The Trump Media and Technology Group, which runs Truth Social, is nearing an all-stock deal for Bakkt, as indicated in the report.
Following the news, Bakkt's shares, which are supported by the Intercontinental Exchange, the owner of the NYSE, surged nearly 66% in late afternoon trading before being suspended due to volatility.
Neither Trump Media nor Bakkt provided immediate comments to Reuters, and the Intercontinental Exchange also refrained from commenting.
This potential acquisition would further solidify Trump's engagement with an industry he has actively supported leading up to the U.S. presidential election.
Additionally, the president-elect has initiated a new cryptocurrency venture called World Liberty Financial.