President-elect Donald Trump's media group, Trump Media and Technology Group (TMTG), is reportedly in advanced discussions to acquire Bakkt, a crypto trading platform owned by Intercontinental Exchange (ICE), as per the Financial Times. The potential deal would involve an all-share purchase, marking TMTG's entry into the crypto market. This news led to a 165% surge in Bakkt's share price. TMTG, parent company of Truth Social, aims to diversify its operations. The acquisition excludes Bakkt's struggling crypto custody business. By acquiring Bakkt, TMTG would access a platform for institutional investors, aligning with its growing involvement in the crypto industry. Bakkt, founded in 2018, has faced profitability challenges, with its custody business reporting minimal revenues. Despite this, Bakkt's ties to ICE and institutional focus could offer strategic value to TMTG. The article also highlights insights from industry experts and market trends in the crypto space. Read more AI-generated news on: https://app.chaingpt.org/news