Trump Family-Backed Companies Are Being Left Behind as Crypto Recovers — Barrons.com

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Trump Media & Technology

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Trump Media & Technology Group Corp. Warrants

-1.54%

By Joe Light

Bitcoin and other digital assets are staging a recovery. Some crypto industry companies tied to President Donald Trump and his family aren't keeping up.

In recent days, weak economic data has given traders increased confidence that the Federal Reserve will cut interest rates next week, an expectation that's supporting the prices of Bitcoin and other risky assets. Usually, such an environment would also benefit many Trump family-tied firms, including crypto treasury company ALT5 Sigma and Bitcoin miner American Bitcoin. But a series of idiosyncratic problems has made them miss out on the recovery so far.

Since hitting a low of about $80,500 on Nov. 21, Bitcoin has stormed back to $92,150 as of Thursday afternoon, a 14.5% increase. Since the close on Nov. 20, American Bitcoin is down about 47% to $2.42, while ALT5 Sigma is down 5.4% to $1.58.

Trump Media & Technology Group, which in addition to its crypto activities runs social-media platform Truth Social, is an exception, rising nearly 16% since its Nov. 21 low, though it's still down about 19% in the past month.

Since entering office, President Trump and his appointees have been advocates for crypto-tied investments. The Securities and Exchange Commission and enforcement agencies have dropped cases against crypto firms that during President Joe Biden's administration had been accused of violating securities laws. The Treasury Department has advocated for the advancement of so-called stablecoins, pegged to the U.S. dollar, while Trump himself has said the U.S. would created a "strategic reserve" comprised of Bitcoin and other digital assets. At the same time, Trump's family in the past two years has helped launch several crypto firms and tokens.

American Bitcoin's stock crashed in the first hour of trading on Tuesday on little news. Eric Trump, who co-founded the company along with Donald Trump Jr., later on Tuesday said that premerger private placement shares had unlocked that day, letting those investors sell shares. But since the close on Tuesday, shares have hardly recovered, rising about 10.5%. American Bitcoin didn't respond to a request for comment.

ALT5 Sigma's issues have gone deeper. This summer, ALT5 struck a partnership with World Liberty Financial, a privately held company co-founded by Donald Trump, his sons, and White House advisor Steve Witkoff. ALT5 became a so-called digital asset treasury company, holding World Liberty's WLFI token. Zach Witkoff, the son of Steve Witkoff, became chairman of the company's board. Eric Trump was originally slated to join ALT5's board but instead became a board observer and strategic advisor.

Since the deal was struck, the company suspended its CEO, delayed the filing of its third-quarter earnings report, and then on the evening before Thanksgiving said it had dismissed the new acting CEO and its chief operating officer.

This week, ALT5 said it received two notices from the Nasdaq Stock Market notifying the company that it wasn't in compliance with the exchange's listing requirements.

The first notice related to ALT5's delay in filing its third-quarter earnings report. The company in a press release said it has until Jan. 20 to submit a plan to come back into compliance.

The company said it had received the second notice because the resignation of one of its board members caused the firm to no longer meet one of the exchange's rules around board audit committees. The company said that it has until the earlier of its next annual stockholder meeting or November 25, 2026 to regain compliance on that issue.

"Alt5 is actively addressing these issues to comply with Nasdaq rules. These notices in no way impact Alt5's ability to execute its growth strategy, which encompasses its $WLFI Treasury and Fintech & Payments business," said an ALT5 spokesperson. World Liberty didn't respond to a request for comment.

The Trump family's ties to ALT5 could eventually prove awkward for Nasdaq executives. Zach Witkoff, Eric and Don Jr. in August rang the Nasdaq opening bell to celebrate the deal with ALT5, and now the exchange's staff will have to make decisions around bringing the company back into compliance with its listing requirements or a potential delisting.

