Donald Trump’s Media & Technology Group (TMTG) is reportedly in advanced negotiations to acquire Bakkt, a major cryptocurrency exchange, in an all-stock transaction. This potential acquisition marks a significant move as Trump seeks to expand his influence in the cryptocurrency market.

TMTG, which owns the social media platform Truth Social, is looking to use its stock as currency to purchase Bakkt, despite TMTG’s revenue being modest at $2.6 million this year, compared to a $6 billion valuation. If completed, the acquisition would allow TMTG to tap into the growing digital asset sector, as cryptocurrencies like Bitcoin continue to soar.

Bakkt, founded by former Republican Senator Kelly Loeffler, is majority-owned by the Intercontinental Exchange (ICE). The acquisition is expected to exclude some key parts of Bakkt’s business, such as its crypto custody services licensed in New York, though ICE will maintain control of other aspects of its operations.

This deal is part of Trump’s larger strategy to align his administration with the crypto industry. Trump has already appointed former SEC Chair Jay Clayton to a key role within the U.S. Attorney’s Office, signaling potential regulatory changes that may be more favorable to digital assets.

In addition to the acquisition, Trump is also discussing appointments with top industry figures, including Coinbase CEO Brian Armstrong, to shape his administration’s stance on cryptocurrency regulation.

With the crypto market continuing to rise in prominence, this deal and Trump’s strategic moves reflect a growing interest in the potential for digital currencies within the U.S. political landscape.