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

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

Trump Media & Technology Group stock (DJT) soared as much as 36% in premarket trading on Wednesday. The stock, in which Trump owns several billion dollars worth of shares, had surged throughout Tuesday night as a Trump win looked increasingly likely.

Other trades that had appeared to move in line with Trump's odds of winning also shot higher. Bitcoin (BTC-USD) surged to a fresh record high overnight as Trump emerged as the next president-elect. Investors had viewed Trump as the more pro-crypto candidate leading into the election.

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

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

His promises to the industry included appointing a crypto Presidential Advisory Council, firing SEC Chair Gary Gensler, and creating a "strategic national bitcoin stockpile."

Republican presidential nominee former President Donald Trump arrives at an election night watch party at the Palm Beach Convention Center, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Evan Vucci)
Republican presidential nominee former President Donald Trump arrives at an election night watch party at the Palm Beach Convention Center, Wednesday, Nov. 6, 2024, in West Palm Beach, Fla. (AP Photo/Evan Vucci) · ASSOCIATED PRESS

The surge in prices for bitcoin and ethereum (ETH-USD), which was up more than 7% on Wednesday, came alongside a rise in crypto-related stocks.

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

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

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