Trump Media buys $2 billion in Bitcoin for treasury strategy
Trump Media & Technology Group (TMTG), traded under the ticker DJT on Nasdaq, announced on July 21 that it had added $2 billion worth of Bitcoin (BTC) to its corporate treasury.
The move comes shortly after the U.S. House of Representatives passed several crypto-related bills aimed at regulating market structure, the stablecoin industry, and preventing the issuance of central bank digital currencies (CBDCs).
The Bitcoin acquisition aligns with TMTG’s previously announced strategic plan to utilize BTC in its treasury, as the company aims to diversify its revenue streams. TMTG operates the Truth Social social media app, the Truth+ streaming platform, and the Truth.Fi fintech brand.
Currently, Bitcoin holdings make up two-thirds of TMTG’s total liquid assets, valued at around $3 billion. An additional $300 million has been set aside to pursue a roadmap of acquiring Bitcoin-related securities through options.
“These assets provide our company with financial freedom and protection from discrimination by financial institutions,” said Devin Nunes, CEO and President of Trump Media.
Company will continue buying BTC
Nunes also stated that TMTG plans to continue executing its Bitcoin strategy and develop a utility token for use within the Truth Social ecosystem.
Following the announcement, TMTG stock jumped 8% to $20.38. At the time of writing, shares were trading at $19.46.
30 minute chart of TMTG stock. Source: TradingView
Given that Donald Trump is the largest shareholder of TMTG, the company is likely to continue its involvement with cryptocurrency in the future.
As we wrote, Trump Media posts $401 million loss as revenue declines
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