By Louis Goss and James Rogers
Trump Media & Technology Group shares climb as the Republican National Convention kicks off in Milwaukee
Market speculation over former President Donald Trump’s re-election chances following an attempted assassination were driving up the price of bitcoin and several stocks on Monday, including a massive rally for his social-media group.
Shares in Trump Media & Technology Group Corp. (DJT) jumped more than 29% Monday after Trump arrived in Milwaukee for the Republican National Convention following Saturday’s events that left one person dead and two injured.
The operator of the social-media platform Truth Social saw its stock price increase 29.9% in premarket trading Monday. Some betting markets have predicted that Trump’s re-election chances are higher following the attempt on his life.
Trump, who owns a majority 65% stake in the company, said in a post on Truth Social that he would be heading to the Republican National Convention despite being shot in the right ear at a rally in Butler, Pa., on Saturday.
“Based on yesterday’s terrible events, I was going to delay my trip to Wisconsin, and the Republican National Convention, by two days, but have just decided that I cannot allow a ‘shooter,’ or potential assassin, to force change to scheduling, or anything else,” Trump wrote.
On Monday, a classified-documents case against Trump in Florida was dismissed by U.S. District Judge Aileen Cannon.
Related: Elon Musk, Bill Ackman say they are endorsing Trump for president
The Truth Social parent had run up 131.1% to date in 2024 through Friday, while the S&P 500 index SPX had advanced 18.6%.
Elsewhere, shares of Tesla rose 5.6%. Elon Musk, the CEO of electric-vehicle maker (TSLA) and space-exploration company SpaceX and the owner of the platform X, an ostensible rival to Trump’s social-media company, said in a post on X following the shooting that he has fully endorsed Trump’s candidacy for president.
Other sectors are also moving following the weekend’s events.
Related: Photos of bloodied Trump after rally shooting are already iconic – and selling on T-shirts
Leading cryptocurrencies and related stocks continued their climb Monday after surging in the wake of the attack on Trump, possibly in reaction to a potential Republican victory in November’s presidential election and a more unstable political environment.
Bitcoin (BTCUSD) rose 5% after topping $60,000 Sunday for the first time since mid-June. Ethereum (ETHUSD) was up 5.5% and Solana (SOLUSD) was up 5%.
Alexander Blume, chief executive and co-founder at Two Prime, an investment adviser focusing on digital assets, said that market structure dictates price action and news events can act as a catalyst. “With the prior week’s drawdowns due to short-term German selling, [bitcoin] was likely poised for a rebound either way,” he said in a statement. “That being said, Trump’s pro-bitcoin stance and his increasingly rosy odds of being elected, with the assassination attempt bolstering this further, does seem to be a meaningful catalyst moving price upwards.”
Blume added: “We are at a critical price level at present around [$63,000]. We will need to see sustained demand for the breakout to continue. End of month statements from Trump at BTC Nashville alongside other bullish news coming from this event may help to further move the price upwards.”
Related: Bitcoin surges and passes $62,000 level after shooting attack on Trump
The Bitcoin 2024 event kicks off in Nashville on July 25 and runs through July 27. Trump is the headline speaker. Other speakers include independent presidential candidate Robert F. Kennedy Jr.; Cathie Wood, founder and CEO of ARK Investment Management; comedian Russell Brand; and former National Security Agency contractor and whistleblower Edward Snowden.
Crypto exchange Coinbase Global Inc. (COIN) is up 11.1% Monday while MicroStrategy Inc. (MSTR), one of the largest publicly traded holders of bitcoin, is up 14.3%. Spot bitcoin exchange-traded funds are also climbing, with BlackRock’s iShares Bitcoin Trust IBIT up 9.6%, Grayscale Bitcoin Trust GBTC up 9.6%, the ARK 21Shares Bitcoin ETF ARKB up 9.4% and the VanEck Bitcoin Trust HODL up 9.6%.
Some Bitcoin miners are also rising. Marathon Digital Holdings Inc. (MARA) is up 9.2%, while Ebang International Holdings Inc. (EBON) is down 1.1% and Riot Platforms Inc. (RIOT) is up 7.8%.
Related: Trump classified-documents case in Florida dismissed by Judge Aileen Cannon
Other sectors are also climbing following the failed assassination attempt. While the shooting has once again brought the issue of gun control into the spotlight, Trump is pro-Second Amendment. Shares of firearm and ammunition makers are climbing, with Smith & Wesson Brands Inc. (SWBI) up 11% and Sturm Ruger & Co. (RGR) up 6.9%. Ammo Inc. (POWW) is up 19.2%.
Prison-related stocks are also climbing, with CoreCivic Inc. (CXW) up 9.2% and Geo Group Inc. (GEO) up 10.3%.
Steve Goldstein and Frances Yue contributed.
-Louis Goss -James Rogers
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