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Pantera Capital has highlighted Digital Asset Treasury (DAT) companies as the next evolution in crypto market exposure, potentially outperforming direct spot Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45740537/forget-dollars-willy-woo-says-bitcoin-will-be-priced-against-global-gdp-gold-used-to-be-that-money-btc-is-the-challenger">purchases over time</a>.
What Happened: These publicly listed firms, which include pioneers like Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), are capitalizing on market volatility and investor demand to grow Bitcoin-per-share (BPS) at rates unmatched by static holdings.
In a blog post, Cosmo Jiang, General Partner at Pantera, <a href="https://panteracapital.com/blockchain-letter/a-new-frontier-for-crypto-exposure/">laid</a> out the case: "If MSTR can raise capital and grow BPS 50% per year (last year it grew 74%), by the end of year two you would have 1.1 BTC – more than if you had simply bought spot."
Jiang emphasized that irrational markets, high stock volatility and financially savvy management teams enable these companies to raise capital efficiently through convertible bonds or option strategies, translating market premiums into asset growth.
"There is a fundamental case to invest in Digital Asset Treasury companies and to justify why they may trade at a premium to its underlying net asset value," he wrote.
DATs have emerged as key entry points for institutional investors previously sidelined by the complexities of digital wallets, custody, or exchange regulations. 
According to Pantera, these vehicles function as "equities-first" onramps that replicate the crypto exposure of holding native tokens without requiring investors to leave traditional finance rails.
"Strong demand for products like MSTR, the ETFs, and the new wave of DATs suggest a large pool of capital had been sidelined by the onboarding complexities of crypto-native products," Jiang noted.
By transforming BTC and other tokens into tradable equity shares, DATs unlock dormant capital that may have hesitated at regulatory, technical, or custody barriers. 
This includes funds like Capital Group and Norges Bank, both of which now hold MSTR.
Unlike ETFs, which can issue and redeem shares to reflect supply and demand, DATs behave more like closed-end funds. 
Capital inflows are locked into the company's treasury, creating a one-way absorption of BTC or other digital assets with limited outflows. 
Also Read: <a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45722106/strategy-and-metaplanet-deepen-bitcoin-exposure-with-over-190-million-in-fresh-buys-amid-105k-market-level">Strategy And Metaplanet Deepen Bitcoin Exposure With Over $190 Million In Fresh Buys Amid $105K Market Level</a>
Why It Matters: This has potential price implications for the underlying tokens.
"Coins held by ETFs can dissipate as easily as they accumulate… [but] purchases into these vehicles effectively lock supply away," Jiang wrote.
Pantera's investments span several major DAT players, including:
<ul class="wp-block-list">
<li>Twenty One Capital (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) – Led by Jack Mallers and backed by Tether, Softbank, and Cantor Fitzgerald, it aims to replicate MSTR's BTC-centric model at a nimbler scale.</li>
<li>DeFi Development Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DFDV#NASDAQ">DFDV</a>) – The first Solana-based DAT, offering exposure to a more volatile, earlier-stage blockchain with staking yield benefits.</li>
<li>Sharplink Gaming (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBET#NASDAQ">SBET</a>) – The first Ethereum-focused DAT in the U.S., backed by Consensys, allowing access to the Ethereum ecosystem via traditional markets.</li>
</ul>
Pantera claims these early bets have already shown traction and market validation, fueling a broader stream of entrants following the model.
The report also points to a second macro tailwind reinforcing the DAT thesis: the rise of fiat-backed stablecoins as a strategic U.S. financial tool. 
With 98% of the $250 billion stablecoin market backed by dollars, products like USDT (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>) and USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) are not only driving global financial inclusion but also providing fresh demand for U.S. Treasuries, many of which underpin DAT reserves.
"Blockchains are supercharging the dollar… enabling fast, low-cost, programmable value transfer," Pantera's Erik Lowe wrote, adding that stablecoins now serve as "a global distribution channel for U.S. debt."
Read Next: 
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<li><a href="https://www.benzinga.com/crypto/cryptocurrency/25/06/45718946/ethereum-books-record-institutional-inflows-xrp-sees-outflows-what-is-going-on">Ethereum Books Record Institutional Inflows, XRP Sees Outflows: What Is Going On?</a></li>
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Michael Saylor's Strategy To Outperform Bitcoin? Here's How It Could Happen

U.S. stocks were mixed, with the Dow Jones index falling around 50 points on Thursday.
Shares of Advance Auto Parts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AAP#NYSE">AAP</a>) rose sharply during Thursday&#8217;s session following better-than-expected<a href="https://www.benzinga.com/quote/AAP/earnings"> first-quarter financial results.</a>
Advance Auto Parts posted quarterly adjusted earnings per share of 22 cents loss, beating the analyst consensus estimate of 82 cents loss. Quarterly sales of $2.583 billion (down 6.8% year over year) outpaced the Street view of $2.499 billion. Comparable store sales for the first quarter 2025 decreased 0.6%.
Advance Auto Parts shares jumped 44% to $45.06 on Thursday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul class="wp-block-list">
<li>Navitas Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVTS#NASDAQ">NVTS</a>) shares jumped 132% to $4.4412 after Nvidia selected the company to collaborate on 800V HVDC architecture. Additionally, Rosenblatt raised its price target on the stock from $4 to $6.</li>
<li>Domo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOMO#NASDAQ">DOMO</a>) rose 31.1% to $11.21 after the company reported better-than-expected first-quarter financial results and raised its FY26 guidance.</li>
<li>LiveRamp Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RAMP#NYSE">RAMP</a>) rose 24.8% to $35.04 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter sales guidance above estimates.</li>
<li>Urban Outfitters, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/URBN#NASDAQ">URBN</a>) surged 21.1% to $72.17 following better-than-expected quarterly financial results.</li>
<li>Cantor Equity Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) gained 18.1% to $50.86.</li>
<li>Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) gained 9.5% to $196.19 after the company reported better-than-expected quarterly financial results.</li>
<li>Garrett Motion Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTX#NASDAQ">GTX</a>) rose 9.2% to $11.31. The company recently announced a secondary offering consisting of 17 million shares.</li>
<li>SEALSQ Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LAES#NASDAQ">LAES</a>) climbed 8.8% to $3.7550.</li>
<li>Omnicell, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OMCL#NASDAQ">OMCL</a>) gained 8.7% to $29.73 after the company raised its second-quarter and FY25 adjusted EPS guidance and announced a new $75 million stock repurchase program.</li>
<li>Next Technology Holding Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NXTT#NASDAQ">NXTT</a>) rose 7.3% to $2.1250.</li>
<li>Pitney Bowes Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PBI#NYSE">PBI</a>) gained 6% to $9.65 after the company announced a $150 million share repurchase program and a new CEO.</li>
</ul>
Now Read This:
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<li> <a href="https://www.benzinga.com/25/05/45564349/accenture-to-rally-more-than-24-here-are-10-top-analyst-forecasts-for-thursday">Accenture To Rally More Than 24%? Here Are 10 Top Analyst Forecasts For Thursday</a> </li>
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Advance Auto Parts Posts Upbeat Results, Joins Domo, LiveRamp, Urban Outfitters And Other Big Stocks Moving Higher On Thursday

