Trump Media shares ride post-election, potential crypto acquisition wave
The market is, presumably, confused about what a Trump win means for the social media company
This is a segment from the Forward Guidance newsletter. To read full editions, subscribe .
Shares of Donald Trump’s social media company, Trump Media Technology, continued to fluctuate Tuesday following a rally spurred by reports that the president-elect is furthering his crypto business interests.
The Financial Times reported Tuesday that Trump Media is in “advanced talks” to acquire crypto exchange Bakkt — a company founded and owned by New York Stock Exchange parent company Intercontinental Exchange (ICE).
Newsletter
Subscribe to Forward Guidance Newsletter
The news pushed Bakkt shares 162% higher Monday and Trump Media (ticker DJT) posted a 17% gain. Bakkt sustained its rally into Tuesday (trading 7% higher midway through the session), while DJT lost more than 8%.
The social media company began trading on the Nasdaq last spring after a merger with Digital World Acquisition Corp. Currently hovering around $30, DTJ shares are up almost 150% from their September low, but are still trading about 40% off of their IPO price of $50.
Trump Media’s recent gains have not been linear, though. Shares rose 65% at the end of October, a rally attributed to increased optimism at the time that Trump would win the election. The share price since Trump’s victory however has been flat, posting a modest increase the day after the election before erasing gains.
The market is, presumably, confused about what a Trump win means for the social media company. Yesterday’s rise shows that investors are decently certain that acquiring Bakkt would be a good move. But the subsequent retreat shows shareholders aren’t exactly sure why.
We’ll be following the acquisition story and will be writing a lot more about what it means when the majority shareholder of a public company moves into the White House. Stay tuned.
Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter .
Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter .
Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.
The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
- Bakkt
- Donald Trump
- Forward Guidance newsletter
- MA
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Ether’s supply shock is coming?
Altcoin Breakout Signals Bullish Momentum Ahead
Altcoins are gearing up for a major breakout as market momentum shifts. Here's what you need to know.Altcoins Set to Surge as Market Momentum BuildsFactors Driving the Altcoin BreakoutWhat to Watch Moving Forward
U.S. Sells Gold Cards for $5M Each—Debt Solution?
The U.S. sold 1,000 gold cards at $5 million each. Can this help reduce the growing national debt crisis?A $5 Billion Gold RushCan It Fix the Debt Crisis?What’s Next?
Jed McCaleb Bets $1B on Space Startup Vast Space
Crypto billionaire Jed McCaleb invests $1B in Vast Space to build the first commercial space station.From Crypto to the CosmosWhat Is Vast Space Planning?Crypto Funding the Final Frontier
Crypto prices
More
