On 21/7, Trump Media and Technology Group announced it had amassed approximately USD 2 billion in Bitcoin and Bitcoin-related securities. The media company currently operates the social media platform Truth Social, the streaming platform Truth+, and the fintech brand Truth.Fi.
The newly disclosed assets represent two-thirds of Trump Media's USD 3 billion in liquid assets. The company has also allocated an additional USD 300 million to options on Bitcoin-related securities.
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Former US President Donald Trump holds a significant stake in Trump Media. Photo: Reuters |
Former US President Donald Trump holds a significant stake in Trump Media. Photo: Reuters
Trump Media plans to continue purchasing Bitcoin and related assets, and convert the options into Bitcoin, depending on market conditions. These assets will be used to boost the company's revenue and acquire additional cryptocurrency.
Trump Media Chairman and CEO Devin Nunes stated, "We are seriously pursuing our announced strategy and finalizing our Bitcoin reserve plan. These assets help ensure the company's financial freedom, protecting us from discrimination by financial institutions." He believes these digital assets will also create synergy with the token they plan to introduce within the Truth Social ecosystem.
Following this news, Trump Media's stock surged over 6% on the Nasdaq. However, the stock is still down over 40% year-to-date.
Former US President Donald Trump holds a significant stake in Trump Media. In December 2024, he announced the transfer of his controlling interest in Trump Media to a trust managed by his son, Donald Trump Jr., to avoid conflicts of interest.
In late January, Trump Media & Technology Group announced plans to expand into financial services, including purchasing Bitcoin and other cryptocurrencies. They intend to launch Truth.Fi, along with investment tools focused on growth, manufacturing, and the US energy sector. Trump Media also stated that its board of directors had approved a plan to diversify investments into ETFs, Bitcoin, cryptocurrency in general, and cryptocurrency-related securities.
"We created a free speech social media platform (Truth Social), then a high-speed television service, and now we are entering the decentralized investment and financial product space," Devin Nunes, CEO of Trump Media, said at the time. They are partnering with the US financial services firm Charles Schwab to develop asset management funds.
Ha Thu (via Trump Media, Reuters)