Entrepreneur, investor and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) bull Anthony Pompliano has a new SPAC targeting the financial services sector and perhaps a company <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44833876/bitcoin-to-outperform-gold-in-coming-months-says-anthony-pompliano">dealing with cryptocurrency. </a>
While the SPAC could target the cryptocurrency space, Pompliano said that's not a definite yes.
The SPAC: Pompliano took Pro Cap Acquisition (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PCAPU#NASDAQ">PCAPU</a>) public this week, <a href="https://www.benzinga.com/topic/spacs">a SPAC </a>that raised $220 million in an upsized offering at $10 each.
Each SPAC includes one-third of a warrant, which will trade with ticker PCAPW. Common shares will <a href="https://www.sec.gov/Archives/edgar/data/2056634/000121390025037771/ea0230984-04.htm">trade </a>as PCAP after the units split.
In an <a href="https://x.com/APompliano/status/1925183818161426704">interview </a>with CNBC Wednesday, Pompliano said the timing was right to launch his SPAC after being approached by investors for five years.
Pompliano said he didn't see strong demand from the private market until six months ago and highlighted changing regulation as a reason to create the SPAC. The investor also said that there were a lot of good companies created between 2015 and 2020 that may be ready to go public.
The SPAC lists Pompliano as the CEO, director, and sole managing member of the sponsor ProCap Acquisition Sponsor, LLC. 
Prior to his current role as founder and CEO of Professional Capital Management, Pompliano was the co-founder and managing partner of Full Tilt Capital, which was acquired by Morgan Creek Digital Assets in 2018. 
Pompliano was also managing partner of Morgan Creek Digital Assets from 2018 to 2020. According to his website, he made notable investments in Lyft, Liquid Death, Placer.ai, Coinbase, SpaceX, Airbnb, Reddit, and eToro.
Read Also: <a href="https://www.benzinga.com/news/events/24/11/42071064/exclusive-anthony-pompliano-calls-for-us-to-buy-250b-bitcoin-on-day-1-of-trump-administration-protect-our-future-its-such-a-no-brainer">EXCLUSIVE &#8211; Anthony Pompliano Calls For US To Buy $250B Bitcoin On Day 1 Of Trump Administration: &#8216;Protect Our Future, It&#8217;s Such A No Brainer&#8217;</a>
<h3 class="wp-block-heading">Target Market</h3>
Pompliano said the target market for his SPAC is financial services, fintech and places where he can use his media presence to boost the company.
The investor has 1.7 million followers on X, his own show on X, and an investment newsletter read by hundreds of thousands of people.
Pompliano said the SPAC is looking for a cash flow-positive company that has a bright future.
"If you do a good deal at a good price, it doesn't matter who the sponsor is," Pompliano said.
The investor told CNBC that he has "skin in the game" and taking a huge "reputational risk" with the SPAC offering and merger.
Pompliano said his very public figure means that he can't be an SPAC sponsor who sells the shares and disappears, adding, &#8220;My reputation's on this."
The plan, he says, is to stick around and create shareholder value for whichever company Pro Cap Acquisition merges with. "This is not a do the transaction and walk away.&#8221;
CNBC host Andrew Ross Sorkin asked if many investors are expecting Pompliano to do a crypto-related merger given his experience in the sector.
"We're very interested in financial services," Pompliano said.
The investor said the new digital world is merging with companies like Robinhood and Kraken offering access to public equities and cryptocurrency.
Pompliano said he wouldn't go out and say they are buying a crypto-related company, but wouldn't rule it out, telling Sorkin that most financial services companies are already touching crypto in some way.
<h3 class="wp-block-heading">The Management Team</h3>
Also taking part in the CNBC interview Wednesday was Bausch + Lomb CEO Brent Saunders, who is serving as a special advisor to the SPAC.
Pompliano said he's been friends with Brent for years, which includes Saunders investing in his company. Saunders joined as an advisor for the SPAC.
Along with his experience leading healthcare companies, Saunders has experience in the mergers and acquisitions space, something that Pompliano highlighted in the interview. Saunders has overseen over 80 deals worth $300 billion according to the SPAC's prospectus.
Saunders previously led a SPAC<a href="https://www.benzinga.com/exclusives/21/06/21557663/exclusive-beauty-health-company-ceo-clint-carnell-on-companys-decision-to-go-public-international-ex"> that merged with HydraFacial</a>. The new entity goes by Beauty Health (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SKIN#NASDAQ">SKIN</a>). The merger closed in 2021 and shares trade at $1.56 today, down around 85% over the last five years.
<h3 class="wp-block-heading">Return of SPACs</h3>
Sorkin pressed Pompliano and Saunders about the past negatives of the SPAC market.
Pompliano said SPACs got a bad name because people were doing public venture capital deals with high valuations on companies losing money.
The SPAC from Pompliano comes after a recent offering from two people who helped bring Trump Media &amp; Technology Group public and are now trying to <a href="https://www.benzinga.com/news/ipos/25/05/45448399/trump-insiders-want-a-piece-of-crypto-spac-action-is-a-merger-coming">acquire a company</a> in the cryptocurrency space.
Renatus Tactical Acquisition Corp I (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RTACU#NASDAQ">RTACU</a>) recently went public with a $210 million offering. The SPAC counts Eric Swider and Devin Nunes as names involved in the sponsor companies of the SPAC deal.
That offering follows several recent mergers in the cryptocurrency space including Bitcoin holding company&nbsp;Twenty One&nbsp;<a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44975441/cantor-fitzgerald-backed-twenty-one-launches-strategy-rival-at-3-billion-valuation" target="_blank" rel="noreferrer noopener">announcing a SPAC merger</a>&nbsp;with&nbsp;Cantor Equity Partners&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>). The company has a &nbsp;target of holding 42,000 Bitcoin. The merger includes backing from&nbsp;Tether, SoftBank Group&nbsp;and&nbsp;Jack Mallers,&nbsp;who will serve as CEO. After the merger, the company will trade as &#8220;XXI&#8221; on the Nasdaq and could be one of the largest public holders of Bitcoin.
Read Next:
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<li><a href="EXCLUSIVE: Anthony Pompliano Equates Coinbase To Apple, Except It Has Something That Can't Be Bought">EXCLUSIVE: Anthony Pompliano Equates Coinbase To Apple, Except It Has Something That Can&#8217;t Be Bought</a></li>
</ul>
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Bitcoin Bull Anthony Pompliano Launches SPAC Targeting Financial Services: 'My Reputation's On This'

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) treasury companies like Michael Saylor&#8216;s Strategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) (formerly MicroStrategy) were in focus as Brett Winton, the chief futurist at ARK Investment Management LLC, highlighted that trouble could be brewing for such companies in the long run.
What Happened: As companies like MSTR have been issuing equity and debt to raise funds for Bitcoin purchases, Winton underscored that funding purchases with debt &#8220;seems like a recipe for disaster on the back end of this cycle.&#8221;
According to him, if the treasury companies keep doing so, &#8220;a higher debt mix&#8221; will &#8220;be the seed that grows to destroy the business-less business model.&#8221;
He explains this by highlighting the presence of an arbitrage opportunity till the time the stock prices for companies like MSTR are trading at a premium to the net asset value (NAV).
As of its May 12 SEC filing, MSTR held 568,840 Bitcoins at an aggregate purchase price of $39.41 billion, whereas its market capitalization stood at a staggering $108.55 billion.
Thus, Winton implied that BTC treasury companies could keep issuing equity until the arbitrage opportunity closes. &#8220;Competitors are now launching/raising will accelerate that process,&#8221; he said in his X post.
However, as the equity to NAV gap closes, the companies will shift to debt for funding their BTC purchases, thus concocting the &#8220;recipe for disaster,&#8221; as underscored by Winton.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">though so-called bitcoin treasury companies don&#39;t make sense, but so long as they are trading at a NAV premium to the underlying holdings they should continue to sell equity and buy bitcoin until they arbitrage out the opportunity. That &quot;competitors&quot; are now launching/raising…
&mdash; Brett Winton (@wintonARK) <a href="https://twitter.com/wintonARK/status/1923310593592926619?ref_src=twsrc%5Etfw">May 16, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
See Also: <a href="https://www.benzinga.com/general/market-summary/25/05/45399940/warren-buffett-shows-how-patience-pays-98-of-his-160-billion-wealth-came-after-turning-65-thanks-the-power-of-compound-interest">Warren Buffett Shows How Patience Pays: 98% Of His $160 Billion Wealth Came After Turning 65, Thanks The Power Of &#8216;Compound Interest&#8217;</a>
Why It Matters: While MSTR is the largest BTC treasury company that has issues both equity and debt to purchase Bitcoins, Ryan Cohen&#8216;s GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) has recently announced its <a href="https://www.benzinga.com/general/market-summary/25/03/44511612/gamestop-follows-mstrs-footsteps-why-will-investors-buy-convertible-notes-with-no-interest">plans to join MSTR&#8217;s ranks</a>.
MARA Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>), Cantor Equity Partners Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>), Riot Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIOT#NASDAQ">RIOT</a>), and Galaxy Digital Holdings Ltd. (TSE: GLXY) follow MSTR in having the highest number of Bitcoins as a part of their assets.
Meanwhile, other experts think that Bitcoin prices are poised to rise. Citing Tom Lee, the head of research at Fundstrat, the Moon Show highlighted on X Friday the potential for Bitcoin&#8217;s network value to <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45463966/tom-lee-predicts-bitcoin-will-hit-1-5-million-in-10-years-calls-it-a-swiss-army-knife-of-money">equal that of gold</a>. 
Lee argued that Bitcoin&#8217;s versatility, acting as a risk-on asset in bull markets, combined with growing adoption, fuels network value and price appreciation.
Price Action: Shares of MSTR fell 4.73% on Thursday and rose 1.03% in premarket on Friday. The stock was up 32.34% on a year-to-date basis, and 175.72% higher over a year.
Benzinga Edge Stock Rankings shows that MSTR had a stronger price trend over the short, medium, and long term. Its momentum ranking was solid at the 97.50th percentile, while the value ranking was very poor. You can check the details of other metrics <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">over here</a>. 
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="148" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-1024x148.png" alt="" class="wp-image-917803" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-1024x148.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-300x43.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR-768x111.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/16075705/EDGE-MSTR.png 1224w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Friday. The SPY was up 0.29% to $592.20, while the QQQ advanced 0.34% to $521.01, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.
Read Next:
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<li><a href="https://www.benzinga.com/general/market-summary/25/05/45464528/rocket-companies-soars-6-in-friday-premarket-as-activist-investor-valueact-reveals-new-position-calls-rkt-a-sleeping-giant-in-early-innings">Rocket Companies Soars 6% In Friday Premarket As Activist Investor ValueAct Reveals New Position, Calls RKT A &#8216;Sleeping Giant&#8217; In Early Innings </a></li>
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Ark Invest Expert Takes Swipe At MSTR, MARA, Says 'Bitcoin Treasury Companies Don't Make Sense:' 'Funding Purchases With Debt...Seems Like A Recipe For Disaster'

