The Securities and Exchange Commission has just authorized Trump Media & Technology Group (TMTG), controlled by President Donald Trump, to draw on the $2.3 billion it raised to build up a bitcoin treasury. The decision propels the group into the exclusive circle of publicly traded companies that are massively converting their cash reserves into cryptocurrencies.
Trump Media gets regulatory approval
Donald Trump has never hidden his ambitions to make Trump Media and Technology Group (TMTG) one of the most powerful players in the US digital sector. On Friday, June 13, the company reached a key milestone when the Securities and Exchange Commission (SEC) “declared effective” its registration statement to purchase Bitcoin.
This means that the $2.3 billion raised from around 50 investors (in the form of shares and convertible notes) can be used to build up its Bitcoin reserve. This colossal sum comes from around 50 institutional investors who have bet on TMTG, notably through its merger with the listed company Digital World Acquisition Corp (DWAC).
In its prospectus, the company states that it “will acquire its Bitcoin and Bitcoin-related assets in the amounts and at the pace it deems optimal.”
In addition, the prospectus states that 56 million existing shares are now registered for resale, and that a universal registration statement allows the company to issue up to $12 billion in additional securities at any time — although no drawdown is planned in the short term. TMTG also has $759 million in cash and short-term investments already on its balance sheet, which it plans to manage alongside its future bitcoin reserve.
“We are aggressively implementing our expansion plans,” said Devin Nunes, the group’s CEO, adding that the goal is to make TMTG “an indispensable company in the Patriot Economy” through the synergy between Truth Social, the Truth+ streaming service, and the fintech arm Truth.fi, launched in January, which is expected to offer pro-crypto financial services.
Towards a new bitcoin treasure giant?
This move by Trump Media and Technology Group is part of a favorable trend for Bitcoin, whose price is hovering around $107,000: Donald Trump, who will become president of the United States again at the end of 2024, is sending out multiple signals in favor of cryptocurrencies. At the current price of Bitcoin, a full purchase of TMTG’s $2.3 billion would be approximately 21,800 BTC
Such a move would instantly make Trump Media one of the largest institutional holders of BTC, alongside Strategy and Tesla, which holds 11,509 BTC. It remains to be seen whether TMTG will actually convert all of its funds into Bitcoin, or whether it will opt for a gradual allocation, depending on market conditions.
As a reminder, Michael Saylor’s company remains the pioneer in Bitcoin cash holdings: at the beginning of June 2025, Strategy claimed a total of 580,250 BTC worth approximately $63 billion, representing nearly 3% of all Bitcoins ever mined and 2.75% of the total supply of 21 million BTC.
