Latest news with #TrumpMediaandTechnologyGroup
NBC News
21-07-2025
- Business
- NBC News
Trump Media builds $2 billion bitcoin hoard, as crypto swells president's net worth
Trump Media and Technology Group said Monday it has accumulated roughly $2 billion in bitcoin and related assets, as President Donald Trump 's highly lucrative pivot to crypto continues to grow his net worth while in office. The bitcoin holdings now account for about two-thirds of Trump Media's total liquid assets, the company said in a press release. Trump Media shares popped as high as 9% when markets opened Monday morning. They were up around 4% at 2 p.m. ET. Trump's stake in the company — which trades on the Nasdaq under his initials, DJT — is worth nearly $2.3 billion. The announcement offered the latest marker of how Trump and his family have embraced digital currency to such a degree that crypto now accounts for most of the president's wealth on paper, according to a Forbes analysis from June. Trump, once a digital-currency skeptic, has vowed to make the U.S. the world's crypto capital. He has already taken multiple steps in that direction by signing an executive order to establish a 'strategic bitcoin reserve,' appointing a 'crypto czar' and urging Congress to pass multiple crypto-related bills. Trump on Friday signed one of those bills, the GENIUS Act, into law after it passed with bipartisan support in the House. Trump has made millions more off of other crypto ventures, including the decentralized finance entity World Liberty Financial and the meme coin $TRUMP, whose initial coin release came just days before his inauguration. The Trump family, which owns much of World Liberty through a business entity, has made about $500 million since the venture's launch in September, according to a Reuters analysis. Trump's spokespeople have said that the president's connection to World Liberty does not create a conflict of interest because his assets are in a trust that is currently managed by his son Donald Trump Jr. But assets in that revocable trust still belong 'indirectly' to the president, who is the trust's grantor and its sole beneficiary. And the funds would be available to him after he leaves office in 2029. Critics, including Democratic lawmakers and ethics experts, warn that Trump's crypto interests and his political power create an environment ripe for corruption. 'As a stakeholder in crypto assets, President Trump will likely profit from the very policies he is pursuing,' the advocacy group Democracy Defenders Fund said in a report in April. Before taking office in January, Trump transferred all of DJT shares to a revocable trust managed by his eldest son, Donald Trump Jr. Some experts were unconvinced Trump was eliminating conflict-of-interest concerns by removing himself from direct control of the shares. Since then, Trump Media has effectively redefined itself as a crypto and financial services company. The company's first product was the Twitter-like social media platform Truth Social, which is used by Trump but has failed to generate much revenue. The company, which went public last year through a merger with a special purpose acquisition company, nevertheless attracted thousands of retail investors In late January, the company announced a FinTech brand called boosted by a $250 million allocation in investments including bitcoin and exchange-traded funds. In February, the company began pursuing what it called a 'strategic acquisition fund with select investors,' and in March it inked a partnership with to launch a series of ETFs. In late May, the company said it raised over $2.3 billion in net proceeds from selling stock and convertible notes to about 50 institutional investors, and that it would those funds to build a bitcoin treasury. Trump Media's announcement Monday morning came less than a week after bitcoin hit an all-time high, making it by far the world's most valuable and popular cryptocurrency. The asset jumped past $120,000 as investors anticipated Congress would pass new U.S. crypto legislation to establish a clearer regulatory framework for the nascent industry. 'We're rigorously implementing our publicly announced strategy and fulfilling our bitcoin treasury plan,' Trump Media CEO Devin Nunes said in Monday's release. '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,' Nunes said.
