On Monday, the Financial Times cited two informed sources as reporting that the Trump Media Technology Group (DJT) is in "advanced negotiations" to acquire the cryptocurrency trading company Bakkt.

Stimulated by this news, the stock prices of both companies soared.

During intraday trading, Bakkt on the usa stock market experienced multiple halts, closing with an increase of over 162%, triggeringCircuit breakerat $29.71 per share, with a total market cap of $0.192 billion, and continued to rise by over 14% in after-hours trading.

The Trump Media Technology Group, majority-owned by President-elect Trump, saw its stock price soar by double digits shortly after the Financial Times report was released, closing with an increase of over 16%.

Bakkt was once facing the risk of being delisted.

According to the information, Bakkt was established in 2018, created by the owner of the New York Stock Exchange, Intercontinental Exchange, to provide technology services for cryptocurrency investors.

Bakkt has some connections with Trump. Its former CEO Kelly Loeffler was the co-chair of Trump's inaugural committee.

Loeffler's husband is Jeffrey Sprecher, the CEO of Intercontinental Exchange. In 2019, the Governor of Georgia appointed Loeffler to fill the U.S. Senate seat vacated by Senator Johnny Isakson due to health reasons. Loeffler then resigned from her executive position at Bakkt.

In the special election runoff for the Senate seat, Loeffler lost to Democratic Senator Raphael Warnock.

Fundamentally, Bakkt has struggled to be profitable since its establishment and has even faced the risk of delisting due to its low stock price.

In its latest quarterly report, Bakkt reported total revenue of $0.3284 billion, operating loss of $27.4 million, an improvement of 48% compared to the previous year.

In March of this year, Bakkt revealed that the New York Stock Exchange issued a warning as the company faced delisting risk, because the average trading price of its common stock for at least 30 consecutive trading days was below the exchange's minimum price of $1 per share.

Subsequently in April, Bakkt conducted a reverse stock split at a ratio of 1 to 25.

In addition, Bakkt had previously stated that its cryptocurrency custody business (licensed by the New York regulatory agency) may be shut down.

On the other hand, on the eve of the 2024 presidential election, investors bet on the momentum and political prospects of the Republican Party, causing the stock price of the Trump Media Technology Group to more than triple, followed by a 30% retracement.

So far this year, the net loss reported by the Trump Media Technology Group is $0.363 billion, with revenue only at $2.6 million, yet its latest market cap exceeds $7 billion.

The company announced in its third-quarter earnings report that it holds nearly $0.673 billion in cash and cash equivalents.

Trump frequently involved in cryptocurrency actions.

Recent acquisition news reported by foreign media indicates that despite Trump taking office at the White House on January 20 next year, he is still further developing his business footprint in the cryptocurrency industry.

Just three weeks before the November 5 presidential election, Trump aggressively promoted the launch of tokens linked to a new cryptocurrency company named World Liberty Financial.

As part of the trade with WLF, Trump and his family are preparing to receive 75% of the net token income without taking any responsibility.

After Trump's victory, the cryptocurrency market also soared, with bitcoin rising more than 30%, as people anticipate his government will enact legislation favorable to the industry.