The stock of Donald Trump soared late Monday on the New York Stock Exchange, catapulted by news from the Financial Times on the possible takeover of an exchange platform for cryptocurrencies. Trump Media and Technology Group (TMTG) shares accelerated in the last few minutes, closing up 16.65%.

According to Financial TimesTMTG is reported to be in advanced discussions with US stock exchange giant Intercontinental Exchange (ICE) with a view to acquiring its Bakkt subsidiary. Contacted by AFP, ICE declined to comment. Contacted, Bakkt did not immediately respond. This platform was launched in 2018 by ICE, which wanted to position itself on the digital currency market and help popularize them among the general public.

Pay for your coffee in bitcoin

The group had entered into a partnership with Starbuckswhich offered subscribers to its loyalty program the possibility of paying for their coffee in bitcoins. Bakkt then went public in October 2021, signing a partnership with Mastercard at the same time to issue loyalty points in digital currencies for cardholders. But the platform has failed to achieve sufficient scale, and has repeatedly indicated since February that it was at risk of going out of business.

Since its launch, it has never turned a profit, although losses have narrowed over the years. Bakkt had 6.5 million accounts at the end of September, according to its quarterly results. The young company’s difficulties had weighed heavily on its share price, which was more than 100 times lower than its October 2021 high. Boosted by the Financial TimesBakkt shares were up 162.46% on Monday. Parent company of the social network Truth SocialTMTG, launched in early 2022, is raising questions about its business model.

The group generated sales of just $2.6 million in the first three quarters of the year, and posted a loss of $363 million. Donald Trump controls 52.9% of the capital, a stake valued at around $3.8 billion at Monday’s closing price. Highly critical of crypto-currencies until recently, the real estate developer proclaimed himself their champion during his campaign. He has even associated his name with a new digital currency platform, World Liberty Financial, in which he has a financial interest.

According to US media reports, the President-elect’s team is looking for crypto-compatible profiles for key positions in the future administration, and is consulting with industry leaders to define a regulatory framework conducive to the sector’s growth.