a day ago
Breaking: US tycoon pours €86 million into Trump crypto project after probe cancelled
An American financier i nvested €86 million ($100 million) in the Trump family's flagship bitcoin project just two months after a probe into his crypto business was dropped by the Trump administration.
Chicago-based DRW Investments, the trading firm founded and controlled by Don Wilson, acquired nearly four million shares in Trump Media & Technology Group last month, according to public filings cited by the Financial Times.
The purchase formed part of a funding round linked to a planned acquisition of more than $2 billion worth of cryptocurrency.
The investment in TMTG, which is behind the Truth Social app and controlled by the US president's family, makes DRW among the biggest financiers of the group's crypto bet.
DRW said: 'We are a major institutional player in cryptoassets and have been for over a decade. We engage in a variety of strategies in the crypto ecosystem, and we see the benefit of holding bitcoin on corporate balance sheets. This transaction was viewed purely through that lens.'
TMTG did not respond to an FT request for comment, the report states
Over the past four decades Wilson has built DRW into one of the world's largest trading firms by headcount.
Its rival Jane Street was the largest investor funding TMTG's crypto bet, buying about $375mn in the equity fundraising, according to a regulatory filing.
