Trump Media and Technology Group Corp. has confirmed that its Bitcoin treasury is now worth $2 billion, making up a significant portion of its liquid assets. Amid the announcement, DJT rallied by over 6% while the top cryptocurrency has recorded an uptick amid new institutional interest.
Trump Media Racks Up $2 Billion In Bitcoin And BTC Securities
According to a press release, the Trump Media and Technology Group announced that it has accumulated almost $2 billion in Bitcoin and related securities as part of its treasury plans. These holdings comprise two-thirds of the company’s nearly $3 billion in liquid assets.
Meanwhile, the company also announced that it has earmarked $300 million toward an “options acquisition strategy for bitcoin-related strategies.” Per the report, market conditions will determine if the options will be converted into spot Bitcoin. It plans to use these assets to generate revenues and potentially acquire more crypto assets.
In June, an S-3 filing revealed that Trump Media is raising capital for probable Bitcoin purchases. Multiple reports in May revealed that the company had plans to raise as much as $3 billion for Bitcoin purchases.
“We’re rigorously implementing our publicly announced strategy and fulflling our bitcoin treasury plan. These assets help ensure our Company’s financial freedom, help protect us against discrimination by financial institutions, and will create synergies with the utility token we’re planning to introduce across the Truth Social ecosphere.” said Trump Media CEO Devin Nunes.
Amid the disclosure, DJT stock soared by over 6% to trade at $19.69 at market opening, according to TradingView data. In the last 30 days, DJT has recorded a 10% gain amid Trump Media’s pivot to accumulate the largest cryptocurrency.
Donald Trump Is Frontrunning Americans
In an X post, Bitcoin maximalist Max Keiser stated that before buying any for the reserve fund, Donald Trump is frontrunning Americans and buying for himself. His comment comes amid the White House crypto policy report, which is expected to be released tomorrow.
The report will give an update on the U.S. plans to establish a Strategic Bitcoin Reserve, following Trump’s executive order earlier in the year. The U.S. potentially buying BTC is bullish for the crypto asset, which explains why the president and Trump Media may be trying to frontrun this move, as Keiser suggested.
The company joins a host of other companies that may be looking to frontrun the creation of the Strategic Bitcoin Reserve. Prior to Trump Media’s disclosure, Strategy announced a Bitcoin purchase valued at $739 million, bringing its holdings to 607,770 BTC. Last week, Bitcoin treasury companies added $800 million worth of Bitcoin, and investors are bracing for another high-octane week of aggressive accumulation.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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Source: https://coingape.com/trump-medias-bitcoin-treasury-reaches-2-billion-djt-stock-spikes-6/