Two executives with ties to President Donald Trump and Trump Media &amp; Technology Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) have a new SPAC offering targeting <a href="https://www.benzinga.com/news/ipos/25/03/44367379/global-client-advisory-group-affiliate-files-for-175-million-ipo-targeting-crypto-digital-security-ventures">the cryptocurrency market.</a>
With several stocks soaring on recent crypto-related mergers, could this be a SPAC to watch?
The SPAC Offering: On Thursday, Renatus Tactical Acquisition Corp I (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RTACU#NASDAQ">RTACU</a>) began trading. The units consist of one common share (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RTAC#NASDAQ">RTAC</a>) and one-half of a redeemable warrant (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RTAW#NASDAQ">RTAW</a>).
After announcing a 17.5 million offering at $10 per unit to raise $175 million, the offering was upsized to 21 million shares <a href="https://www.businesswire.com/news/home/20250513920321/en/Renatus-Tactical-Acquisition-Corp-I-Announces-Pricing-of-Upsized-%24210-Million-Initial-Public-Offering">raising </a>$210 million.
While SPACs have received less attention in recent years, this particular blank check company, given its two names attached, could quickly attract investors&#8217; attention.
Among the names involved in the sponsor companies of the SPAC deal are Eric Swider and Devin Nunes. Swider is the former CEO of Digital World Acquisition Corporation. The company, referred to as DWAC, was a SPAC that took Trump's media company Trump Media &amp; Technology Group public. 
Swider and Nunes currently <a href="https://ir.tmtgcorp.com/corporate-governance/board-of-directors/">serve </a>as director and CEO of Trump Media &amp; Technology Group, respectively. For the new SPAC, Swider <a href="https://www.sec.gov/edgar/browse/?CIK=0002035173">serves</a> as CEO while Nunes is chairman.
SPAC expert and Accelerate CEO Julian Klymochko <a href="https://x.com/JulianKlymochko/status/1922987358086893655">highlighted </a>the offering in a tweet Thursday.
"The former CEO of $DWAC, Eric Swider, along with the current CEO of $DJT, Devin Nunes, launched a new SPAC, Renatus Tactical Acquisition I. It IPO'd today. Its focus is on the crypto industry in the U.S. It's one to watch!" Klymochko tweeted.
Read Also: <a href="https://www.benzinga.com/24/12/42498758/truth-social-ceo-nunes-to-head-trumps-intelligence-advisory-board">Truth Social CEO Nunes to Head Trump&#8217;s Intelligence Advisory Board</a>
The SPAC Target Market: The SPAC could target a merger in any industry, sector or geographic region. However, the prospectus indicates a focus on finding a company in the cryptocurrency or blockchain space in the United States. Data security and dual-use technologies are also listed as potential target areas for a deal.
"We intend to capitalize on the ability of our management team to identify, acquire and operate a business or businesses that can benefit from our management team's established global relationships, sector expertise and active management and operating experience," the prospectus reads.
The SPAC is targeting a company valued between $500 million and $5 billion.
The prospectus also highlights Trump's positive push for cryptocurrency and the growing market opportunity for Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and other cryptocurrencies. It recalls the recent executive order to create a strategic Bitcoin reserve by <a href="https://www.benzinga.com/25/03/44183572/trump-establishes-strategic-bitcoin-reserve-funded-by-forfeited-assets-i-made-the-promise">stockpiling cryptocurrency assets</a>. 
Why It's Important: The timing of the public offering could be a strong setup for the management team and investors with several recent crypto-related merger announcements seeing shares trade significantly higher and receive increased attention.
Here are some of the recent deals:
<ul class="wp-block-list">
<li>Bitcoin holding company Twenty One <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44975441/cantor-fitzgerald-backed-twenty-one-launches-strategy-rival-at-3-billion-valuation">announced a SPAC merger</a> with Cantor Equity Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) with a target of holding 42,000 Bitcoin. The merger includes backing from Tether, SoftBank Group and Jack Mallers, who will serve as CEO. After the merger, the company will trade as "XXI" on the Nasdaq and could be one of the largest public holders of Bitcoin.</li>
<li>Asset Entities (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASST#NASDAQ">ASST</a>) <a href="https://www.benzinga.com/news/contracts/25/05/45260992/asset-entities-stock-rockets-higher-on-merger-deal-to-form-bitcoin-treasury-company">announced a merger</a> with Strive Asset Management to become a public Bitcoin holding company on the Nasdaq.</li>
<li>Nakamoto Holdings <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45352237/nakamoto-holdings-raises-710m-merges-with-kindlymd-to-build-bitcoin-treasury-holding-company">announced a merger</a> with Kindly MD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KDLY#NASDAQ">KDLY</a>) in a deal that will see the newly formed company be a Bitcoin holding company. Nakamoto comes from the mind of Bitcoin Magazine CEO and Trump crypto advisor David Bailey, who will serve as CEO.</li>
<li>Gryphon Digital Mining (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRYP#NASDAQ">GRYP</a>) recently <a href="https://www.benzinga.com/news/small-cap/25/05/45347101/gryphon-digital-to-take-trump-affiliated-american-bitcoin-public-in-merger-deal-stock-soars">announced a merger </a>with American Bitcoin, a subsidiary of Hut 8 Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HUT#NASDAQ">HUT</a>). American Bitcoin was launched in collaboration between Hut 8 and Eric Trump earlier this year. The new company will trade on the Nasdaq with the ticker "ABTC."</li>
</ul>
While not all of these were SPAC mergers, these stocks all saw shares trade higher on deal announcements, illustrating investors appetite for crypto-related mergers.
Price Action: Renatus Tactical Acquisition Corp units trade at $10.88 Thursday and have traded between $10.60 and $10.99 since going public.
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Image: Shutterstock

IPOs

ASST

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Trump Insiders Want A Piece Of Crypto, SPAC Action: Is A Merger Coming?

