Donald Trump’s media venture, Trump Media & Technology Group, is reportedly discussing buying the crypto firm Bakkt, according to The Financial Times.

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%.

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 president includes removing Gary Gensler — the current chair of the U.S. Securities and Exchange Commission (SEC) who is widely criticized by the crypto industry and may resign soon, — creating a strategic Bitcoin reserve, and promoting innovation domestically. Under the Biden administration, the crypto industry claims it has faced a harsh regulatory crackdown, with the SEC targeting high-profile firms such as Ripple, and Coinbase.

Bakkt was created in 2018 through a Special Purpose Acquisition Company (SPAC), or a publicly traded shell company created to raise funds and merge with a private company, taking it public without a traditional IPO.

This spring, Bakkt received a delisting warning from the New York Stock Exchange for failing to maintain its stock above the $1 per share threshold for 30 trading days in a row. To address this, the company implemented a 1-for-25 reverse stock split in April, consolidating shares to boost its stock price and meet exchange requirements.