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Bakkt stock extends its 162% one-day gain on reports of Trump Media deal

Source Investing

Investing.com --Donald Trump's social media company, Trump Media&Technology Group is advanced discussions to buy digital asset marketplace Bakkt Holdings Inc (NYSE:BKKT) in an all-stock deal, the Financial Times reported on Monday, citing people familiar with the matter.

Trump's Truth Social platform-parent Trump Media&Technology Group , which as been seeking to diversify its offerings beyond social media, recently launched crypto venture, World Liberty Financial.

President-elect Trump has previously positioned himself as pro-cryptocurrency on the campaign trial, promising to make America the "world capital for crypto and Bitcoin."

Bakkt surged more than 15% in premarket trading Tuesday, after registering a staggering 162% gain a day earlier. Meanwhile, Trump Media&Technology Group Corp (NASDAQ:DJT) closed 16% higher on Monday, but fell 4% in Tuesday's premarket trade.

Yasin Ebrahim contributed to this report.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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