Shares of AppLovin Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) rose sharply in today's pre-market trading after the company reported better-than-expected <a href="https://www.benzinga.com/quote/APP/earnings">first-quarter financial results</a>.
AppLovin reported first-quarter revenue of $1.48 billion, beating analyst estimates of $1.38 billion, according to Benzinga Pro. The company reported first-quarter earnings of $1.67 per share, beating analyst estimates of $1.45 per share.
AppLovin shares jumped 14.6% to $347.79 in the pre-market trading session.
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Digital Ally, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGLY#NASDAQ">DGLY</a>) rose 77.4% to $0.0869 in pre-market trading after dipping over 90% on Wednesday. Digital Ally received positive listing determination from the Nasdaq.</li>
<li>ZK International Group Co., Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZKIN#NASDAQ">ZKIN</a>) surged 48.2% to $1.63 in pre-market trading after jumping over 10% on Wednesday.</li>
<li>Asset Entities Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASST#NASDAQ">ASST</a>) gained 38.3% to $4.69 in pre-market trading. Asset Entities shares jumped 450% on Wednesday after the company announced it entered into a merger agreement with Strive Asset Management to be the first publicly traded asset management bitcoin treasury company.</li>
<li>Sezzle Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEZL#NASDAQ">SEZL</a>) jumped 31.3% to $69.30 in pre-market trading after the company reported better-than-expected first-quarter earnings.</li>
<li>PainReform Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRFX#NASDAQ">PRFX</a>) gained 23.8% to $2.65 in pre-market trading after the company announced it launched a strategic AI pilot with Econergy Renewable Energy.</li>
<li>DevvStream Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DEVS#NASDAQ">DEVS</a>) surged 22.5% to $0.4914 in pre-market trading after jumping 108% on Wednesday.</li>
<li>Magnite, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGNI#NASDAQ">MGNI</a>) gained 16.6% to $14.50 in pre-market trading after the company announced upbeat quarterly results.</li>
<li>Sunrun Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RUN#NASDAQ">RUN</a>) climbed 12.3% to $8.30 in pre-market trading after the company reported better-than-expected first-quarter financial results.</li>
<li>Cantor Equity Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) gained 10.2% to $35.15 in pre-market trading after climbing 9% on Wednesday.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>NuCana plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCNA#NASDAQ">NCNA</a>) shares dipped 66.4% to $0.1012 in pre-market trading after dipping 25% on Wednesday. NuCana recently announced a registered direct offering with approximately $7 million gross proceeds.</li>
<li>Empire Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EP#NYSE">EP</a>) shares fell 36.5% to $2.51 in pre-market trading.</li>
<li>LogicMark, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGMK#NASDAQ">LGMK</a>) shares fell 30.2% to $0.0095 in pre-market trading after dipping 12% on Wednesday.</li>
<li>NetClass Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTCL#NASDAQ">NTCL</a>) fell 18.7% to $26.37 in pre-market trading.</li>
<li>Fluence Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLNC#NASDAQ">FLNC</a>) shares tumbled 15.1% to $3.83 in pre-market trading after the company reported a wider-than-expected quarterly loss and lowered its FY25 sales forecast.</li>
<li>Semrush Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEMR#NYSE">SEMR</a>) dipped 13% to $8.89 in pre-market trading after posting downbeat quarterly earnings.</li>
<li>Emerald Holding Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EEX#NYSE">EEX</a>) fell 12.6% to $4.01 in today's pre-market trading. Emerald Holding recently reported better-than-expected first-quarter financial results and issued FY25 sales guidance with its midpoint above estimates.</li>
<li>Arm Holdings PLC &#8211; ADR (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>) fell 10.6% to $110.88 in pre-market trading after the company reported fourth-quarter financial results and issued FY26 guidance below estimates. Also, the company issued first-quarter adjusted EPS guidance below estimates.</li>
<li>Consensus Cloud Solutions, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCSI#NASDAQ">CCSI</a>) declined 10.2% to $20.03 in pre-market trading after reporting first-quarter results.</li>
<li>New Century Logistics (BVI) Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCEW#NASDAQ">NCEW</a>) fell 10.2% to $1.48 in pre-market trading after dipping 24% on Wednesday.</li>
</ul>
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<li><a href="https://www.benzinga.com/25/05/45251088/top-3-financial-stocks-that-may-plunge-in-may">Top 3 Financial Stocks That May Plunge In May</a> </li>
</ul>
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Pre-Market Outlook

CCSI

DEVS

DGLY

FLNC

LGMK

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NCEW

NCNA

NTCL

PRFX

SEMR

SEZL

ZKIN

Why AppLovin Shares Are Trading Higher By 15%; Here Are 20 Stocks Moving Premarket

Shares of Porch Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRCH#NASDAQ">PRCH</a>) rose sharply in today's pre-market trading after the company reported better-than-expected first-quarter financial results and raised its FY25 sales <a href="https://www.benzinga.com/quote/PRCH/earnings">guidance above estimates</a>.
Porch Group reported quarterly earnings of 8 cents per share which beat the analyst consensus estimate of a loss of 12 cents per share. The company reported quarterly sales of $104.75 million which beat the analyst consensus estimate of $79.44 million.
Porch Group shares jumped 21.4% to $7.70 in pre-market trading
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>Magic Empire Global Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MEGL#NASDAQ">MEGL</a>) rose 77.3% to $2.11 in pre-market trading.</li>
<li>CN Energy Group. Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CNEY#NASDAQ">CNEY</a>) surged 68.4% to $0.2730 in pre-market trading after jumping around 8% on Tuesday.</li>
<li>NetClass Technology Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTCL#NASDAQ">NTCL</a>) gained 51.5% to $50.00 in pre-market trading after jumping over 162% on Tuesday.</li>
<li>Freight Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRGT#NASDAQ">FRGT</a>) jumped 29.7% to $1.79 in pre-market trading after falling 5% on Tuesday.</li>
<li>IT Tech Packaging, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITP#NYSE">ITP</a>) gained 28.3% to $0.3280 in pre-market trading.</li>
<li>CuriosityStream Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CURI#NASDAQ">CURI</a>) surged 24.2% to $4.10 in pre-market trading after the company reported better-than-expected first-quarter financial results and issued second-quarter sales guidance above estimates.</li>
<li>AvidXchange Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVDX#NASDAQ">AVDX</a>) gained 19.3% to $9.78 in pre-market trading after the company announced it entered into a definitive agreement to be acquired by TPG in partnership with Corpay for a valuation of $2.2 billion.</li>
<li>Cantor Equity Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) climbed 18% to $34.57 in pre-market trading after dipping 14% on Tuesday.</li>
<li>Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) gained 7.9% to $71.50 in pre-market trading following first-quarter earnings.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Vast Renewables Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VSTE#NASDAQ">VSTE</a>) shares dipped 62.5% to $0.1402 in pre-market trading after the company announced it voluntarily delisted from the Nasdaq.</li>
<li>WW International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WW#NASDAQ">WW</a>) shares fell 46.8% to $0.42 in pre-market trading after the company missed its first-quarter adjusted EPS estimate and announced it will not be providing FY25 guidance.</li>
<li>FOXO Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FOXO#NYSE">FOXO</a>) shares fell 37.8% to $1.00 in pre-market trading. FOXO Technologies shares jumped 153% on Tuesday after the company announced that its Myrtle recovery centers subsidiary has seen over 400 patients since August 2023.</li>
<li>Vestis Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSTS#NYSE">VSTS</a>) fell 25.7% to $6.47 in pre-market trading after the company reported worse-than-expected quarterly financial results.</li>
<li>AIFU Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AIFU#NASDAQ">AIFU</a>) declined 23.6% to $0.1719 in pre-market trading after jumping 82% on Tuesday.</li>
<li>Sarepta Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SRPT#NASDAQ">SRPT</a>) shares tumbled 20.6% to $37.10 in pre-market trading after the company reported a first-quarter adjusted EPS miss.</li>
<li>Upstart Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UPST#NASDAQ">UPST</a>) fell 16.2% to $43.09 in pre-market trading after the company issued second-quarter sales guidance below estimates.</li>
<li>Lixiang Education Holding Co., Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LXEH#NASDAQ">LXEH</a>) dipped 14.1% to $3.00 in pre-market trading after jumping 69% on Tuesday.</li>
<li>Revolve Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RVLV#NYSE">RVLV</a>) fell 10.8% to $16.90 in today's pre-market trading after the company reported downbeat quarterly sales.</li>
<li>RXO, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RXO#NYSE">RXO</a>) fell 7.6% to $12.70 in pre-market trading.</li>
</ul>
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Why Porch Group Shares Are Trading Higher By Over 21%; Here Are 20 Stocks Moving Premarket