"Nasdaq is not relishing this decision," said Jeff Hauser, who is executive director of the Revolving Door Project and has been a frequent critic of the Trump family's crypto ties. "I have to imagine that if the tie goes to the baserunner in baseball, the tie is going to go to the Trump family with respect to their investments and Nasdaq."

A Nasdaq spokeswoman declined to comment.

The White House said: "The media's continued attempts to fabricate conflicts of interest are irresponsible and reinforce the public's distrust in what they read. Neither the President nor his family have ever engaged, or will ever engage, in conflicts of interest. Through executive actions, supporting legislation like the GENIUS Act, and other common-sense policies, the administration is fulfilling the President's promise to make the United States the crypto capital of the world by driving innovation and economic opportunity for all Americans."

Write to Joe Light at joe.light@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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Tesla, Netflix among market cap stock movers on Wednesday

Investing.com

Arrowhead Pharmaceuticals

-5.50%

American Eagle

-3.45%

Wednesday’s market has seen swings in various stocks based on news and other factors. Today, stocks like Tesla and Microchip Technology are rallying, while stocks like Pure Storage and Netflix are falling. Below are highlights of some of the biggest stock movers, from mega-caps to small caps.

Mega-Cap Movers (Market Cap:$200 billion USD or higher)

Tesla Motors (TSLA); After AI Push, Trump Administration Is Now Looking To Robots; +3.97%
United Health Group (UNH) +4.49%
Goldman Sachs Group (GS) +2.34%
AbbVie Inc (ABBV) +2.3%
Wells Fargo (WFC); EquipmentShare secures $2.75 billion credit facility led by Wells Fargo; +2.86%
Oracle Corp (ORCL) +2.28%
American Express (AXP) +2.37%
McDonald’s (MCD) +2.45%
Micron Tech (MU); Micron to exit Crucial consumer business by February 2026; -2.97%
Netflix, Inc. (NFLX) -5.71%

Large-Cap Stock Movers (Market Cap:$10-$200 billion USD)

Pure Storage Inc (PSTG); Pure Storage posts in-line Q3 earnings, revenue beat; -26.55%
SanDisk Corp-Exch (SNDK) -7.23%
UL Solutions (ULS); UL Solutions announces secondary offering of 12.5 million shares; -8.45%
Microchip Technology Inc (MCHP); Microchip raises quarterly guidance on strong bookings; +9.77%
ON Semiconductor (ON) +8.18%
Alcoa (AA) +7.86%
Dicks Sporting Goods Inc (DKS) +7.77%
Circle Internet Group Inc (CRCL) +7.58%
Amkor Technology (AMKR) +7.23%
Entegris Inc. (ENTG) +6.73%

Mid-Cap Stock Movers (Market Cap:$2-$10 billion USD)

American Eagle Outfitters (AEO); American Eagle stock soars 11% on strong Q3 results, raised guidance; +13.95%
Sitime Corporation (SITM) +12.5%
Arrowhead Research Corp (ARWR) +11.93%
Alpha Metallurgical Resources (AMR) +11.73%
dMY Technology Group II (GENI) +11.28%
Beam Inc. (BEAM) +12.11%
MTech Acquisition A (ABTC) +9.46%
Reinvent Technology Partners Y (AUR) +10.4%
OneStream (OS); OneStream announces leadership changes to boost AI growth strategy; -9.71%
Gitlab (GTLB); GitLab appoints Jessica Ross as new CFO effective January 2026; -13.21%

Small-Cap Stock Movers (Market Cap:$300 million - $2 billion USD)

MapLight Therapeutics Inc (MPLT) +29.67%
Ambitions Enterprise Management Co (AHMA) +25.71%
Anavex Life Sciences (AVXL) +22.62%
POET Tech NAQ (POET) +22.33%
InterPrivate Acquisition (AEVA); European automaker selects Aeva as exclusive lidar supplier; +21.26%
Fortrea Holdings (FTRE) +16.31%
Kestra Medical Technologies (KMTS); Kestra Medical Technologies prices upsized public offering at $23 per share; +13.99%
Anbio Biotechnology (NNNN) +13.36%
TryHard Holdings (THH) -26.14%
Adc Therapeutics SA (ADCT); ZYNLONTA-glofitamab combo shows 90% response rate in lymphoma trial; -28.48%

