Trump in talks to buy Bakkt exchange; shares surge

$BNB $BNB $XRP President-elect Donald Trump is all in on the crypto space. In addition to discussing pro-crypto appointments with Coinbase CEO Brian Armstrong, his social media company, Trump Media, is also in talks to acquire Bakkt, a crypto exchange.

Bakkt’s stock price has skyrocketed since those talks, and Armstrong previously recommended that Trump nominate “Crypto Mom” Hester Peirce as the new SEC chair.

Trump, Bakkt, and Armstrong

Trump Media, the president-elect’s social media and technology company, is currently in talks to acquire Bakkt, a crypto exchange. Bakkt’s prominence in the industry peaked years ago, with it later described as a “fringe player in the industry.” Earlier this year, it publicly considered options for a sale or spinoff. Since that offering, however, its stock price has skyrocketed.

Bakkt Stock Price Rise. Source: Google Finance

While Donald Trump is pushing for a sweeping set of pro-crypto changes to U.S. institutions, those moves have been largely under the radar of his political career. As a businessman and private citizen, his interest in crypto investments has not extended since the lackluster pre-sale of World Liberty Financial (WLFI). A Bakkt purchase could bring Trump new interest in the sector.

However, the crypto exchange world is playing into his political perspective at the same time. Specifically, Brian Armstrong, CEO and founder of Coinbase, is also meeting with the president-elect today. Armstrong and Trump are reportedly discussing personnel appointments for the incoming administration.