Trump Media & Technology Group Corp (NASDAQ:DJT) shares were in reverse in pre-market trading after reports emerged on Monday of a bid for cryptocurrency trading firm Bakkt.
According to Financial Times-cited sources, Donald Trump’s social media was closing in on an all-share deal for the Intercontinental Exchange (ICE)-owned group.
Trump Media, which owns the president-elect’s Truth Social platform, closed 16% higher on Monday in the wake of the report, before falling 9.2% in Tuesday’s pre-market trading.
A swoop by Trump’s business to buy Bakkt would come after crypto markets have rallied in the wake of his election victory earlier in the month.
Trump has previously pledged to support the crypto sector, prompting speculation of favourable regulation during his tenure.
Bakkt recorded an operating loss of $27.4 million in its most recent quarter and has struggled to turn a profit since being set up in 2018.
Kelly Loeffler, who served as a Republican senator for Georgia under Trump’s first administration and is co-chairing his inauguration committee, was Bakkt’s first chief executive and is married to ICE boss Jeff Sprecher.
Shares in Bakkt gained 2.3% in pre-market trading, after skyrocketing almost 130% on Tuesday.