U.S. stocks were higher, with the Dow Jones index gaining around 400 points on Thursday.
Shares of CVS Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) rose sharply during Thursday's session after the company reported better-than-expected first-quarter results and <a href="https://www.benzinga.com/quote/CVS/earnings">raised FY25 EPS guidance</a>.
CVS Health reported first-quarter sales of $94.59 billion on Thursday, beating the consensus of $93.64 billion. Total revenues increased 7% year over year, driven by revenue growth across all segments.
CVS Health posted adjusted EPS of $2.25 for Q1, a sharp rise from $1.31 a year earlier and well above Wall Street&#8217;s $1.70 estimate.
CVS Health shares jumped 6.5% to $71.11 on Thursday.
Here are some other big stocks recording gains in today&#8217;s session.
<ul>
<li>Cantor Equity Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) surged 28% to $53.98.</li>
<li>E2open Parent Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETWO#NASDAQ">ETWO</a>) shares jumped 26.4% to $2.4901.</li>
<li>CommScope Holding Company, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COMM#NASDAQ">COMM</a>) gained 24.4% to $4.6550 following better-than-expected quarterly earnings.</li>
<li>MediaAlpha, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MAX#NYSE">MAX</a>) rose 19.7% to $10.06 following strong quarterly sales.</li>
<li>Lotus Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOT#NASDAQ">LOT</a>) gained 19.6% to $1.9500.</li>
<li>Advanced Energy Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AEIS#NASDAQ">AEIS</a>) rose 16.7% to $113.72 after the company reported better-than-expected first-quarter financial results and issued second-quarter sales guidance above estimates. Additionally, Needham maintained a Buy rating on the stock and Baird maintained an Outperform rating.</li>
<li>MYR Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MYRG#NASDAQ">MYRG</a>) gained 16.2% to $142.09 following upbeat quarterly earnings.</li>
<li>CONMED Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNMD#NYSE">CNMD</a>) rose 16.1% to $57.01 after the company reported better-than-expected first-quarter financial results and raised its FY25 guidance.</li>
<li>CoreWeave (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWV#NASDAQ">CRWV</a>) gained 15.3% to $47.60.</li>
<li>Chart Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GTLS#NYSE">GTLS</a>) rose 14.2% to $154.11 after the company reported better-than-expected first-quarter adjusted EPS results and issued FY25 adjusted EPS guidance above estimates. Also, the company issued FY25 sales guidance with its midpoint above estimates.</li>
<li>TTM Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTMI#NASDAQ">TTMI</a>) gained 13.4% to $22.70 after the company reported better-than-expected first-quarter financial results and issued second-quarter guidance above estimates.</li>
<li>Frontdoor, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTDR#NASDAQ">FTDR</a>) rose 13.3% to $46.56 after the company reported better-than-expected first-quarter financial results and raised tis FY25 sales guidance above estimates.</li>
<li>Quanta Services, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWR#NYSE">PWR</a>) gained 12.4% to $329.11 after the company reported better-than-expected first-quarter financial results and raised its FY25 guidance with its midpoint above estimates.</li>
<li>ATI Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATI#NYSE">ATI</a>) rose 12% to $60.87 after the company reported better-than-expected quarterly financial results and raised its FY25 adjusted EPS guidance.</li>
<li>Carrier Global Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARR#NYSE">CARR</a>) gained 10.4% to $69.07 after the company reported better-than-expected first-quarter financial results and raised its FY25 guidance.</li>
<li>Vertiv Holdings Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NYSE">VRT</a>) rose 9.7% to $93.67.</li>
<li>Microsoft Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) gained 9.6% to $433.29 following strong quarterly earnings.</li>
<li>MasTec, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTZ#NYSE">MTZ</a>) rose 8.2% to $137.75.</li>
<li>CNH Industrial N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNH#NYSE">CNH</a>) gained 8.2% to $12.52 following quarterly results.</li>
<li>Comfort Systems USA, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIX#NYSE">FIX</a>) jumped 7.4% to $427.31.</li>
<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) gained 6.4% to $260.16.</li>
<li>Hyatt Hotels Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/H#NYSE">H</a>) rose 6.2% to $119.61 following upbeat results.</li>
<li>Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) gained 5.6% to $580.00 following strong quarterly results.</li>
</ul>
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</ul>
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Earnings

AEIS

CARR

CNMD

COMM

CRWV

CVNA

ETWO

FTDR

GTLS

MSFT

MYRG

TTMI

CVS Health Posts Better-Than-Expected Earnings, Joins CommScope, Microsoft, Meta, Chart Industries, And Other Big Stocks Moving Higher On Thursday

Shares of Cantor Equity Partners Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NYSE">CEP</a>) are trading higher by 18.6% to $38.84 during Wednesday&#8217;s session and have surged 100% over the past week following the <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44996542/cantor-equity-partners-shares-nearly-double-whats-going-on">announcement</a> of a merger with Bitcoin-focused startup Twenty One.
What To Know: The merger, which values the combined entity at $3.6 billion, would make it the third-largest public holder of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) behind only Strategy and Tether. Twenty One is meanwhile backed by major players including Tether, SoftBank and Strike founder Jack Mallers, who will take the helm as CEO of the merged company.
Mallers is <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44282155/strike-ceo-jack-mallers-predicts-bitcoin-could-become-the-dominant-store-of-value">best known</a> as the founder of Strike, a prominent Bitcoin payments platform that played a key role in El Salvador&#8217;s Bitcoin adoption. A vocal Bitcoin advocate, he has been instrumental in advancing Bitcoin-native financial infrastructure on a global scale.
Read Also: <a href="https://www.benzinga.com/25/04/45104438/starbucks-stock-tumbles-on-q2-earnings-ceo-says-progress-is-happening-below-the-surface">Starbucks Stock Tumbles On Q2 Earnings, CEO Says Progress Is Happening &#8216;Below The Surface&#8217;</a>
Mallers has also advised policymakers on digital asset regulation and spoke at major events like the Bitcoin 2021 Conference, where he unveiled El Salvador&#8217;s historic move.
Strike has expanded into multiple countries, offering low-cost remittances and lightning-powered payments that aim to undercut traditional financial intermediaries.
Twenty One, <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44975441/cantor-fitzgerald-backed-twenty-one-launches-strategy-rival-at-3-billion-valuation">currently holding 42,000 Bitcoin</a>, aims to increase its stake further, backed by $585 million raised for additional Bitcoin purchases and operations. The company will focus on Bitcoin-native financial tools, capital markets and media, introducing novel metrics like &#8220;Bitcoin Per Share.&#8221; 
Pending shareholder approval, the combined entity plans a Nasdaq listing under the ticker &#8220;XXI,&#8221; potentially signaling a new era for institutional Bitcoin investment.
Read Also: <a href="https://www.benzinga.com/news/earnings/25/04/45099627/dell-technologies-stock-falls-alongside-super-micro-whats-going-on">Dell Technologies Stock Falls Alongside Super Micro: What&#8217;s Going On?</a>
<h2 class="wp-block-heading">How To Buy CEP Stock</h2>
By now you're likely curious about how to participate in the market for Cantor Equity Partners &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy &#8220;fractional shares,&#8221; which allows you to own portions of stock without buying an entire share.
In the case of Cantor Equity Partners, which is trading at $38.0 as of publishing time, $100 would buy you 2.63 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to &#8220;go short&#8221; a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, CEP has a 52-week high of $42.00 and a 52-week low of $9.99.

