Trump Media Shares Climb as Bitcoin Treasury Purchases Reach $2 Billion
By Connor HartShares of President Trump's media company climbed after Trump Media said it has accumulated about $2 billion in bitcoin and related securities as part of its previously disclosed treasury strategy.The stock rose 7.5%, to $20.08, in premarket trading Monday. Through Friday's close, shares have lost nearly half their value in the past year.Trump Media and Technology said its bitcoin and related securities now comprise around two-thirds of its roughly $3 billion in liquid assets.The company, which operates the president's Truth Social platform, said it plans to continue acquiring bitcoin and related securities, noting approximately $300 million of additional capital that has already been allocated to an options acquisition strategy for crypto assets."These assets help ensure our company's financial freedom, help protect us against discrimination by financial institutions, and will create synergies with the utility token we're planning to introduce across the Truth Social ecosphere," Chief Executive Devin Nunes said.Trump Media has made other moves in the crypto industry. It previously filed to launch an investment fund for bitcoin, and it additionally launched a finance company, Truth.Fi, which stated it would allocate around $250 million into cryptocurrency and other investments.President Trump and his administration have worked to open the doors for widespread adoption and investment in the crypto industry, analysts and industry executives said. Trump last week signed the Genius Act into law, setting up oversight of stablecoins, a popular crypto asset typically pegged to a government currency such as the U.S. dollar.Trump also last week pushed for House lawmakers to pass the Clarity Act, which would establish a clear regulatory framework for digital assets.Once a skeptic, Trump embraced the industry last year, vowing to make the U.S. the "crypto capital of the planet" and to ease regulatory burdens on the industry.Write to Connor Hart at [email protected]