tl;dr
The U.S. SEC approved Trump Media and Technology Group's $2.3 billion Bitcoin Treasury deal, marking one of the largest Bitcoin treasury deals by a public company. Trump Media, controlled significantly by Donald Trump's family, raised funds by reselling shares and convertible notes to about 50 inves...
The U.S. Securities and Exchange Commission (SEC) approved Trump Media and Technology Group’s $2.3 billion Bitcoin Treasury deal, marking one of the largest BTC treasury acquisitions by a public company. Trump Media, controlled significantly by Donald Trump’s family, raised funds through the resale of shares and convertible notes from about 50 investors. The Bitcoin Treasury will be included on the company’s balance sheet, providing shareholders exposure to Bitcoin and supporting its aggressive expansion strategy.
Trump Media’s CEO, Devin Nunes, emphasized that integrating Bitcoin into the company’s assets helps defend against discrimination by financial institutions and creates synergies for subscription payments, utility tokens, and other planned transactions across the Truth Social platform and Truth , its streaming service. The custody of Bitcoin holdings will be managed by Crypto.com and Anchorage Digital, ensuring institutional-grade security.
In addition to the Treasury deal, Trump Media filed with the SEC to launch the Truth Social Bitcoin Exchange-Traded Fund (ETF), further embedding itself into the cryptocurrency market. Crypto.com will serve as the exclusive custodian for the ETF’s Bitcoin assets, which will track BTC’s price performance, amplifying the company’s focus on digital asset integration.
Notably, Don Wilson, CEO of DRW Investments, invested $100 million in the Bitcoin Treasury deal, making DRW one of the largest investors in Trump Media’s crypto initiative. This investment has raised concerns about potential conflicts of interest due to Wilson's ties with Cumberland, a crypto liquidity provider that benefited from regulatory decisions under the previous Trump administration. The SEC had dropped a lawsuit against Cumberland, originally alleging unregistered securities dealing, adding complexity to the intersection of regulation and crypto investment in this high-profile transaction.