Shares of Mullen Automotive Inc (NASDAQ:MULN) are volatile Wednesday after the electric vehicle maker announced it will now accept cryptocurrency, including Bitcoin and the meme coin TRUMP, for vehicle purchases.
What To Know: By accepting Bitcoin, the company opens a new payment channel for a potentially global customer base. The inclusion of the politically themed TRUMP Coin is particularly noteworthy.
This move taps into a highly engaged and specific crypto community, generating substantial social media buzz and could attract investors who are drawn to the novelty and cultural relevance of meme coins.
This can potentially be viewed as a savvy marketing tactic to expand brand visibility and appeal to a broader, non-traditional audience of potential vehicle buyers and stock traders.
Read Also: What’s Going On With Mullen Automotive Stock?
“The increasing acceptance of cryptocurrency as a form of payment expands Mullen’s ability to deliver its product to a broader audience,” said CEO David Michery. The policy applies to its entire commercial lineup, including Mullen and Bollinger electric vehicles.
Price Action: According to data from Benzinga Pro, Mullen shares are trading higher by 10.9% to $0.89 Tuesday morning. Trading volume surged to more than 6.8 million shares Tuesday morning, easily outpacing its 100-day average volume of 2.08 million. The stock has a 52-week high of $161,399,730.00 and a 52-week low of $1.00.
How To Buy MULN Stock
By now you're likely curious about how to participate in the market for Mullen Automotive – 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 possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
In the case of Mullen Automotive, which is trading at $1.01 as of publishing time, $100 would buy you 99.01 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 “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. 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 – either way it allows you to profit off of the share price decline.
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