Trump Media & Technology Group (TMTG), the company behind Truth Social, has received SEC approval for a $2.3 billion capital raise aimed at building a corporate Bitcoin treasury.
The greenlight came just days after the firm filed its S-3 registration on June 6, allowing the resale of around 85 million shares tied to equity and convertible notes.
CEO Devin Nunes said the move is part of an aggressive strategy to position TMTG as a key player in the so-called “Patriot Economy.” Bitcoin will now be held alongside cash reserves, with Crypto.com and Anchorage Digital handling custody.
The company also has broader crypto ambitions, including plans for a Truth Social Bitcoin ETF and potential BTC-based subscription services and utility tokens for Truth Social and its upcoming streaming platform, Truth+.
Notably, Don Wilson of DRW Investments invested $100 million in the deal, acquiring 3.8 million shares. The investment has raised eyebrows given Wilson’s firm, Cumberland, recently had an SEC lawsuit dropped—fueling speculation of regulatory favoritism under the current Trump administration.
With this latest move, TMTG joins the shortlist of public companies integrating Bitcoin into both their balance sheet and broader business model.
BlackRock’s iShares Bitcoin Trust (IBIT) has officially crossed the 700,000 BTC mark, reinforcing its position as one of the fastest-growing exchange-traded funds in financial history.
Bitcoin may be gearing up for a significant move as its volatility continues to tighten, according to on-chain insights from crypto analyst Axel Adler.
Two major developments are converging in July that could shape the future of Bitcoin in the United States—both tied to President Trump’s administration and its expanding crypto agenda.
Digital asset investment products recorded $1.04 billion in inflows last week, pushing total assets under management (AuM) to a record high of $188 billion, according to the latest report from CoinShares.