Cantor Equity Partners (CEP) Stock Soars 100% On Merger With Bitcoin Firm Twenty One

U.S. stocks were lower, with the Dow Jones index falling around 200 points on Wednesday.
Shares of Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>) rose sharply during Wednesday's session after the company reported better-than-expected third-quarter adjusted EPS results and issued fourth-quarter adjusted EPS guidance <a href="https://www.benzinga.com/quote/WDC/earnings">above estimates.</a>
Western Digital reported quarterly earnings of $1.36 per share which beat the analyst consensus estimate of $1.13 per share. The company reported quarterly sales of $2.29 billion which missed the analyst consensus estimate of $2.36 billion.
Additionally, the company declared a quarterly dividend of $0.10 per share.
Western Digital jumped 6.5% to $43.24 on Wednesday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Regencell Bioscience Holdings Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGC#NASDAQ">RGC</a>) jumped 59% to $50.14.</li>
<li>Oddity Tech Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ODD#NASDAQ">ODD</a>) gained 18.8% to $55.99 after the company reported better-than-expected first-quarter financial results and raised its FY25 guidance.</li>
<li>Concord Medical Services Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCM#NYSE">CCM</a>) gained 16.6% to $9.15.</li>
<li>Cantor Equity Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) jumped 15.5% to $37.81.</li>
<li>Silicon Motion Technology Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SIMO#NASDAQ">SIMO</a>) jumped 14.6% to $51.78 after the company reported better-than-expected quarterly financial results.</li>
<li>Global Industrial Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIC#NYSE">GIC</a>) gained 14.1% to $25.31 after the company reported better-than-expected quarterly financial results.</li>
<li>Wingstop Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WING#NASDAQ">WING</a>) jumped 10.7% to $255.26 following upbeat quarterly earnings.</li>
<li>Qorvo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QRVO#NASDAQ">QRVO</a>) gained 10.6% to $69.33 after the company reported better-than-expected fourth-quarter financial results and issued first-quarter guidance with its midpoint above estimates.</li>
<li>Seagate Technology Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/STX#NASDAQ">STX</a>) gained 9.2% to $89.21 following third-quarter results.</li>
<li>Trane Technologies plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TT#NYSE">TT</a>) gained 7.6% to $380.43 after the company reported better-than-expected first-quarter financial results and raised its FY25 GAAP EPS and sales guidance above estimates.</li>
<li>XPO, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPO#NYSE">XPO</a>) jumped 7.5% to $104.78 after the company reported better-than-expected quarterly EPS results.</li>
<li>The Chefs&#8217; Warehouse, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHEF#NASDAQ">CHEF</a>) gained 7% to $57.00 following upbeat earnings.</li>
<li>Gildan Activewear Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIL#NYSE">GIL</a>) rose 6.2% to $45.56 following strong quarterly earnings.</li>
<li>PPG Industries, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPG#NYSE">PPG</a>) gained 3.7% to $107.68 after the company reported better-than-expected quarterly financial results.</li>
</ul>
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Photo via Shutterstock

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Western Digital Posts Better-Than-Expected Earnings, Joins Wingstop, Qorvo, Seagate And Other Big Stocks Moving Higher On Wednesday

WIIM

Cantor Equity Partners shares are trading higher on continued strength after entering into a business combination agreement with Twenty One Capital.

Shares of Cantor Equity Partners Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) have surged 139% to $31.36 over the past week following the announcement of a <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44996542/cantor-equity-partners-shares-nearly-double-whats-going-on">merger</a> with Bitcoin-focused startup Twenty One.
What To Know: The merger, which values the combined entity at $3.6 billion, would make it the third-largest public holder of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), behind only Strategy and Tether. Twenty One is backed by major players including Tether, SoftBank and Strike founder Jack Mallers, who will take the helm as CEO of the merged company.
Mallers is best known as the <a href="https://www.benzinga.com/markets/cryptocurrency/25/03/44282155/strike-ceo-jack-mallers-predicts-bitcoin-could-become-the-dominant-store-of-value">founder of Strike</a>, a prominent Bitcoin payments platform that played a key role in El Salvador's Bitcoin adoption. A vocal Bitcoin advocate, he has been instrumental in advancing Bitcoin-native financial infrastructure on a global scale.
Twenty One currently <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44975441/cantor-fitzgerald-backed-twenty-one-launches-strategy-rival-at-3-billion-valuation">holds 42,000 Bitcoin</a> and aims to increase that position further. It also raised $585 million to fund additional Bitcoin purchases and business operations. The company plans to focus on Bitcoin-native financial tools, capital markets products and media, highlighting innovative metrics like "Bitcoin Per Share."
Pending shareholder approval, the newly combined company will trade under the ticker symbol "XXI" on the Nasdaq, signaling a bold new chapter in institutional Bitcoin exposure.
Read Also: <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/25/04/45069781/trumps-first-100-days-what-he-delivered-where-he-fell-short-how-markets-reacted">Trump&#8217;s First 100 Days: What He Delivered, Where He Fell Short, How Markets Reacted</a>
<h2 class="wp-block-heading">How To Buy CEP Stock</h2>
By now you're likely curious about how to participate in the market for Cantor Equity Partners &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy &#8220;fractional shares,&#8221; which allows you to own portions of stock without buying an entire share.
In the case of Cantor Equity Partners, which is trading at $32.55 as of publishing time, $100 would buy you 3.07 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to &#8220;go short&#8221; a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
According to data from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, CEP has a 52-week high of $39.29 and a 52-week low of $9.99.

Cantor Equity (CEP) Stock Surges Over 130% On Bitcoin Merger with Twenty One: What's Going On?

Shares of Cantor Equity Partners Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) have soared 202% to $32.76 over the past week, fueled by news of a <a href="https://www.benzinga.com/news/25/04/45010785/cantor-equity-partners-cep-stock-is-up-200-this-week-whats-happening">merger</a> with newly formed Bitcoin-focused firm Twenty One.
What To Know: The combined company, valued at $3.6 billion, is set to become the third-largest public holder of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>), behind only <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/45039399/strategy-buys-15355-bitcoin-for-142-billion-year-to-date-btc-yield-hits-137">Strategy</a> and Tether. Twenty One is backed by Tether, SoftBank and Jack Mallers—who will step in as CEO following the merger.
Currently, Twenty One holds 42,000 Bitcoin and has ambitious plans to continue accumulating. It recently raised $585 million to bolster its Bitcoin acquisitions and support operations. 
The firm will focus on building Bitcoin-native financial products, media platforms, and capital market tools, with unique metrics such as &#8220;Bitcoin Per Share&#8221; driving its strategy.
Once the merger is finalized, the company's shares will trade on the Nasdaq under the new ticker symbol &#8220;XXI.&#8221; The transaction still requires shareholder approval but signals a major new force in the Bitcoin investment landscape.
Read Also: <a href="https://www.benzinga.com/news/global/25/04/45038430/massive-power-outages-hit-spain-portugal-snarling-travel-investigations-into-cause-underway">Massive Power Outages Hit Spain, Portugal Snarling Travel: Investigations Into Cause Underway</a>
<h2 class="wp-block-heading">How To Buy CEP Stock</h2>
By now you're likely curious about how to participate in the market for Cantor Equity Partners &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy &#8220;fractional shares,&#8221; which allows you to own portions of stock without buying an entire share.
In the case of Cantor Equity Partners, which is trading at $30.84 as of publishing time, $100 would buy you 3.05 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to &#8220;go short&#8221; a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
According to data from&nbsp;<a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, CEP has a 52-week high of $39.29 and a 52-week low of $9.99.

