President Donald Trump

With shares of Trump SPAC Digital World Acquisition Corp. soaring, a slew of hedge funds that previously reported owning shares in the company stand to win big — and at least one has already cashed in.

DWAC is a special purpose acquisition company, or SPAC, otherwise known as a blank-check firm, that went public last month to raise money for an acquisition of a private company, which will then take the SPAC’s place on the public markets.

On Wednesday evening, DWAC announced it plans to merge with former President Donald Trump’s new social media company, Trump Media & Technology Group, sparking a retail trading-driven frenzy that’s sent the stock as much as 1,100 percent higher since then.

And while amateur traders appear to be driving the stock up, a slew of institutional Wall Street firms stand to win