Trump Media and Technology Group has announced plans to buy back its own shares worth up to $400 million, leaving the $2.3 billion allocated to build a substantial Bitcoin (BTC) reserve.
The board approved the buyback plan as a show of confidence in the company’s stock and future growth strategy, according to a June 23rd statement.
Devin Nunes, CEO and Chairman of TMTG, said:
“With nearly $3 billion available on the balance sheet, we are in a position to deliver value to our shareholders while pursuing strategic moves like Bitcoin financial plans.”
The repurchase program will be carried out in the open market at the company’s discretion.
Shares in Trump Media, trading under the Ticker DJT, fell 0.1% to $17.81 during the trading session on June 23. The stock price has fallen almost 48% since it hit its annual high in January as the company was pushed deep into its digital assets.
Digital assets push
In May, Trump Media announced that it had set aside about $2.3 billion in particular to buy Bitcoin.
The company also submitted a filing of two true social brand crypto ETFs. One invests in Bitcoin only, while the other is split into Bitcoin and Ethereum (ETH).
President Donald Trump’s growing crypto venture is gaining attention in Washington, with lawmakers questioning the potential risks associated with campaign funding and conflicts of interest.
Last week, financial disclosures showed that the president made more than $57 million from his blockchain venture, World Liberty Financial.
Rumors about the true social code wallet and token remain unresolved after the company rejected its short-term plan earlier this year. Meanwhile, Bitcoin hovered on Monday at nearly $101,779.