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Risk Warnings and Disclaimers

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Tesla and Netflix among market cap stock movers on Wednesday

Investing.com

Wednesday’s market has seen swings in various stocks based on news and other factors. Today, stocks like Tesla (TSLA) are rallying, while stocks like Netflix (NFLX) are falling. Below are highlights of some of the biggest stock movers, from mega-caps to small caps.

Mega-Cap Movers (Market Cap:$200 billion USD or higher)

Netflix (NFLX); Comcast (CMCSA) bid to merge NBCUniversal unit with Warner Bros - Bloomberg; -5.97%
Microsoft (MSFT); Microsoft Lowers AI Software Sales Quotas as Customers Resist Newer Products; -2.37%
Micron Tech (MU); -1.95%
Alibaba-exch (BABA); -2.04%
Tesla Motors (TSLA); After AI Push, Trump Administration Is Now Looking To Robots; +2.76%

Large-Cap Stock Movers (Market Cap:$10-$200 billion USD)

Pure Storage Inc (PSTG); Pure Storage posts in-line Q3 earnings, revenue beat; Shares fall 10%; -26.35%
SanDisk Corp-Exch (SNDK); -6.5%
Wayfair Inc (W); Jefferies downgrades Wayfair stock to Hold on valuation concerns; -5.65%
UL Solutions (ULS); UL Solutions announces secondary offering of 12.5 million stocks; -5.37%
Seagate Technology (STX); -5.41%
Marvell Technology Group Ltd (MRVL); Summit Insights upgrades Marvell stock rating to Buy on AI growth outlook; +6.8%
ON Semiconductor (ON); +6.2%
Alcoa (AA); +5.77%
Fiserv Inc (FISV); +4.81%
Microchip Technology Inc (MCHP); Microchip unveils low-power digital monitors for battery devices; +8.64%

Mid-Cap Stock Movers (Market Cap:$2-$10 billion USD)

Gitlab (GTLB); GitLab appoints Jessica Ross as new CFO effective January 2026; -15.03%
Adaptive Biotechnologies Corp (ADPT); -9.5%
Diginex Inc (DGNX); -10.0%
Fermi America LLC (FRMI); -6.66%
ELF Beauty Inc (ELF); +8.05%
dMY Technology Group II (GENI); +8.75%
Regencell Bioscience Holdings (RGC); +8.1%
American Eagle Outfitters (AEO); American Eagle stock soars 11% on strong Q3 results, raised guidance; +13.97%
SeaCube Container Leasing Ltd (BOX); Box Inc stocks plunge over 10% on bottom-line miss in Q3; +7.29%
MTech Acquisition A (ABTC); +6.16%

Small-Cap Stock Movers (Market Cap:$300 million - $2 billion USD)

Ambitions Enterprise Management Co (AHMA); +43.51%
MapLight Therapeutics Inc (MPLT); +26.38%
Anavex Life Sciences (AVXL); +23.21%
InterPrivate Acquisition (AEVA); European automaker selects Aeva as exclusive lidar supplier; +17.4%
Pharvaris BV (PHVS); Pharvaris reports positive phase 3 results for HAE attack treatment; +17.0%
Carbylan Therapeutics Inc (KALV); +17.38%
POET Tech NAQ (POET); +13.93%
TryHard Holdings (THH); -19.71%
Acadia Healthcare (ACHC); Acadia Healthcare stock rating downgraded by BofA on higher insurance costs; -14.68%
Adc Therapeutics SA (ADCT); ZYNLONTA-glofitamab combo shows 90% response rate in lymphoma trial; -29.35%