Why Cantor Equity Partners (CEP) Stock Is Up 200% Over The Past Week

U.S. stocks were mixed, with the Dow Jones index falling around 200 points on Friday.
Shares of VeriSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRSN#NASDAQ">VRSN</a>) rose sharply during Friday's session after the company reported better-than-expected first-quarter financial results and raised its FY25 sales <a href="https://www.benzinga.com/quote/VRSN/earnings">guidance above estimates</a>.
VeriSign posted quarterly earnings of $2.10 per share, beating market estimates of $2.09 per share. The company's quarterly sales came in at $402.30 million versus expectations of $400.44 million.
VeriSign shares jumped 8.3% to $273.58 on Friday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>SES AI Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SES#NYSE">SES</a>) shares jumped 26% to $1.1003 after the company reported better-than-expected first-quarter EPS results and authorized a $30 million share repurchase program.</li>
<li>Cantor Equity Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) gained 24% to $30.90. Shares of Cantor Equity Partners have surged 203% to $32.71 since Monday's open. The stock has skyrocketed this week amid announcing a merger with newly formed Bitcoin-focused firm Twenty One.</li>
<li>HarborOne Bancorp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HONE#NASDAQ">HONE</a>) rose 16% to $11.65. Eastern Bankshares and HarborOne Bancorp entered into a merger agreement.</li>
<li>Canadian Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSIQ#NASDAQ">CSIQ</a>) gained 15.6% to $10.73.</li>
<li>Coursera, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COUR#NYSE">COUR</a>) rose 11.2% to $8.56 following better-than-expected quarterly results.</li>
<li>Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) rose 9.6% to $367.44 after the company reported better-than-expected first-quarter sales results.</li>
<li>BigBear.ai Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBAI#NYSE">BBAI</a>) gained 9.2% to $3.1809.</li>
<li>Liberty Broadband Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBRDA#NASDAQ">LBRDA</a>) gained 9% to $83.27.</li>
<li>Encompass Health Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EHC#NYSE">EHC</a>) rose 9% to $110.52 after Barclays raised its price target on the stock from $118 to $129.</li>
<li>NETGEAR, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTGR#NASDAQ">NTGR</a>) rose 8% to $24.23.</li>
<li>Sensient Technologies Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SXT#NYSE">SXT</a>) shares gained 6.9% to $85.67 as the company posted upbeat first-quarter results and raised its earnings forecast.</li>
<li>Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) gained 6.8% to $277.45.</li>
<li>Select Medical Holdings Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEM#NYSE">SEM</a>) climbed 6% to $17.59.</li>
<li>Comfort Systems USA, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FIX#NYSE">FIX</a>) rose 5.8% to $398.38 following better-than-expected first-quarter financial results and a quarterly dividend increase by $0.05 per share.</li>
</ul>
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Photo via Shutterstock

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HONE

LBRDA

NTGR

TSLA

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VeriSign Posts Better-Than-Expected Results, Joins Charter Communications, Sensient Technologies, Comfort Systems And Other Big Stocks Moving Higher On Friday

Shares of Cantor Equity Partners Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) have surged 203% to $32.71 since Monday&#8217;s open. The stock has skyrocketed this week amid <a href="https://www.benzinga.com/trading-ideas/movers/25/04/44996542/cantor-equity-partners-shares-nearly-double-whats-going-on">announcing a merger</a> with newly formed Bitcoin-focused firm Twenty One. 
What To Know: Valued at $3.6 billion, the <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44975441/cantor-fitzgerald-backed-twenty-one-launches-strategy-rival-at-3-billion-valuation">combined entity</a> will become the third-largest public holder of Bitcoin, trailing only MicroStrategy and Tether. 
Backed by Tether, SoftBank and Jack Mallers—who will serve as CEO—Twenty One will hold 42,000 Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and plans further accumulation. 
It also raised $585 million to support Bitcoin purchases and operations. The company will focus on Bitcoin-native financial tools, media, and capital markets products, emphasizing metrics like "Bitcoin Per Share." 
Post-merger, shares will trade under the ticker &#8220;XXI&#8221; on Nasdaq. The deal meanwhile awaits shareholder approval.
Read Also: <a href="https://www.benzinga.com/25/04/44988897/china-trade-war-4-big-brand-stocks-that-will-suffer-most">China Trade War: 4 Big-Brand Stocks That Will Suffer Most</a>
<h2 class="wp-block-heading">How To Buy CEP Stock</h2>
By now you're likely curious about how to participate in the market for Cantor Equity Partners &#8211; be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of <a href="https://www.benzinga.com/money/best-stock-trading-platforms">possible trading platforms here.</a> Many will allow you to buy &#8220;fractional shares,&#8221; which allows you to own portions of stock without buying an entire share.
In the case of Cantor Equity Partners, which is trading at $24.8 as of publishing time, $100 would buy you 4.03 shares of stock.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to &#8220;go short&#8221; a share of stock by lending you the shares to sell. The process of shorting a <a href="https://www.benzinga.com/money/how-to-short-a-stock">stock can be found at this resource.</a> Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading &#8211; either way it allows you to profit off of the share price decline.
According to data from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>, CEP has a 52-week high of $39.29 and a 52-week low of $9.99.

Cantor Equity Partners (CEP) Stock Is Up 200% This Week: What's Happening?

Shares of Coursera, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COUR#NYSE">COUR</a>) rose sharply in today's pre-market trading after the company reported <a href="https://www.benzinga.com/quote/cour">better-than-expected first-quarter financial results.</a>
Coursera reported quarterly earnings of 12 cents per share which beat the analyst consensus estimate of 8 cents per share. The company reported quarterly sales of $179.30 million which beat the analyst consensus estimate of $175.40 million.
Coursera shares jumped 7.5% to $8.28 in pre-market trading
Here are some other stocks moving in pre-market trading.
<h3 class="wp-block-heading">Gainers</h3>
<ul>
<li>AGM Group Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGMH#NASDAQ">AGMH</a>) rose 72.9% to $0.0699 in pre-market trading after dipping around 33% on Thursday.</li>
<li>The OLB Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OLB#NASDAQ">OLB</a>) surged 33.4% to $1.91 in pre-market trading after gaining 14% on Thursday.</li>
<li>Odyssey Marine Exploration, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OMEX#NASDAQ">OMEX</a>) gained 32.5% to $1.13 in pre-market. Odyssey Marine Exploration shares jumped around 100% on Thursday following a Reuters report indicating President Trump is expected to sign an executive order to advance the deep sea mining industry.</li>
<li>SES AI Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SES#NYSE">SES</a>) surged 27.7% to $1.11 in pre-market trading after the company posted a narrower-than-expected quarterly loss.</li>
<li>Azitra, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZTR#NYSE">AZTR</a>) gained 25.4% to $0.3838 in pre-market trading after the company announced it entered $20 million share purchase agreement with Alumni Capital.</li>
<li>Westrock Coffee Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WEST#NASDAQ">WEST</a>) gained 18.4% to $6.79 in pre-market trading.</li>
<li>Cantor Equity Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) jumped 18.2% to $29.32 in pre-market trading. Cantor Equity Partners shares surged 50% on Thursday after entering into a business combination agreement with Twenty One Capital.</li>
<li>Jayud Global Logistics Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JYD#NASDAQ">JYD</a>) rose 17.3% to $0.2640 in pre-market trading after falling over 15% on Thursday.</li>
<li>Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) gained 5.5% to $168.07 in pre-market trading after the reported better-than-expected first-quarter financial results after the closing bell on Thursday. Alphabet announced a 5% increase to the dividend with the quarterly payout going to 21 cents per share. The company also announced the Board of Directions authorized a $70 billion share repurchase plan on April 23.</li>
</ul>
<h3 class="wp-block-heading">Losers</h3>
<ul>
<li>Wag! Group Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PET#NASDAQ">PET</a>) shares fell 25.2% to $0.1137 in pre-market trading after jumping around 38% on Thursday.</li>
<li>Precipio, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRPO#NASDAQ">PRPO</a>) declined 22.6% to $5.20 in pre-market trading after falling more than 12% on Thursday.</li>
<li>BriaCell Therapeutics Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BCTX#NASDAQ">BCTX</a>) shares dipped 17.9% to $4.95 in pre-market trading after the company announced the pricing of $13.8 million public offering.</li>
<li>Jiuzi Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JZXN#NASDAQ">JZXN</a>) shares tumbled 17.3% to $1.95 in pre-market trading after dipping 68% on Thursday.</li>
<li>Pop Culture Group Co., Ltd (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPOP#NASDAQ">CPOP</a>) fell 13.6% to $0.5699 in pre-market trading after gaining 14% on Thursday.</li>
<li>Soho House &amp; Co Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHCO#NYSE">SHCO</a>) fell 12.4% to $5.01 in pre-market trading after gaining 5% on Thursday.</li>
<li>Tvardi Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TVRD#NASDAQ">TVRD</a>) shares fell 9.5% to $16.11 in pre-market trading.</li>
<li>Skechers U.S.A., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKX#NYSE">SKX</a>) dipped 7.2% to $46.82 in pre-market trading following a first-quarter revenue miss.</li>
<li>Intel Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) fell 5.7% to $20.27 in pre-market trading. Intel reported upbeat first-quarter financial results, but issued weak outlook for the second quarter. Intel said it expects second-quarter revenue to be in the range of $11.2 billion to $12.4 billion versus estimates of $12.84 billion. The company anticipates a second-quarter earnings loss of 32 cents per share versus estimates for a loss of 16 cents per share.</li>
<li>Gilead Sciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GILD#NASDAQ">GILD</a>) fell 3.8% to $102.14 in today's pre-market trading after the company posted mixed first-quarter results. Gilead Sciences also lowered its fiscal 2025 earnings guidance from a range of $5.95 to $6.35 per share to a range of $5.65 to $6.05 per share, versus the $6.21 estimate.</li>
</ul>
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Photo via Shutterstock

