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%.

Trump Media and Technology Group, which operates Truth Social, is nearing an all-stock deal to purchase Bakkt, a struggling crypto trading venue owned by Intercontinental Exchange.