Trump Media owned approximately 11,542 bitcoins as of December and positioned itself as a crypto play.
- DJT stock declined by over 12% on Thursday, before rebounding slightly in Friday’s premarket.
- The stock – one of the more volatile in the market – has been on a downward spiral for some time.
- Stocktwits sentiment for DJT has been largely ‘bearish’ over the past month.
Shares of Trump Media & Technology Group Corp. rose 1.6% in early premarket trading on Friday after plunging 12.5% in the prior session, their worst single-day decline in 15 months.
The drop on Thursday came amid a broader market selloff and continued weakness in Bitcoin, developments that have further weighed on sentiment and fueled frustration among retail investors.
DJT’s stock has long been on a downward spiral, with pockets of volatility driven by President Donald Trump’s policy moves. The stock surged in December after Trump Media announced a $6 billion merger with nuclear technology company, TAE Technologies, but the rally fizzled soon.
Trump Media owns the social media site, Truth Social, where Trump routinely announces policy updates.
“This ($DJT) is about to go way down. Single digits,” a user said, while another said, “$DJT fair price around 0.06 to 0.07.” The stock closed at $10.90 on Thursday.
Meanwhile, the price of Bitcoin slid sharply to below $65,000, triggering panic selling in shares of miners and crypto-related stocks such as Strategy (MSTR).
Trump Media owned approximately 11,542 bitcoins as of December and positioned itself as a crypto play. Earlier this week, Trump Media said that its plan to issue DJT tokens to shareholders as of Feb. 2 remains on track. Token holders will be entitled to at least one whole share of DJT stock, although details of the issue and conversion will be announced subsequently, according to a company statement.
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