President-elect Donald Trump is set to appoint Kelly Loeffler, the former CEO of cryptocurrency platform Bakkt and a staunch Trump ally, as Secretary of Agriculture, CNN reported.
Loeffler, a former U.S. senator, will also serve as co-chair of Trump's inaugural committee.
Loeffler led Bakkt, a crypto custody and trading platform, from its founding in 2018 until her appointment to the Senate by Georgia Governor Brian Kemp in 2019. Under her leadership, Bakkt aimed to bridge the gap between crypto and institutional investors. The company reported a net loss of $226 million on revenue of $780 million in 2023, growth from revenue of $56 million in 2022.
Loeffler has deep financial and professional ties to Trump. Her husband, Jeff Sprecher, is the founder and CEO of Intercontinental Exchange (ICE), which owns the New York Stock Exchange and founded Bakkt.
Trump’s media company, Trump Media and Technology Group (TMTG), is reportedly in advanced talks to buy Bakkt in an all-stock deal, according to the Financial Times. Trump owns a majority stake of TMTG, which operates Truth Social, with a 53% stake.
The acquisition would allow Trump to expand his presence in the crypto space, with reports suggesting Bakkt could focus on building a trading platform for institutional investors and potentially phase out its crypto custody business.
It remains unclear how Loeffler’s background in finance and cryptocurrency will inform her approach to leading the Department of Agriculture.
*This is not investment advice.