The price of Trump Media, which owns the Trump-affiliated TruthSocial social media app and boasts a market capitalize of more than $7 billion, surged in the wake of the announcement. Trump Media stock jumped by more than 16%. Bakkt is owned by the same company that owns the New York Stock Exchange, and saw its stock soar by over 162%.

President-elect Trump's social media company is reportedly in advanced talks to purchase cryptocurrency exchange Bakkt as digital assets continue to soar.

Trump Media & Technology, the parent company of Truth Social, is reportedly in talks to buy crypto trading firm Bakkt.

The move would be the first major acquisition on behalf of Trump Media, which already owns the small social media platform Truth Social.

While Trump Media has reported a $363 million net loss on revenues of just $2.6 million so far this year, it boasts a market cap above $7 billion.

Trump Media & Technology Group, which operates Trump's social media company Truth Social, is in talks to buy crypto trading firm Bakkt, the Financial Times reported. Shares of Bakkt soared after the report on Monday and were up another 14.8% in premarket trading on Tuesday, CNBC reported . Bakkt and Trump Media declined to comment on the talks.

Trump Media & Technology, the parent company of President-elect Donald Trump’s Truth Social platform, is considering developing a cryptocurrency payment service. The company put in a trademark application for a firm called TruthFi,

Bitcoin hit a record high of over $94,000 amid reports of Trump Media & Technology Group’s potential acquisition of crypto firm Bakkt. Traders are optimistic about a pro-crypto regulatory stance under Trump’s administration,