Shares of Bakkt Holdings, Inc. (NYSE:BKKT) are on the rise Tuesday following a Monday report suggesting Trump Media and Technology Group Inc. (NASDAQ:DJT) is in talks to buy the company. Here's what you need to know.

What To Know: According to a report by the Financial Times, Trump Media, the parent company of the Truth Social platform co-founded by President-Elect Donald Trump, is exploring an all-stock deal to acquire Bakkt. The company is backed by the Intercontinental Exchange Inc. (NYSE:ICE), which owns 55% of Bakkt and would need to approve any potential transaction.

In response to the speculation, Bakkt issued a statement, saying it is aware of the rumors but declined to comment, citing its policy of not addressing market rumors or speculation.

Bakkt went public in October 2021 through a SPAC merger and focuses on cryptocurrency trading and blockchain technology. The company's first CEO, Kelly Loeffler, a former U.S. Senator and a Republican, has close ties to Trump and is reportedly involved in organizing his January inauguration.

The report comes as Trump's stance on cryptocurrency has been seen as more favorable, raising speculation that the deal would fit into his broader interest in digital assets.

BKKT Price Action: Bakkt Holdings shares were up 11% at $33 at the time of writing, according to Benzinga pro.

• United Airlines Gears Up For Holiday Travel Surge To Europe: Details

Image via Shutterstock.