The post Trump Media’s Bitcoin Treasury Hits $2 Billion, Plans More Buys as DJT Jumps 6.5% appeared first on Coinpedia Fintech News
Trump Media and Technology Group Corp, the company behind Truth Social, Truth+, and Truth.Fi, has announced that it has invested about $2 billion in Bitcoin and related securities. At current prices, it is roughly 17,000 BTC.
Trump Media Eyes More Crypto Buys Ahead
This move is part of their ongoing Bitcoin treasury strategy and now makes up roughly two-thirds of their $3 billion in liquid assets. In addition to this, Trump Media has also put aside around $300 million to buy bitcoin options. The company plans to keep buying more bitcoin and related assets, and may convert these options into actual bitcoin depending on market conditions. These assets will help generate revenue and could be used to buy even more crypto in the future.
Trump Media’s CEO and President Devin Nunes said, “We’re rigorously implementing our publicly announced strategy and fulfilling our bitcoin treasury plan.” He added that holding these assets can help protect against unfair treatment by banks and will also support the new utility token they’re planning to launch on Truth Social.
DJT shares jumped 6.5% after the news.
Previously in May, Trump Media had announced a $2.5 billion private funding round involving about 50 institutional investors. The deal included $1.5 billion in common stock and $1 billion in convertible notes, priced at a 35% premium.
It planned to use the funds to build a corporate Bitcoin treasury, which places it in the same league as others like MicroStrategy, that are holding Bitcoin as a key reserve asset.