Sarasota, Florida - Shares in Donald Trump's social media company soared on Monday after a report that it was in talks to buy a cryptocurrency exchange.

Trump Media and Technology Group, which operates Truth Social, was up more than 16.5% at the close of trading after the Financial Times reported it was in advanced talks to buy crypto platform Bakkt.

Many in the crypto sector are expecting the president-elect to enact reforms that will benefit the industry once he is in office, having changed his stance on the issue.

The purchase, if it goes through, would give Trump further personal exposure to any favorable regulations his administration enacts.

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Bakkt shares shot up more than 160% after the financial daily's report, which cited anonymous sources familiar with the matter. Its parent company, Intercontinental Exchange (ICE), did not immediately respond to a request for comment.

Bakkt has previously entered into business partnerships with Starbucks and Mastercard in moves intended to make cryptocurrencies more accessible to consumers.

The company, which went public in 2021, has not yet turned a profit, although its losses have narrowed in recent years.

TMTG posted revenue of just $2.6 million in the first three quarters of this year, while reporting a loss of $363 million.

Trump has a 53% stake in the company. He also has ties to crypto platform World Liberty Financial.

Groups affiliated with the crypto industry spent hundreds of millions supporting candidates across both parties in the November election, but they heavily favored the Republican ticket.