Donald Trump?s Trump Media & Technology Group Corp. (NasdaqGM:DJT) is in advanced talks to buy Bakkt Holdings, Inc. (NYSE:BKKT), a cryptocurrency trading venue owned by Intercontinental Exchange, as it pushes to expand beyond online conversation. Trump Media is closing in on an all-share purchase of Bakkt, said two people with knowledge of the talks.

The valuation under discussion was not immediately clear but Bakkt?s market capitalisation stood at just over $150 million on November 18, 2024. ICE and Bakkt declined to comment. TMTG did not immediately respond to a request for comment.

Bakkt has previously said its crypto custody business, which has a regulatory licence from New York authorities, is likely to be wound down. People familiar with the TMTG talks said it will not be included in the deal.