Trump Media hits $2 billion in bitcoin holdings, stock soars
Just one week after bitcoin recorded a new all-time high, the parent company of Truth Social, Trump Media & Technology Group, announced increasing its bitcoin and related securities by $2 billion as part of its crypto treasury strategy.
The acquisition represents two-thirds of the firm’s $3 billion in liquid assets, according to a Monday press release, which also stated that roughly $300 million of additional capital has been allocated “to an options acquisition strategy for bitcoin-related securities.”
“We’re rigorously implementing our publicly announced strategy and fulfilling our bitcoin treasury plan,” Devin Nunes, Trump Media’s CEO and president, said in a statement.
The announcement comes more than two weeks after the company filed with the US Securities and Exchange Commission for a third ETF that will hold multiple cryptocurrencies, including bitcoin.
The price of bitcoin has remained unchanged in the last 24 hours, trading above the $118,000 level. The orange coin, which peaked around $122,800 on July 14, makes up the majority of the entire crypto industry’s $4 trillion market capitalization.
