{"id":108316,"date":"2021-10-22T12:49:00","date_gmt":"2021-10-22T16:49:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=108316"},"modified":"2023-02-10T13:32:23","modified_gmt":"2023-02-10T18:32:23","slug":"when-maga-meets-memes","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/when-maga-meets-memes\/","title":{"rendered":"When MAGA Meets Memes"},"content":{"rendered":"\n<p>Why is this week different from most other weeks?&nbsp; In most weeks, I don\u2019t add any new symbols to my meme stock list; in this week I\u2019ve added two.&nbsp; One of them is BITO, the ProShares Bitcoin Strategy ETF.&nbsp; The second, DWAC, Digital World Acquisition Corp, burst onto the scene yesterday when the SPAC announced a deal with Trump Media.&nbsp; Both have already taken traders for wild rides.<\/p>\n\n\n\n<p>The former, BITO meets the meme criterion by being an innovator in the cryptocurrency space.&nbsp; There has been no shortage of anticipation for a US-listed bitcoin-related ETF.&nbsp; While BITO is not exactly the type of ETF that investors seem to want most, one that directly holds bitcoin, it was still able to attract $1 billion in just a few days.&nbsp; That is a staggeringly successful launch for a product that is likely to underperform its benchmark.&nbsp; (We discussed this ETF at length earlier this week, with particular attention paid to the <a href=\"\/campus\/traders-insight\/securities\/crypto\/this-is-how-we-roll\/\">costs that are likely to accrue from continually rolling the futures contracts<\/a> that the ETF is required to hold.) &nbsp;<\/p>\n\n\n\n<p>The ETF\u2019s launch was almost certainly a key factor in the nearly 50% spike in the price of bitcoin over the past month, pushing the cryptocurrency to a new all-time high after BITO came to market.&nbsp; Under normal circumstances we might have expected the price of bitcoin to dip shortly after BITO began trading on a \u201cbuy the rumor, sell the news\u201d reaction.&nbsp; Instead, BITO was so successful that bitcoin continued to rally on high demand before finally seeing some modest profit-taking over the past few days.&nbsp; This meant that the price of bitcoin was not positively influenced by today\u2019s listing of a second bitcoin futures ETF, the Valkyrie Bitcoin Strategy ETF (BTF).&nbsp; At the time I write this, the volume of BTF is similar to that of BITO, but the hype factor seems much lighter.<\/p>\n\n\n\n<p>The other new meme stock, DWAC, caught much of the investing world by surprise.&nbsp; This was a SPAC that began trading on September 30<sup>th<\/sup> with little fanfare.&nbsp; It spent the first few weeks of its existence around its $10 listing price, which is typical for an unheralded SPAC launch.&nbsp; That ended with a bang yesterday, when DWAC announced an agreement to merge with Trump Media, a newly formed venture created by the former President.&nbsp; DWAC initially traded about 20-25% higher, which is also more or less typical with the type of boost that a SPAC receives after announcing a deal.&nbsp; The stock drifted higher throughout the morning \u2013 doubling by 11:00 EDT &#8212; before going parabolic in the afternoon to close over 400% higher on the day at $45.50.&nbsp; This morning, we saw DWAC nearly triple on the open, and touch a high of $175, before trading at levels roughly double yesterday\u2019s.&nbsp; That\u2019s about 9x Wednesday\u2019s close!<\/p>\n\n\n\n<p>It is important to remember what differentiates a meme from a normal stock.&nbsp; While there is no fixed definition of a meme stock, they tend to be characterized by well-known brands that inspire fervent enthusiasm among the stock\u2019s boosters.&nbsp; Whatever you might think of the former President and his brand<sup>[i]<\/sup>, it is extraordinarily well-known and clearly has a large group of committed followers.&nbsp; Consider the enthusiasm that President Trump inspires among his faithful and compare that to GameStop (GME) and AMC Entertainment (AMC).&nbsp; Like it or not, that makes for an incredibly powerful meme.&nbsp; And as with most other meme stocks, fundamental valuations matter little.&nbsp; That is important for investors in a company that is in the planning stage and has no fundamentals yet.&nbsp;<\/p>\n\n\n\n<p>It would not be unreasonable to believe that controversy will surround DWAC as we learn more about Trump Media and its intentions.&nbsp; Controversy brings volatility, which we have already seen to great effect over the past two days alone.&nbsp;&nbsp;While it might be difficult for investors to be dispassionate about BITO and the bitcoin that ultimately underlies it, DWAC brings passions to a different level.&nbsp; If you do choose to trade or invest in either of these shares, please try to leave your biases and passions aside.&nbsp; Trading without objectivity can be very expensive.&nbsp;<br><\/p>\n\n\n\n<p>[i] Let us be very clear \u2013 this article is assiduously attempting to avoid expressing a political viewpoint.&nbsp; Please don\u2019t attribute one.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The meme stock list has grown this week with the additions of BITO (ProShares Bitcoin Strategy ETF) and DWAC (Digital World Acquisition 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