Trump Media and Technology Group has purchased $2 billion in Bitcoin and BTC-related securities for the Corporate Treasury Department. I said Monday in a statement.
According to a company’s representative, the publicly available company’s BTC holdings account for the majority of its $3 billion in liquid assets. Trump Media is planning to use Bitcoin to “potentially generate revenue and acquire additional crypto assets,” according to the statement.
“These assets will ensure our financial freedom, protect us from discrimination by financial institutions, and create a synergistic effect with utility tokens that we plan to introduce across the true social environment,” Trump Media CEO and President Devin Nunes said in a statement.
Trump Media did not respond immediately Decrypt’s Request for comments on which additional cryptocurrencies you are trying to get.
Trump Media was the first to announce plans to buy more than $2 billion in Bitcoin in May.
Bitcoin was recently trading at $118,908, an increase of 0.3% over the past 24 hours. data Provider Coingecko.
True Social Owners are also planning to allocate an additional $300 million to acquire options for Bitcoin-related securities in accordance with the latest statement.
Trump Media’s investment in Bitcoin is the latest indication that the first family is involved in cryptocurrency that flourished in President Donald Trump’s second administration.
President Trump’s sons Eric and Donald Jr. threw support behind Crypto Venture World Liberty Financial late last year. Eric Trump recently co-founded American Bitcoin, a mining company that has acquired over $20 million in BTC since its April debut.
Meanwhile, President Trump debuted Mimecoin, known as the official Trump, in January, and later held a dinner for top token holders who sparked conflict of interest concerns and public outrage. The president rolled out his official NFT collection in 2022, with several declines in the past few years.
The first family bolstered cryptocurrency businesses as the Trump administration formulated regulations on digital assets. President Trump signed a regulatory framework that enforces the law on Friday, marking the first time that crypto-related regulations were engraved in US law. The broader crypto market structure bill is also expected to become law later this year.
Over the past few months, the administration has appointed Crypto regulator Paul Atkins as chairman of the Securities and Exchange Commission, in addition to listing the ranks of digitally-as-friendly employees of the SEC and Commodity Futures Trading Commission.
According to SEC disclosures, Trump Media has reported that since its inception in 2021 and since its establishment in 2021, the company reported a net loss of $400 million in 2024.
Trump Media stocks traded at $19.78 at the time of publication, up 6% in the last 24 hours, but fell 43% over the past year.
