In brief
- Trump Media announced on Monday that it had purchased $2 billion in Bitcoin.
- The publicly traded firm unveiled its Bitcoin acquisition strategy in May.
- Shares of Trump Media are up roughly 6% following the announcement.
Trump Media & Technology Group has purchased $2 billion in Bitcoin and BTC-related securities for its corporate treasury, the company said Monday in a statement.
The publicly traded firm's BTC holdings now account for the majority of its $3 billion in liquid assets, a company representative said Monday. Trump Media plans to use its Bitcoin to “generate revenues and potentially to acquire additional crypto assets,” according to the statement.
“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,” Trump Media CEO and President Devin Nunes said Monday in the statement.
Trump Media did not immediately reply to Decrypt's request for comment on which additional cryptocurrencies it might seek to acquire.
Trump Media first announced its plans to buy more than $2 billion in Bitcoin in May.
Bitcoin was recently trading at $118,908, up 0.3% in the past 24 hours, according to data provider CoinGecko.
The Truth Social-owner also plans to allocate an additional roughly $300 million to acquiring options for Bitcoin-related securities, as per its latest statement.
Trump Media's investment in Bitcoin is the latest sign of the First Family's growing involvement in cryptocurrencies, which have flourished during U.S. President Donald Trump's second administration.
President Trump's sons Eric and Donald Jr. threw their support behind the crypto venture World Liberty Financial late last year. Eric Trump also recently co-founded a mining firm, American Bitcoin, which has acquired more than $20 million BTC since its debut in April.
Meanwhile, President Trump debuted a memecoin called Official Trump in January, later holding a dinner for top token holders that raised conflict-of-interest concerns and stoked public outrage. The president also rolled out an official NFT collection in 2022, conducting several subsequent drops over the past few years.
The First Family has ramped up their cryptocurrency-related businesses as the Trump administration has ratcheted back regulations on digital assets. President Trump signed a regulatory framework for stablecoins into law on Friday, marking the first time crypto-related regulations have been enshrined into U.S. law. A broader crypto market structure bill is also expected to become law as soon as later this year.
Over the past few months, the administration has also appointed pro-crypto regulator Paul Atkins as Chairman at the Securities and Exchange Commission, in addition to filling out both the SEC and Commodities Futures Trading Commission's ranks with digital asset-friendly employees.
Trump Media has struggled to find its financial footing since its inception in 2021. The firm reported $400 million net losses in 2024, according to an SEC disclosure.
Trump Media shares were trading at $19.78 at the time of publication, up 6% over the past 24 hours but down 43% in the past year.