A trademark filing from Trump Media & Technology Group DJT has the cryptocurrency sector on high alert. President-elect Donald Trump's pro-crypto stance has already led to Bitcoin BTC/USD hitting several new all-time highs since the 2024 election.
What Happened: Fresh off of reports that Trump Media & Technology Group was looking to acquire cryptocurrency company Bakkt Holdings BKKT, a new trademark filing could further signal the media company's growing crypto aspirations.
Trademark attorney Josh Gerben shared a post about Trump Media Thursday, shown as T Media Tech LLC on the patent filing, which trademarks "TruthFi." The filing was made with the United States Patent and Trademark Office (USPTO) on Nov. 18, according to Gerben.
Gerben lists the following elements of the trademark filing for TruthFi:
- Digital wallets
- Analysis and compilation of data and statistics for financial research purposes
- Payment processing of cryptocurrency and credit cards
- Management of financial assets
- Digital asset trading
Benzinga has contacted Trump Media for comment on the trademark filing.
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Why It's Important: Gerben told the New York Times the trademark filing could be a way for Trump Media to reserve the desired name if it goes forward with plans for a crypto business.
While the trademark filing doesn't guarantee that Trump Media will enter the cryptocurrency sector, Gerben said there is a high chance of this.
"In my experience, most of the time if a client is going to file an application, there is something going on," Gerben told the Times.
The New York Times said Trump Media launching a cryptocurrency business could involve acquiring a company given its small employee count.
The Financial Times previously reported that Trump Media was in advanced talks to acquire Bakkt, a cryptocurrency company backed by Intercontinental Exchange ICE.
Bakkt said in June it was exploring strategic alternatives that could include a sale or breakup of the company.
Trump does not have a role at Trump Media, but is the largest shareholder of the company he co-founded, with around 53% of shares. Donald Trump Jr., his eldest son, is on the company’s board.
The president-elect previously spoke ill of Bitcoin and cryptocurrency before reversing course before the 2024 election, a move that won him potential votes from single-issue cryptocurrency voters.
An acquisition of Bakkt would push Trump’s media company and the president-elect deeper into the cryptocurrency sector, which comes after he promoted a crypto venture called World Liberty Financial with business partners.
A push into the cryptocurrency sector by Trump's media company and the appointment of new pro-crypto executives in his White House administration could prove to be a win-win for the president-elect.
DJT, BKKT Price Action: Trump Media shares gained 1.3% Thursday, closing at $30.49 versus a 52-week trading range of $22.55 to $79.38.
Bakkt shares were down 1.6% to $31.10 versus a 52-week trading range of $5.57 to $68.75. Bakkt stock is down 41% year-to-date, but higher in the last five days by more than 140%.
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