The firm that runs President Donald Trump’s Truth Social platform, Trump Media & Technology Group, said on Tuesday that it would purchase roughly $2.5 billion worth of cryptocurrency to establish a “bitcoin treasury.” “The company intends to raise the funds by selling 50 investors $1 billion in convertible debt and $1.5 billion in common stock,” the press statement said.
Prior to a press announcement from Trump Media, the Financial Times quoted the amount as $3 billion. The news follows President Donald Trump hosting a dinner for some of the biggest investors in his cryptocurrency, $TRUMP, which has been nicknamed a “memecoin” due to its lack of useful applications beyond speculation. According to multiple sources and disgruntled guests, Trump attended the meal for a mere twenty minutes.
According to a news release, Trump Media will actually retain the bitcoin in the custody of Crypto.com and Anchorage Digital. In February, Trump Media established a financial firm called Truth.Fi and would provide an exchange-traded fund (ETF) as a substitute for so-called “woke” investing.
In a statement full of the kind of jargon and right-wing complaints that the cryptocurrency business is known for, Trump Media CEO Devin Nunes stated, “We see Bitcoin as the pinnacle of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets.”
In addition to creating synergies for subscription payments, a utility token, and other planned transactions across Truth Social and Truth+, this investment—our first acquisition of a crown jewel asset—will help protect our company against financial institution harassment and discrimination, which affect many Americans and U.S. firms, Nunes added.
The business has launched a new video streaming channel called Truth+ that features far-right, low-rent content. But now that Trump is once again in the lead, switching to cryptocurrency makes a lot of sense. Nunes came to the conclusion that it’s a significant step forward in the firm’s goal to become a holding company by acquiring more profitable, crown jewel assets in line with America First ideals.
Many people believe that Trump’s cryptocurrency ventures are the most dishonest deeds of any current American president. Every time the president’s coin is bought or sold, he receives transaction fees, and the cryptocurrency has increased his family’s wealth by billions.
Justin Sun, a crypto billionaire who was 34 years old and the subject of an SEC investigation prior to Trump’s inauguration in January, attended Trump’s crypto dinner last week. According to reports, Sun, who was born in China and now resides in Hong Kong, was anxious to visit the United States during President Joe Biden’s administration for fear of being detained on SEC charges that he had manipulated the market for his cryptocurrency, TRON.
Although a guest list for the meal was never made public, the New York Times was able to identify other participants, including former NBA player Lamar Odom and OAN media personality Caitlin Sinclair, in addition to a number of other crypto industry figures.
Trump was initially dubious about cryptocurrencies, but he made a complete 180-degree turn during the 2024 presidential campaign and welcomed the world of counterfeit money. President Trump’s family members are scheduled to appear at a crypto conference in Las Vegas this week, along with members of the Trump administration. Don Jr. and Eric Trump, the president’s sons, are expected to attend along with Vice President JD Vance and “crypto czar” David Sacks.
After hearing about Trump Media’s ambitions, the price of bitcoin remained relatively stable, hovering about $109,287. Following a little decline last week, the price of Bitcoin is currently circling its all-time high. $TRUMP, Trump’s cryptocurrency, increased by around 1% to $12.77 on Tuesday. Trump’s currency has experienced a significant decline since hitting a record high of roughly $75 on January 19, the day before Trump was sworn in for a second time.
