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Backed by $2.5 billion in funding, Trump’s media company has started acquiring Bitcoin as part of its previously announced investment strategy.
Trump Media and Technology Group, the company that owns US President Donald Trump’s Truth Social platform, said it held about $2 billion in “Bitcoin and Bitcoin-related securities” just a few days after significant cryptocurrency bills pushed by Trump advanced in Congress.
In a Monday notice, Trump Media said it had acquired Bitcoin (BTC) as part of an investment strategy announced in May, in which it allocated $1.5 billion from stock sales and $1 billion from convertible senior secured bonds to purchase the cryptocurrency.
The media company said it would continue to acquire “Bitcoin and Bitcoin-related assets” depending on market conditions.
The notice came four days after the US House of Representatives passed three bills during what Republicans and Trump branded as “crypto week.” The price of Bitcoin briefly surged to more than $120,000 as the week began, but has since dropped to $118,436 at the time of publication.
Trump signed the GENIUS stablecoin bill into law on Friday, but the other two bills related to crypto market structure and central bank digital currencies will need approval in the Senate before going to the president’s desk.
Related: Trump’s crypto ventures have added $620M to his net worth — Report
The signing of the GENIUS bill may benefit Trump’s family-backed crypto business, World Liberty Financial, which has its own stablecoin. The price of the company’s governance token, WLFI, has more than doubled in the last seven days as holders voted to make it tradable.
Meanwhile, according to data from Nansen.ai, the price of the president’s memecoin, Official Trump (TRUMP), increased about 10% to $11.55 from $10.45 the same week. One of the companies tied to Trump and his family had a 20% stake in World Liberty as of June, and the president effectively controls 80% of his memecoin supply through two companies.
Is the White House still looking into options for the national Bitcoin reserve?
In March, Trump signed an executive order to establish a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile” in the US. At the time, most experts suggested that the stockpile would consist of crypto seized by US authorities, but Trump’s advisers later said they were looking into alternatives, including revaluing the government’s gold certificates.
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
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