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.

Donald Trump's social media company is in advanced talks to buy crypto trading firm Bakkt, the Financial Times reported, citing two people with knowledge of the talks. Trump Media and Technology Group,