Bakkt’s share price soared over 162% after a report revealed that Donald Trump’s company is in advanced talks to acquire the crypto exchange. On November 18, Bakkt Holdings Inc (BKKT) closed up 162.46% at $29.71 and rose further after hours. Trump Media and Technology Group Corp (DJT), which operates Truth Social, also saw a rise of 16.65%, though it fell around 3.5% after hours. Confirmation of an all-share purchase by Trump Media, in which Trump holds a 53% stake, has not been formally announced. Despite the surge, Bakkt remains down about 44% for the year and 97% from its peak in October 2021. This potential deal could align with Trump’s interest in creating a Bitcoin reserve, though it would require congressional approval. Analysts speculate that Trump could leverage Trump Media to establish this reserve using Bakkt as a special purpose vehicle (SPV). No valuation has been disclosed, but Bakkt is currently valued at over $400 million despite challenges with its crypto custody business.

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