The US president-elect's Trump Media and Technology Group, in which he has pledged to retain his 53% stake, is closing in on an all-share purchase of Bakkt, the FT reported citing two people with knowledge. The valuation under discussion was not immediately clear but Bakkt's market capitalization stood at just over $150 million on Monday. DJT's market cap was $6 billion before the news hit.

As the FT reports, TMTG, which operates Truth Social, has become one of the most actively traded US stocks since Trump's election victory as retail investors try to profit on its often-volatile trading moves. What is remarkable is that the company has a $6 billion market cap even though it has reported just $2.6 million in revenues; clearly the stock is extremely overvalued and gives the management a valuable currency with which to buy other companies. Which it is now doing.