Trump Media's Bitcoin Holdings Surpass $2 Billion

Trump Media & Technology Group, which oversees Truth Social, announced on Monday that its Bitcoin treasury program has amassed around $2 billion in total holdings of BTC and Bitcoin-related assets. This announcement comes in the wake of a Financial Times report from late May, suggesting Trump Media was looking to raise up to $3 billion for a comprehensive crypto initiative. Initially dismissing the report, calling it misguided, the Monday update implies a proactive approach to capital markets. Now, Trump Media's Bitcoin assets account for approximately two-thirds of the company's $3 billion in liquid assets, as noted in the recent statement. Additionally, $300 million is designated for purchasing options tied to Bitcoin-linked equities, which may be converted to spot Bitcoin based on market fluctuations. The company's crypto ambitions were first detailed in May with plans for a $2.5 billion fundraising effort aimed at bolstering Bitcoin purchases. This move aligns Trump Media with other publicly traded firms, following strategies similar to Michael Saylor’s, which utilize Bitcoin as a primary reserve asset. However, Trump Media hasn't specified how much of the $2 billion pertains directly to Bitcoin versus exchange-traded products linked to cryptocurrencies. The company indicated it will persist in acquiring Bitcoin and associated assets, potentially leveraging its funds for revenue generation or further cryptocurrency investments. Currently, Bitcoin is trading around $118,270. Trump Media shares saw an uplift of over 6% shortly before the U.S. stock market opened, according to Yahoo Finance data.