(Reuters) -Donald Trump's social media company is in advanced talks to buy crypto trading firm Bakkt ( BKKT/WS ), the Financial Times reported on Monday, citing two people with knowledge of the talks.

Trump Media and Technology Group ( DJT ), which operates Truth Social, is close to an all-stock acquisition of Bakkt ( BKKT/WS ), the report said.

Shares of Bakkt ( BKKT/WS ), backed by NYSE-owner Intercontinental Exchange ( ICE ), soared nearly 66% in late afternoon trading, before being halted for volatility.

Trump Media ( DJT ), Bakkt ( BKKT/WS ) and Intercontinental Exchange ( ICE ) did not immediately respond to Reuters' requests for comment.

A deal would help consolidate Trump's involvement with an industry that he championed in the run-up to the U.S. presidential election.

The president-elect has also launched a new crypto venture, World Liberty Financial.