Donald Trump’s Truth Social is reportedly in advanced talks to acquire crypto platform Bakkt in an all-stock deal, according to The Block, citing the Financial Times. Trump Media and Technology Group, where Trump holds a 53% stake, would purchase Bakkt from its parent company, Intercontinental Exchange (ICE), which operates the New York Stock Exchange.

Launched by ICE over a decade ago, Bakkt initially offered institution-grade bitcoin futures but struggled with adoption. It later pivoted to crypto custody and points-reward services, but despite raising funds from major backers like Microsoft’s M12 and Galaxy Digital, it has faced profitability issues. Bakkt recently announced plans to wind down its custody operations.

This acquisition reflects Trump’s growing involvement in the crypto industry. He has launched NFT series, the DeFi protocol World Liberty Financial, and made industry-focused pledges, including firing SEC Chair Gary Gensler and pardoning Silk Road founder Ross Ulbricht.

Bakkt’s founding CEO, Kelly Loeffler, left in 2019 to briefly serve as a U.S. senator and is now helping organize Trump’s inauguration. Bakkt’s stock recently rose 15%, benefiting from Trump’s nomination-driven market rally, as the platform continues navigating its tumultuous history.

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The Block