Trump Media and Technology Group (TMTG), the company behind Truth Social, has received approval from the U.S. Securities and Exchange Commission (SEC) regarding its plan to raise and use $2.3 billion to build a big bitcoin treasury.
This is a big and controversial move by the media company tied to U.S. President Donald Trump. The plan involves converting part of its corporate assets into bitcoin—similar to what companies like Strategy have done.
TMTG filed a Form S-3 with the SEC on June 6. The form allows public companies to register securities for resale. A week later, the SEC “declared effective” the filing and TMTG can now use the money raised from previous deals to buy bitcoin.
According to the filings, the company raised $2.3 billion from the resale of about 56 million equity shares and 29 million shares of convertible notes. Almost 50 institutional investors participated in the raise.
This is “one of the largest bitcoin treasury deals for a public company,” TMTG said in a press release.
TMTG’s CEO, Devin Nunes, said this is part of a bigger plan to grow the company beyond social media and into the fintech space.
“We are quickly developing our fintech brand, social media platform, and streaming service and accumulating a Bitcoin treasury to support the Patriot Economy,” said Nunes.
The funds will be managed through TMTG’s fintech arm, Truth.Fi, and the company will store its bitcoin with its trusted custodians Crypto.com and Anchorage Digital.
Nunes also said this is a way to protect the company from financial discrimination, stating the bitcoin treasury will allow the company to defend itself “against harassment and discrimination by financial institutions.”
This seems to be more than just a business decision, and more like a political move.
Trump Media’s bitcoin push comes at a time when U.S. digital asset regulation is unclear. By moving into digital assets, TMTG signals a bold break from traditional financial norms and aligns itself with Bitcoin-friendly audiences.
American institutions are recognizing bitcoin as a safe haven asset, so maybe media and political groups will start to explore the asset further.
Trump Media isn’t stopping at a bitcoin treasury. They filed paperwork to create a spot bitcoin exchange-traded fund (ETF) called the Truth Social Bitcoin ETF. If approved, this ETF will give traditional investors another way to get exposure to bitcoin’s price.
Again, Crypto.com will be the exclusive custodian for this ETF.
One of the investors in the bitcoin treasury is Don Wilson, founder of DRW Investments. His firm put in $100 million. Some are wondering if there’s a conflict of interest since his digital asset trading firm, Cumberland, just had a case dropped by the SEC.
