Crypto exchange Bakkt Holdings soared 162.5% last session and is higher more today
Shares of cryptocurrency exchange Bakkt Holdings Inc (NYSE:BKKT) are up 10.5% at $32.84 at last glance and earlier traded as as high as $37.21. The stock is extending yesterday's 162.5% pop after the Financial Times reported that Trump Media & Technology Group (DJT) is in advanced talks to buy the company.
This is just the latest crypto play by President-elect Donald Trump. Bitcoin (BTC) is still trading near record highs, after giving the rest of the sector a halo lift following Trump's election win. Also notably, Trump also met with Coinbase Global (COIN) CEO Brian Armstrong yesterday.
On the charts, BAKKT is trading at its highest levels since February, though still down roughly 40% since the start of 2024. Before this week's breakout, Bakkt stock had been consolidating around the $10 level for a couple months.
BAKKT's options pits could normally be described as barren. Today, however, the 4,725 calls exchanged represent 12.9 times the stock's average daily options volume. The January 2025 1- and 7-strike calls are the most popular, with new positions opening at the latter.