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

Earlier this year, Trump took the main stage of the Bitcoin conference in Nashville and pledged to transform the U.S. into the crypto capital of the world. His list of goals as pr

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.

Trump Media is exploring the creation of a cryptocurrency payment platform called TruthFi, according to a trademark filing.

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,