakkt's original goal was to facilitate bitcoin transactions for Starbucks customers. Kelly Loeffler was its first CEO, and the company had introduced a digital wallet in 2021, later discontinued. Currently, Bakkt is focusing on crypto custody and trading services.

Recent news indicated that Bakkt did not possess sufficient funds to continue operations for the next year.

Following the reports on the acquisition talks, Bakkt Holdings Inc's shares rose by 160%. This move coincides with Trump's recent promotion of World Liberty Financial, a DeFi platform linked to his family, potentially changing Bakkt's future direction within Trump's growing media empire.

However, it's noted that Bakkt's crypto custody business, which includes assets like bitcoin and ether, will remain outside of this acquisition.

In other news, reports suggest that President-elect Trump aims to meet with Coinbase's Brian Armstrong.