Yahoo
21-07-2025
- Business
- Yahoo
Trump Media buys $2 billion in bitcoin as it embraces crypto
Trump Media and Technology Group, the social media company owned by President Trump, said it has bought about $2 billion in bitcoin and related securities as it remodels itself as an investment firm. Trump Media, which owns the Truth Social app, announced in May that it planned to raise $2.5 billion to buy bitcoin, with the goal of creating a reserve of the cryptocurrency. The $2 billion bitcoin purchase is part of the company's "bitcoin treasury plan," Trump Media CEO Devin Nunes said in a news release on Monday. Mr. Trump, the largest investor in Trump Media, has increasingly focused on cryptocurrencies both through his private businesses and his administration. The company's $2 billion bitcoin purchase comes as Trump Media looks to roll out a range investment products, including a plan to sell exchange-traded funds, or ETFs. The bitcoin purchase will "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," Nunes said in a statement. The company also said it has set aside $300 million for an "options acquisition strategy for bitcoin-related securities." Trump Media said it plans to continue acquiring bitcoin. Shares of Trump Media rose $1.04, or 5.6%, to $19.71 in Monday morning trading. The stock has declined 42% ths year. For the first quarter, Trump Media reported revenue of roughly $821,000, up from $770,000 in the year-ago period, a regulatory filing shows. The company reported an operating loss for the quarter of $39.5 million, down from $98.3 million from a year ago. What is a crypto treasury strategy? A crypto treasury strategy involves buying and holding cryptocurrencies, similar to how companies may invest in more traditional assets like bonds to provide them with financial flexibility. The best-known advocate of this approach is billionaire Michael Saylor, who runs a software company called Strategy (formerly known as MicroStrategy). It owns 607,000 bitcoins – worth more than $72 billion at today's bitcoin price — making it the largest public bitcoin treasury company, according to Saylor's company uses a variety of strategies, such as selling shares or issuing debt, to keep expanding its bitcoin holdings. As the digital currency's price has soared to more than $118,000, shooting up 74% over the last year alone, Strategy's stock price has followed, surging more than 3,500% since 2020. That success has also spawned many imitators, while the White House invited him to its Digital Assets Summit earlier this year. The Trump administration is planning a new U.S. "strategic reserve" of crypto assets. Last week, Mr. Trump signed the GENIUS Act, the first major law governing digital currency. "For the past five years, the only thing better than Bitcoin is More Bitcoin," Saylor wrote in a July 17 social media post. What shocked "Matlock" star Kathy Bates? A new you: The science of redesigning your personality "Somebody Somewhere" star Bridget Everett
Business Insider
21-07-2025
- Business
- Business Insider
Trump's media company just announced a $2 billion bitcoin buy as it cashes in on the popular crypto treasury strategy
Trump Media and Technology Group has accelerated its bitcoin treasury strategy, with the parent company of Truth Social announcing a $2 billion bitcoin purchase on Monday. The president's social media company said in May that it would begin piling up bitcoin as it pursues a crypto treasury strategy that's been popularized by a handful of companies in recent years, most notably Michael Saylor's Strategy. The $2 billion purchase accounts for roughly two-thirds of Trump Media's $3 billion in liquid assets. But according to a statement, the company has allocated an additional $300 million as part of an "options acquisition strategy for bitcoin-related securities." The statement also revealed that Trump Media's plans include acquiring more bitcoin and bitcoin-related securities and may convert these options into spot bitcoin. "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," stated Trump Media president and CEO Devin Nunes. Trump Media's bitcoin treasury plan follows the example set by companies like Saylor's Strategy, which owns 3% of the world's entire bitcoin supply. Its bitcoin focus has boosted the stock immensely in recent years, with gains outpacing actual bitcoin. Strategy stock is up 49% year-to-date, compared to a 26% gain for bitcoin. Other companies such as BitMine Immersion Technologies have opted for similar strategies, establishing a $500 million Ethereum reserve. Another ethereum treasury company, The Ether Machine, is set to go public in a SPAC deal and will soon start trading on the Nasdaq. Bitcoin has touched a series of record highs in recent weeks amid the Trump administration's pro-crypto push, breaching above $120,000 for the first time last week. News of Trump Media's bitcoin purchase sent the stock up as much as 5% on Monday.