AGMH

AZTR

BCTX

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GILD

GOOGL

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SHCO

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Cantor Equity Partners Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) were trading higher Thursday following news that the company will merge with a newly formed Bitcoin-focused entity called <a href="https://www.benzinga.com/markets/cryptocurrency/25/04/44975441/cantor-fitzgerald-backed-twenty-one-launches-strategy-rival-at-3-billion-valuation">Twenty One. </a>
What To Know: The deal, announced on April 24, 2025, values the new venture at $3.6 billion and positions it as the third-largest public holder of Bitcoin globally, after MicroStrategy and Tether.
The transaction is backed by major crypto and tech players including Tether, SoftBank Group and Jack Mallers, who will serve as CEO of Twenty One. Tether and Bitfinex will retain majority ownership, while SoftBank will hold a substantial minority stake. The merged entity will control approximately 42,000 Bitcoin and intends to increase its holdings further.
In addition to the merger, Twenty One has raised $585 million in fresh capital — $385 million via convertible senior secured notes and $200 million in equity. The funds will primarily be used to purchase additional Bitcoin and support general operations. Tether has committed to acquiring the Bitcoin before the deal officially closes.
Twenty One will focus on Bitcoin-native financial tools, such as lending platforms and performance metrics like &#8220;Bitcoin Per Share&#8221; and &#8220;Bitcoin Return Rate.&#8221; The company also plans to build Bitcoin-centric media content and capital markets products. It aims to be a pure-play public vehicle for Bitcoin accumulation and adoption, diverging from traditional financial reporting standards by emphasizing Bitcoin ownership per share over fiat earnings.
Following the merger, shares will trade under the ticker "XXI" on Nasdaq. Until then, Cantor Equity Partners will continue trading as "CEP." The transaction is still subject to shareholder approval and customary closing conditions.
CEP Price Action: Cantor Equity Partner shares closed Thursday up 50.30% at $24.80, according to <a href="https://pro.benzinga.com/dashboard?new_user=False&amp;backend=google-oauth2">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="https://pro.benzinga.com/dashboard?new_user=False&amp;backend=google-oauth2"><img loading="lazy" decoding="async" width="1024" height="555" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24145421/Screenshot-2025-04-24-at-14.54.04-1024x555.png" alt="" class="wp-image-887411" style="width:444px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24145421/Screenshot-2025-04-24-at-14.54.04-1024x555.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24145421/Screenshot-2025-04-24-at-14.54.04-300x163.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24145421/Screenshot-2025-04-24-at-14.54.04-768x416.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/04/24145421/Screenshot-2025-04-24-at-14.54.04.png 1510w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
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Photo: Shutterstock.

Cantor Equity Partners Shares Nearly Double: What's Going On?

Cantor Equity Partners shares are trading higher after entering into a business combination agreement with Twenty One Capital.

U.S. stocks traded higher this morning, with the Dow Jones index gaining more than 200 points on Thursday.
Following the market opening Thursday, the Dow traded up 0.57% to 39,832.66 while the NASDAQ gained 1.58% to 16,974.28. The S&amp;P 500 also rose, gaining, 1.14% to 5,437.24.
Check This Out: <a href="https://www.benzinga.com/25/04/44947241/wall-streets-most-accurate-analysts-give-their-take-on-3-tech-stocks-with-over-4-dividend-yields">Wall Street&#8217;s Most Accurate Analysts Give Their Take On 3 Tech Stocks With Over 4% Dividend Yields</a>
Leading and Lagging Sectors Information technology shares jumped by 2.2% on Thursday.
In trading on Thursday, consumer staples fell by 1.1%.
Top Headline
PepsiCo, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) reported mixed first-quarter results and issued FY25 EPS guidance below estimates.
The food and beverage giant clocked a first-quarter FY25 sales decline of 1.8% year-on-year to $17.92 billion, beating the analyst consensus estimate of $17.77 billion. Adjusted EPS of $1.48 missed the consensus estimate of $1.49.
PepsiCo cut its adjusted EPS outlook to $7.92, much lower than the estimate of $8.27 and a low-single-digit increase in organic revenue. PepsiCo sees a core annual effective tax rate of approximately 20%.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Cantor Equity Partners, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEP#NASDAQ">CEP</a>) shares shot up 86% to $30.74.</li>
<li>Shares of Xcel Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XELB#NASDAQ">XELB</a>)got a boost, surging 49% to $3.39.</li>
<li>CERo Therapeutics Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CERO#NASDAQ">CERO</a>) shares were also up, gaining 41% to $1.1303 after the company announced the key clinical trial site location for its Phase 1 CER-1236 trial.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Greenlane Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GNLN#NASDAQ">GNLN</a>) shares dropped 93% to $0.0169.</li>
<li>Shares of NuCana plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCNA#NASDAQ">NCNA</a>) were down 28% to $0.6229.</li>
<li>Jiuzi Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JZXN#NASDAQ">JZXN</a>) was down, falling 29% to $5.24.</li>
</ul>
Commodities In commodity news, oil traded up 0.5% to $62.55 while gold traded up 1.4% at $3,340.00.
Silver traded down 0.6% to $33.34 on Thursday, while copper fell 0.1% to $4.8425.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 gained 0.2%, Germany's DAX 40 gained 0.2% and France's CAC 40 gained 0.1%. Spain's IBEX 35 Index fell 0.5%, while London's FTSE 100 fell 0.1%.
Asia Pacific Markets
Asian markets closed mixed on Thursday, with Japan's Nikkei 225 surging 0.49%, China's Shanghai Composite gaining 0.03%, Hong Kong's Hang Seng Index falling 0.74% and India's BSE Sensex falling 0.39%.
Economics
<ul>
<li>U.S. natural-gas stocks increased 88 billion cubic feet during the week ending April 18, compared to market estimates of 65 bcf gain.</li>
<li>U.S. existing home sales fell by 5.6% from the previous month to an annualized rate of 4.02 million units in March.</li>
<li>The Chicago Fed National Activity Index declined to -0.03 in March compared to a reading of +0.24 in February.</li>
<li>U.S. initial jobless claims climbed by 6,000 from the previous week to 222,000 during the third week of April.</li>
<li>U.S. durable goods orders gained by 9.2% month-over-month to $315.7 billion in March.</li>
</ul>
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Photo via Shutterstock

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Dow Jumps Over 200 Points; PepsiCo Cuts Earnings Outlook

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Cantor Equity Partners, Inc. Announces Pricing of $100 Million Initial Public Offering

Cantor Equity Partners, Inc. Announces Closing of $100 Million Initial Public Offering

Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners

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