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.
