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%.

Bakkt stock made further gains Tuesday as investors cheered the prospect of a takeover by Trump Media, which owns Truth Social.

Trump Media is reportedly negotiating the acquisition of the crypto trading platform Bakkt to deploy its ample cash reserves.

Trump Media & Technology stock slipped early Tuesday after jumping in the previous session on a report that the company is in talks to buy crypto trading platform Bakkt. A deal would expand President-elect Donald Trump’s crypto interests—he launched his own cryptocurrency venture in September—a platform called World Liberty Financial.

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

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.

Bakkt, which warned nine months ago that it may not be able to continue operating due to inadequate funds, is reportedly in advanced talks to be acquired by Trump Media and Technology Group.

Donald Trump’s media company is in talks to acquire crypto trading platform Bakkt. Bakkt is valued at $150 million, while Trump’s media company is valued