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.

The move would be the first major acquisition on behalf of Trump Media, which already owns the small social media platform Truth Social.

Per CNBC, Trump’s “advanced talks” with Bakkt increased Trump Media — which operates Truth Social — shares by 16%, while stocks for Bakkt grew by more than 162%. Bakkt was created by Intercontinental Exchange, the owner of the New York Stock Exchange.