Key Notes
- Trump Media holds $2B in Bitcoin, ~66% of its $3B liquid assets.
- Its stock up 8.19%, hitting $20.22, a one-month high.
- The company plans Bitcoin ETF with BTC, ETH, SOL, CRO, and XRP.
Trump Media and Technology Group announced on July 21 that its Bitcoin and Bitcoin-related assets accumulation now totals $2 billion and represents around two-thirds of its total liquid assets of approximately $3 billion.
The firm’s stock reached $20.22 per share, an 8.19% jump over the previous day’s close, after the news was announced in a press release. This activity marked a one-month high and recovery from a summer low of $17.40 in late June.
According to the press release, Trump Media will “continue acquiring bitcoin and bitcoin-related assets” with plans to convert its options into spot bitcoin, “depending on market conditions.” Company CEO and President Devin Nunes said the firm was “rigorously implementing” its publicly announced strategy to fulfill its Bitcoin treasury plan. He added that the assets purchased will help “create synergies” with the firm’s planned utility token.
A Cryptocurrency Forward Strategy
Trump Media’s recent Bitcoin and Bitcoin-related acquisitions come fresh on the heels of President Donald Trump’s signing the GENIUS Act into law. The GENIUS Act, or the Guiding and Establishing National Innovation for U.S. Stablecoins Act, is the first major cryptocurrency legislation enacted in the US and sets out regulatory instructions for the operation of stablecoins.
In the wake of the legislation, institutional investors have scurried to shore up their cryptocurrency holdings with heavyweights such as Michael Saylor’s MicroStrategy purchasing 6,220 Bitcoin for $739.8 million at a price point of $118,940 and Sequans Communications acquiring 1,264 Bitcoin for $150 million at an average price of $118,659.
Related topic: Coinspeaker’s guide to the best crypto wallets
Trump Media’s $2.3 billion Bitcoin acquisition plan was approved by the SEC in June. Meanwhile, on July 8, Trump Media filed paperwork with the SEC to launch a “blue chip” cryptocurrency ETF that would be made up of Bitcoin, Ethereum, Solana, Cronos, and XRP tokens.
Trump Media, which owns and operates the Truth Social social media platform, the Truth+ streaming platform, and the TruthFi fintech brand, is a separate entity from President Trump’s political endeavors.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Tristan is a technology journalist and editorial leader with 8 years of experience covering science, deep tech, finance, politics, and business. Before joining Coinspeaker, he wrote for Cryptox and TNW.
