Dj Bakkt Holdings Inc Cl A, Inst Holders, 3Q 2024 (Bkkt)

A trademark filing from Trump Media & Technology Group has the cryptocurrency sector on high alert. President-elect Donald Trump's pro-crypto stance has already led to Bitcoin hitting several new all-time highs since the 2024 election.

What Happened: Fresh off of reports that Trump Media & Technology Group was looking to acquire cryptocurrency company Bakkt Holdings , a new trademark filing could further signal the media company's growing crypto aspirations.

Trademark attorney Josh Gerben shared a post about Trump Media Thursday, shown as T Media Tech LLC on the patent filing, which trademarks "TruthFi." The filing was made with the United States Patent and Trademark Office (USPTO) on Nov. 18, according to Gerben.

Gerben lists the following elements of the trademark filing for TruthFi:

• Digital wallets
• Analysis and compilation of data and statistics for financial research purposes
• Payment processing of cryptocurrency and credit cards
• Management of financial assets
• Digital asset trading

Benzinga has contacted Trump Media for comment on the trademark filing.

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• Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool

Why It's Important: Gerben told the New York Times the trademark filing could be a way for Trump Media to reserve the desired name if it goes forward with plans for a crypto business.

While the trademark filing doesn't guarantee that Trump Media will enter the cryptocurrency sector, Gerben said there is a high chance of this.

"In my experience, most of the time if a client is going to file an application, there is something going on," Gerben told the Times.

The New York Times said Trump Media launching a cryptocurrency business could involve acquiring a company given its small employee count.

The Financial Times previously reported that Trump Media was in advanced talks to acquire Bakkt, a cryptocurrency company backed by Intercontinental Exchange .

Bakkt said in June it was exploring strategic alternatives that could include a sale or breakup of the company.

Trump does not have a role at Trump Media, but is the largest shareholder of the company he co-founded, with around 53% of shares. Donald Trump Jr., his eldest son, is on the company’s board.

The president-elect previously spoke ill of Bitcoin and cryptocurrency before reversing course before the 2024 election, a move that won him potential votes from single-issue cryptocurrency voters.

An acquisition of Bakkt would push Trump’s media company and the president-elect deeper into the cryptocurrency sector, which comes after he promoted a crypto venture called World Liberty Financial with business partners.

A push into the cryptocurrency sector by Trump's media company and the appointment of new pro-crypto executives in his White House administration could prove to be a win-win for the president-elect.

DJT, BKKT Price Action: Trump Media shares gained 1.3% Thursday, closing at $30.49 versus a 52-week trading range of $22.55 to $79.38.

Bakkt shares were down 1.6% to $31.10 versus a 52-week trading range of $5.57 to $68.75. Bakkt stock is down 41% year-to-date, but higher in the last five days by more than 140%.

Read Next:

• A Hedge Fund Hit Big On Trump’s Rumored Crypto Acquisition And Could Be Up $14.15 Million

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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Shares of cryptocurrency company Bakkt Holdings Inc soared on reports that Donald Trump's media company could be eying an acquisition of the company.

While investors who got into the stock early Monday are up big, one hedge fund may have had perfect timing less than a week ago.

What Happened: A report from the Financial Times linked Bakkt Holdings with being the subject of a takeover report from Trump Media & Technology Group (NASDAQ:DTJ).

Bakkt shares opened for trading at $11.31 on Monday before closing the day up 162.7% to $29.71. The stock was trading another 6.36% higher Tuesday afternoon at $31.59.

The company said it would not comment on "market rumors or speculation.”

Hedge fund Highbridge Capital, which is a unit of JPMorgan Chase , recently took a large stake in the cryptocurrency company.

A 13G filing issued Thursday shows that Highbridge Capital purchased 692,042 Class A shares issuable upon exercise of warrants. The purchase was listed as representing 9.9% of Bakkt based on 6.32 million shares outstanding.

While the filing did not list a purchase price, the investor may be up millions of dollars on the trade depending on the timing.

Bakkt shares traded at a high of $13.05 on Thursday. An investor could have purchased the equivalent of 692,042 shares for $9,031,148.10.

Based on a price of $33.50 for Bakkt shares at the time of writing, the 9.9% stake and 692,042 shares are now worth $23,183,407. This means Highbridge Capital could be up around $14.15 million on its recent purchase, a cool 156.7% gain in less than a week.

Did You Know?

• Congress Is Making Huge Investments. Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool

What's Next: News of the reported acquisition come as Trump Media & Technology co-founder Trump is set to return to the White House in January.

Trump is viewed as a more pro-crypto friendly president than the past administration based on his 2024 election campaign.

Bakkt, which went public in October 2021 via SPAC merger, is backed by New York Stock Exchange owner Intercontinental Exchange , which owns a reported 55% of the company.

Bakkt’s first CEO was former U.S. Senator Kelly Loeffler, who represented the state of Georgia as a Republican. Loeffler is helping to organize Trump’s inauguration in January and has close ties to the president-elect.

Bakkt said in June it was exploring strategic alternatives that could include a sale or breakup of the company.

The company previously said its crypto custody business could be wound down. This segment might not be included in a buyout, according to the FT report. Bakkt is planning to build a crypto trading platform geared toward institutional investors.

DJT shares have experienced high volatility and an increased valuation after Trump won the 2024 election.

An acquisition of Bakkt would push Trump’s media company and the president-elect deeper into the cryptocurrency sector, which comes after he promoted a crypto venture called World Liberty Financial with business partners.

BKKT, DJT Price Action: Bakkt stock is up 6.36% to $31.59 on Tuesday versus a 52-week trading range of $5.57 to $68.75. Bakkt stock is down 40.4% year-to-date in 2024.

Trump Media & Technology stock is down 7.8% to $30.20 on Tuesday versus a 52-week trading range of $22.55 to $79.38. Trump Media & Technology stock is up 73.05% year-to-date in 2024.

Read Next:

• DJT Stock Volatile On Election Day: Donald Trump's Media Company Reports Q3 Earnings, Growth Initiatives

Photo via Shutterstock.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Bakkt Holdings Inc shares are trading higher Tuesday following reports suggesting Trump Media & Technology Group Corp is in talks to buy the crypto-related company.

What Happened: According to the Financial Times, Trump Media, the parent company of social media platform Truth Social, is in advanced talks to acquire Bakkt, a crypto trading venue that went public via SPAC in October 2021.

Two people with knowledge of the matter reportedly said that President-elect Donald Trump’s media company is closing in on an all-share purchase of Bakkt. Trump currently owns more than a 50% stake in Trump Media.

The report indicates that Bakkt is owned by Intercontinental Exchange, and that the company’s first chief executive Kelly Loeffler was a former head of marketing at Intercontinental Exchange, as well as a former Republican senator for Georgia during Trump’s first term. Loeffler is also reportedly co-chair of the committee organizing Trump’s inauguration and is married to the founder and CEO of Intercontinental Exchange.

Bakkt issued a statement on the transaction rumors Tuesday morning. The company noted that it’s aware of the reports regarding a potential transaction and said it’s against company policy “to comment on market rumors or speculation.”

Check This Out: Trump Digs Deeper Into Cryptocurrency? Bakkt Shares Soar On Reported Interest From President-Elect’s Media Company

BKKT Price Action: Bakkt Holdings shares closed Monday up 162.5% at $29.71. The stock was up 17.3% at $34.92 at the time of publication Tuesday, according to Benzinga Pro.

Photo: Shutterstock.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.