Key Takeaways
- SEC approved Trump Media’s $2.3 billion bitcoin treasury deal, allowing the company to add bitcoin to its balance sheet.
- Trump Media raised funds through the resale of equity shares and convertible notes, positioning the deal as one of the largest public company bitcoin treasuries.
- Don Wilson's DRW Investments contributed $100 million, making it a key backer of the initiative.
The U.S. Securities and Exchange Commission (SEC) has approved Trump Media and Technology Group’s $2.3 billion Bitcoin Treasury deal.
The registration statement, filed on June 6 and declared effective on June 13, allows Trump Media—controlled by the Trump family and known for operating Truth Social—to add bitcoin to its corporate reserves.
Trump Media raised $2.3 billion from about 50 investors via the resale of roughly 56 million equity shares and 29 million shares underlying convertible notes.
According to the company, the deal, closed on May 30, is “one of the largest Bitcoin treasury deals for a public company.”
Bitcoin treasury strategy
Trump Media CEO and President Devin Nunes emphasized the company’s aggressive expansion, stating the goal is to transform it into:
an indispensable company for the expanding customer base of the Patriot Economy.
Nunes further stated:
“A Bitcoin Treasury will allow the company to defend itself against harassment and discrimination by financial institutions.”
The bitcoin holdings will be managed by Crypto.com and Anchorage Digital. Trump Media also recently filed to launch the Truth Social Bitcoin ETF, with Crypto.com as exclusive custodian.
Major investors and regulatory context
Financial Times reported that Don Wilson, CEO of DRW Investments, invested $100 million in the fundraising round, acquiring over 3.8 million shares. DRW’s involvement positions it as one of the largest backers of Trump Media’s bitcoin strategy.
The investment and regulatory moves come after the SEC dropped a lawsuit against Cumberland, a liquidity provider controlled by Wilson, earlier this year.