CNBC
21-07-2025
- Business
- CNBC
Trump Media builds $2 billion bitcoin hoard, as crypto swells president's net worth
Trump Media and Technology Group said Monday it has accumulated roughly $2 billion in bitcoin and related assets, as President Donald Trump's highly lucrative pivot to crypto continues to grow his net worth while in office. The bitcoin holdings now account for about two-thirds of Trump Media's total liquid assets, the company said in a press release. Trump Media shares popped as high as 9% when markets opened Monday morning. They were up around 4% at 2 p.m. ET. Trump's stake in the company — which trades on the Nasdaq under his initials, DJT — is worth nearly $2.3 billion. The announcement offered the latest marker of how Trump and his family have embraced digital currency to such a degree that crypto now accounts for most of the president's wealth on paper, according to a Forbes analysis from June. Trump, once a digital-currency skeptic, has vowed to make the U.S. the world's crypto capital. He has already taken multiple steps in that direction by signing an executive order to establish a "strategic bitcoin reserve," appointing a "crypto czar" and urging Congress to pass multiple crypto-related bills. Trump on Friday signed one of those bills, the GENIUS Act, into law after it passed with bipartisan support in the House. Trump has made millions more off of other crypto ventures, including the decentralized finance entity World Liberty Financial and the meme coin $TRUMP, whose initial coin release came just days before his inauguration. The Trump family, which owns much of World Liberty through a business entity, has made about $500 million since the venture's launch in September, according to a Reuters analysis. Trump's spokespeople have said that the president's connection to World Liberty does not create a conflict of interest because his assets are in a trust that is currently managed by his son, Donald Trump Jr. But assets in that revocable trust still belong "indirectly" to the president, who is the trust's grantor and its sole beneficiary. And the funds would be available to him after he leaves office in 2029. Critics, including Democratic lawmakers and ethics experts, warn that Trump's crypto interests and his political power create an environment ripe for corruption. "As a stakeholder in crypto assets, President Trump will likely profit from the very policies he is pursuing," the advocacy group Democracy Defenders Fund said in a report in April. Before taking office in January, Trump transferred all of DJT shares to a revocable trust managed by his eldest son, Donald Trump Jr. Some experts were unconvinced Trump was eliminating conflict-of-interest concerns by removing himself from direct control of the shares. Since then, Trump Media has effectively redefined itself as a crypto and financial services company. The company's first product was the Twitter-like social media platform Truth Social, which is used by Trump but has failed to generate much revenue. The company, which went public last year through a merger with a special purpose acquisition company, nevertheless attracted thousands of retail investors In late January, the company announced a FinTech brand called boosted by a $250 million allocation in investments including bitcoin and exchange-traded funds. In February, the company began pursuing what it called a "strategic acquisition fund with select investors," and in March it inked a partnership with to launch a series of ETFs. In late May, the company said it raised over $2.3 billion in net proceeds from selling stock and convertible notes to about 50 institutional investors, and that it would those funds to build a bitcoin treasury. Trump Media's announcement Monday morning came less than a week after bitcoin hit an all-time high, making it by far the world's most valuable and popular cryptocurrency. The asset jumped past $120,000 as investors anticipated Congress would pass new U.S. crypto legislation to establish a clearer regulatory framework for the nascent industry. "We're rigorously implementing our publicly announced strategy and fulfilling our bitcoin treasury plan," Trump Media CEO Devin Nunes said in Monday's release. "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," Nunes said.
NDTV
07-07-2025
- Business
- NDTV
All About Truth Social: How Many Subscribers It Has, Who Are Prominent Users
When Trump Media and Technology Group and T Media Tech LLC launched Truth Social in February 2022, they claimed to offer an alternative to "big tech tyranny" and to protect users' freedom of speech. And despite US President Donald Trump using it to announce the most important policy and ceasefire decisions, the platform is struggling to retain its American user base. Truth Social's fading popularity received another blow when Trump's friend-turned-foe, Elon Musk, claimed he had never heard of the platform. His remark came hours after Trump attacked him for founding a new political party. " What's Truth Social?" Musk wrote on X (formerly Twitter). In another post, he added, "Never heard of it". The Number Story Although Truth Social refuses to make user counts public, the site has about two million active users each month and 25.5 million visits. As of February 2024, research firm Similarweb reported there are roughly 5 million active users on the microblogging platform. Monthly users on two rival social media networks, Facebook and TikTok, are approximately 1 billion and 3 billion, during the same period. Truth Social's biggest issue is its inability to retain users, with about 49 per cent of people not using the app for at least 61 days. A typical user spends fewer than two days a week on the platform. According to the platform's user demographics, 43 per cent of active users are women and 57 per cent are men. The average monthly visits to the website, from May 2022 to April 2023, dropped by more than 39 per cent to little over 4 million from May 2023 to April 2024. According to three separate data organisations, Truth Social's monthly active user counts in the US dropped sharply in the last few months of 2023, as reported by CNBC. However, the platform's traffic increased in the first quarter of 2024 when Trump Media went public. Who All Are Using It Besides the US President, Indian Prime Minister Narendra Modi joined the Trump-owned microblogging platform back in 2019. PM Modi said he was "delighted" to be on the platform in his first post from March, which included a picture of him with Trump taken in Houston, Texas, during his 2019 US tour, BBC reported. Other prominent personalities on the social media platform include Donald Trump Jr, Dan Bongino, Sean Hannity, Eric Trump, Dinesh D'Souza, Devin Nunes, and Marjorie Taylor Greene, among others. Republicans make up a large portion of the user base on the politically charged social media site. Democratic voters are quite unlikely to use the platform on a regular basis, let alone give it a try, reports say.
