Shares of Trump Media & Technology Group (DJT) surged by 5.12% in the pre-market session on Wednesday, riding high on reports that the company is in talks to acquire crypto trading platform Bakkt and expectations of a crypto-friendly regulatory environment under the incoming Trump administration.
The potential acquisition of Bakkt, a digital asset marketplace backed by NYSE-owner Intercontinental Exchange, has fueled optimism that Trump Media will embrace cryptocurrencies and blockchain technology. This move aligns with President-elect Trump's perceived support for the crypto industry, which has been a driving force behind the recent rally in digital assets.
Furthermore, the appointment of Cantor Fitzgerald CEO Howard Lutnick as the incoming Commerce Secretary has added to the positive sentiment surrounding the crypto sector. Lutnick, an outspoken advocate for cryptocurrencies, is expected to play a pivotal role in shaping trade policies and investigating practices, which could benefit the crypto industry.
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