DJT, crypto and other Trump trades rise after candidate claims victory

Trades that had frequently moved with Donald Trump's betting odds over the past month rose as Trump cruised to a victory over Kamala Harris in the presidential election.

Trump Media & Technology Group (DJT) stock rose over 30% early Wednesday before giving back those gains. The stock, in which Trump owns shares worth billions of dollars, had risen sharply over the course of Tuesday evening as a Trump victory became increasingly likely.

Other trades that appeared to be in line with Trump's chances of winning also rose sharply. Bitcoin (BTC-USD) rose to a new record high overnight as Trump emerged as the next president-elect. Investors had viewed Trump as the more crypto-friendly candidate heading into the election.

The world's largest cryptocurrency rose above $74,000 per coin for the first time late Tuesday evening. Meltem Demirors, a general partner at Crucible Capital, told Yahoo Finance that the asset largely tracked Trump's betting odds 1:1 during the election cycle, a sign that investors were dealing with a lot of “indecision” in the crypto market.

In July, Trump attended a Bitcoin conference in Nashville to take voters to court.

His promises to the industry included appointing a crypto presidential advisory board, firing SEC Chairman Gary Gensler, and creating a “strategic national Bitcoin stockpile.”

The price surge in Bitcoin and Ethereum (ETH-USD), which gained more than 7% on Wednesday, was accompanied by a surge in crypto-related stocks.

MicroStrategy (MSTR), which holds a significant amount of Bitcoin on its balance sheet, rose more than 11% in premarket trading. Crypto exchange Coinbase (COIN) also rose more than 12%, while Robinhood (HOOD), which offers cryptocurrency trading on its platform, gained almost 10%.

Josh Schafer is a reporter for Yahoo Finance. Follow him on X @_joshschafer.

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