Trump Media invests $2 billion in Bitcoin
The Trump family has increasingly aligned with the crypto industry through new ventures, investments, and public endorsements in recent months.
On Monday, Trump Media – the firm behind the Truth Social platform – announced the acquisition, saying another $300 million in capital has been allocated to an options-based Bitcoin strategy, and signaling that it may convert the options into cryptocurrency depending on market conditions.
The assets will be used 'to generate revenues and potentially to acquire additional crypto assets,' CEO and President Devin Nunes said. Crypto now accounts for about two-thirds of the firm's $3 billion in liquid holdings.
The purchase is part of Trump Media's 'Bitcoin treasury plan', which involves buying and holding digital assets – similar to how companies stockpile bonds – to increase liquidity and financial flexibility.
Trump Media shares soared nearly 10% following the announcement. Trump, who placed his shares in a revocable trust managed by Donald Trump Jr., maintains a major stake valued at around $2.3 billion.
Once a crypto skeptic, Trump reversed course during the 2024 campaign, pledging to make the US the 'crypto capital of the world' and to serve as its 'crypto president.' Since returning to the White House, he has backed several family-led ventures in the space, including World Liberty Financial – a decentralized finance project that has brought in $500 million since launching in September.
As part of the new US 'strategic reserve' of crypto assets unveiled in March, Trump signed the GENIUS Act last week – the country's first major law regulating digital currency.
Critics have claimed that the overlap between Trump's crypto ventures and his political authority could result in widespread corruption.
Trump Media's announcement came less than a week after Bitcoin hit a record high, topping $120,000 – reinforcing its position as the world's most valuable and widely held cryptocurrency. Analysts attributed the rally to surging institutional demand and a shift in US policy under Trump. On Tuesday, it was trading at $118,395 per coin.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Russia Today
2 hours ago
- Russia Today
US working to kill EU Digital Services Act
Secretary of State Marco Rubio has reportedly ordered US diplomats to launch a lobbying campaign against the EU's Digital Services Act (DSA), according to an internal cable obtained by Reuters. The directive accuses the EU law of stifling free speech and imposing unfair costs on US tech companies. The DSA, which came into force in August 2023, is designed to make online platforms safer by requiring them to remove illegal content such as hate speech, misinformation, and child sexual abuse material. It applies to 19 large platforms, including Meta's Facebook and Instagram, Alphabet's Google, Amazon, and Apple's App Store. Non-compliance can result in fines of up to 6% of global revenue. Washington has argued that the DSA targets US companies and restricts freedom of expression. Rubio's cable calls the legislation a threat to 'America's free-speech tradition' and a financial burden on US platforms. Diplomats have reportedly been instructed to meet with EU officials to push for the law to be repealed or amended. They have also been told to challenge definitions of 'illegal content' and weaken enforcement tools like 'trusted flaggers' and the Code of Conduct on Disinformation, which has been described by critics as a 'global censorship law.' In July, the US State Department posted on X that the 'Orwellian' DSA is used to convict thousands for criticizing governments and shields EU leaders from accountability. In February, US Vice President J.D. Vance said the law prevents adults from accessing alternative opinions labeled as misinformation, warning that US companies could block EU users to avoid compliance. Last year, Russia also accused the EU of censorship after Brussels banned several Russian outlets. The Foreign Ministry called it 'political censorship' by the neoliberal West aimed at suppressing dissent. Duma Speaker Vyacheslav Volodin said Brussels lacks arguments to convince its citizens and instead blocks alternative views. Telegram founder Pavel Durov said in 2024 that 'Russian Telegram users enjoy more freedom than Europeans.' Durov is currently on trial in France over allegations of spreading illegal content through his platform.
Russia Today
4 hours ago
- Russia Today
China backs Brazil against US tariff ‘bullying'
China has blasted the US over its decision to impose 'unsustainable' tariffs on Brazil, introduced by President Donald Trump as a response to the prosecution of former President Jair Bolsonaro and continued cooperation within the BRICS economic group. In a statement on Wednesday, Chinese Foreign Minister Wang Yi said Beijing 'firmly supports Brazil in safeguarding its national sovereignty and national dignity,' and 'opposes unwarranted external interference in Brazil's internal affairs.' He added that China backs Brazil in 'resisting the bullying imposition of tariff measures' and intensifying cooperation among Global South countries, particularly through the BRICS framework. Wang also held a phone call with Celso Amorim, a senior adviser to Brazilian President Luiz Inacio Lula da Silva, telling him that 'using tariffs as a weapon to suppress other countries violates the UN Charter, undermines WTO rules, and is both unpopular and unsustainable.' In late July, Trump imposed a 50% tariff on all goods from Brazil, citing what he called a threat to 'the national security' of the US. The US leader has voiced particular concern over the prosecution of former right-wing Brazilian President Bolsonaro, who is facing trial over allegedly plotting a coup following his 2022 election defeat. Trump has also been a frequent critic of BRICS, accusing it of seeking to undermine the global power of the dollar. The group has no common currency, but most of the transactions between its members are done in national currencies. Lula fired back at Trump, telling him that he is not 'the emperor of the world,' later proposing a BRICS meeting to come up with a joint response to the US. Brazil was not the only country that came under pressure from Trump. On Wednesday, the US leader did not rule out that it could impose tariffs on China that would be similar to the 25% increase in duties for India. Trump earlier slammed both countries for importing Russian oil amid the Ukraine conflict. Moscow has rebuffed Trump's threats, saying that any sovereign country is free to choose its trading partners.
Russia Today
5 hours ago
- Russia Today
Kremlin aide reveals details of Putin-Witkoff meeting
Russian President Vladimir Putin and US special envoy Steve Witkoff exchanged 'signals' on the Ukraine conflict, during their meeting in Moscow on Wednesday, Kremlin aide Yury Ushakov has said. Witkoff, who has traveled to Russia multiple times in his role as Donald Trump's special envoy, arrived in the Russian capital on what the US president has described as a make-or-break diplomatic mission. Following almost three hours of talks in the Kremlin, Ushakov told reporters that Putin and Witkoff had 'a very useful and constructive conversation' and discussed several topics, including the Ukraine conflict, Russia-US relations, and prospects for strategic cooperation. 'Some signals were transmitted on the Ukrainian issue' by Putin and that 'corresponding signals were also received from President Trump,' he said. Ushakov refrained from disclosing further details, noting that Trump had not yet been informed about the results of the meeting. 'Let's see when Witkoff can report on the conversation that took place today to Trump. After that, obviously, we will be able to supplement my comments with something more substantial,' he said. Witkoff's visit comes as Trump has grown increasingly frustrated with the lack of swift results from his attempts to broker a peace deal between Russia and Ukraine. He has recently urged Moscow to reach an agreement with Kiev as soon as possible, warning that failure to do so could trigger secondary tariffs of up to 100% on Russia and its trading partners. Moscow has repeatedly said it is open to a peace deal, but insists that any agreement must reflect the realities on the ground and address the root causes of the conflict. Russian officials have expressed appreciation for Trump's efforts to mediate, while rejecting his latest threats, saying that the language of ultimatums is counterproductive.
