Trump Media & Technology Group (DJT) stock closed over 16% higher on Monday following a report from the Financial Times that said the corporate, which operates the social network Truth Social, is in advanced talks to accumulate crypto exchange Bakkt (BKKT).
Bakkt stock gained over 162% on Monday following the report. The corporate is majority-owned by NYSE parent company Intercontinental Exchange (ICE).
President-elect Donald Trump maintains a roughly 60% interest in DJT, which boasts a market cap of around $7.1 billion. Trump reiterated earlier this month that he has no intention of selling his stock in the corporate.
Trump’s election win has pushed bitcoin prices to all-time highs, with the administration viewed as generally more friendly to the choice asset class.
In July, Trump attended a bitcoin conference in Nashville and has since pledged to usher in additional supportive regulation. His guarantees also include appointing a crypto Presidential Advisory Council and firing current SEC Chair Gary Gensler.
On Monday, bitcoin (BTC-USD) rose over 2% to trade slightly below $92,000 a token.
Other crypto-adjacent names were also on the move higher.
Shares of MicroStrategy (MSTR), which owns nearly 280,000 bitcoins, closed almost 13% higher after it announced the acquisition of a further 51,780 bitcoins for $4.6 billion. The corporate now holds $16.5 billion price of bitcoin.
Coinbase (COIN) stock also jumped over 6% on Monday, with the Wall Street Journal reporting its CEO, Brian Armstrong, was set to fulfill with Trump.
Bakkt, which has a market cap of around $190 million, has seen its stock fall sharply since going public in 2021. Intercontinental Exchange, its majority owner, is led by CEO Jeff Sprecher, who’s married to former Georgia Sen. Kelly Loeffler, co-chair of Trump’s inaugural committee.
Trump founded Truth Social after he was kicked off major social media apps like Facebook (META) and Twitter, now X, following the Jan. 6, 2021, Capitol riots. Trump has since been reinstated on those platforms. He officially returned to posting on X in mid-August after a few 12 months’s hiatus.
As Truth Social attempts to tackle social media incumbents, the basics of the corporate have long been in query.
On Nov. 5, just a number of hours before the polls closed, DJT dropped third quarter results that exposed a net lack of $19.25 million for the quarter ending Sept. 30. DJT also reported revenue of $1.01 million. It held about $370 million in money at the top of the quarter.
The stock is up 10% over the past month.
Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.