A Hedge Fund Hit Big On Trump’s Rumored Crypto Acquisition And Could Be Up $14.15 Million
Shares of cryptocurrency company Bakkt Holdings Inc (NYSE:BKKT) 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 (NYSE:JPM), 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 …
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