Trump Media buys US$2 billion in Bitcoin for crypto treasury plan
In addition, about US$300 million in capital was allocated to an options acquisition strategy for Bitcoin-related securities, the company said in a statement on Monday (Jul 21).
Trump Media plans to continue acquiring Bitcoin and Bitcoin-related assets and to convert its options into Bitcoin, depending on market conditions.
In May, Trump Media joined the scores of companies emulating the crypto treasury strategy pioneered by Michael Saylor's Strategy. It's not the only company linked to the US President Donald Trump's family that has jumped to the Bitcoin treasury play. PSQ Holdings, a firm that counts Donald Trump Jr as a board member, also announced plans to explore a digital asset treasury strategy.
'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 Devin Nunes, chief executive officer and president of Trump Media, in the press release.
The Sarasota, Florida-based company said it will also use its Bitcoin and Bitcoin-related securities to generate revenue and potentially 'acquire additional crypto assets.'
Shares of Trump Media jumped more then 7 per cent in pre-market trading following the announcement. The stock has slumped around 45 per cent so far this year. BLOOMBERG
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