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 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.