Trump's media company said to be in talks to buy crypto firm

Zoom in: Trump Media and Technology Group, which operates Truth Social, is in discussions for an all-share purchase of Bakkt, the FT reported, citing two people with knowledge of the talks.

• Bakkt's NYSE traded shares surged more than 162%, quadrupling the crypto firm's market value to more than $400 million in the final 30 minutes of Monday's trading day after the FT story hit.
• The companies involved could not be reached for comment.

The big picture: Trump's election victory was celebrated by the crypto industry — a sector the president-elect spurned at first but later praised, a move that resulted in a flood of crypto-backed campaign donations.

• The crypto market has sine soared on the back of Trump's election, on the expectation of favorable regulatory treatment that it did not enjoy under the Biden administration.
• Bitcoin broke through the $90,000 price threshold for the first time after last Tuesday's election.