Deep Tide TechFlow News, on November 24, according to The Block, U.S. President-elect Trump plans to appoint former CEO of cryptocurrency company Bakkt and former Senator Kelly Loeffler as Secretary of Agriculture. Loeffler will also serve as co-chair of Trump's inauguration committee. Notably, Loeffler's husband Jeff Sprecher is the founder and CEO of ICE, the parent company of the New York Stock Exchange, which is the founding and major shareholder of Bakkt.
Additionally, according to the Financial Times in the UK, Trump's social media company Trump Media and Technology Group (TMTG) is in deep negotiations for an all-stock acquisition of Bakkt. Trump holds 53% of the shares in TMTG. According to reports, Bakkt plans to build a trading platform for institutional investors and may gradually shut down its licensed cryptocurrency custody business in New York.