- Trump Media and Technology Group said it has accumulated roughly $2 billion in bitcoin and related assets, totaling about two-thirds of its total liquid assets.
- Shares of TMTG, which trades on the Nasdaq as DJT, popped as high as 9% when markets opened.
- Trump’s stake in the company — which trades on the Nasdaq under his initials, DJT — is worth nearly $2.3 billion.
- Trump’s other crypto ventures include the decentralized finance entity World Liberty Financial and the meme coin $TRUMP.
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Trump Media and Technology Group
said Monday it has accumulated roughly $2 billion in bitcoin and related assets, as President
Donald Trump
‘s highly lucrative pivot to cryptocurrency continues to grow his net worth while in office.
The bitcoin holdings now account for about two-thirds of Trump Media’s total liquid assets, the company said in a
press release
.
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Trump Media shares
popped as high as 9% when markets opened Monday. They were up around 4% at 2 p.m. ET.
Trump’s stake in the company — which trades on the Nasdaq under his initials, DJT — is worth nearly $2.3 billion.
The announcement offered the latest marker of how Trump and his family have embraced digital currency to such a degree that cryptocurrency now accounts for most of the president’s wealth on paper, according to a
Forbes analysis
from June.
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Trump, once a digital-currency skeptic, has vowed to make the U.S. the world’s cryptocurrency capital. He has already taken multiple steps in that direction by signing an
executive order
to establish a “strategic bitcoin reserve,” appointing a “crypto czar” and urging Congress to pass multiple crypto-related bills.
Trump on Friday signed one of those bills,
the GENIUS Act
, into law after it passed with bipartisan support in the House.
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Trump has made millions more from other cryptocurrency ventures, including the decentralized finance entity World Liberty Financial and the meme coin $TRUMP, whose initial coin release came just days before his inauguration.
The Trump family, which owns much of
World Liberty
through a business entity, has made about $500 million since the venture’s launch in September, according to a Reuters analysis.
Trump’s spokespeople have said that the president’s connection to World Liberty
does not create a conflict of interest
because
his assets
are in a trust that is currently managed by his son, Donald Trump Jr.
But assets in that revocable trust still belong “indirectly” to the president, who is the trust’s grantor and its sole beneficiary. And the funds would be available to him after he leaves office in 2029.
Critics, including
Democratic lawmakers
and
ethics experts
, warn that Trump’s crypto interests and his political power create an environment ripe for corruption.
“As a stakeholder in crypto assets, President Trump will likely profit from the very policies he is pursuing,” the advocacy group Democracy Defenders Fund said in a
report
in April.
Before taking office in January, Trump transferred all DJT shares to the revocable trust managed by Trump Jr. Since then, Trump Media has effectively redefined itself as a cryptocurrency and financial services company.
The company’s first product was the Twitter-like social media platform Truth Social, which is used by Trump but has failed to generate much revenue. The company, which went public last year through a merger with a special purpose acquisition company, nevertheless attracted thousands of retail investors.
In late January, the company announced a fintech brand called Truth.Fi, boosted by a $250 million allocation in investments including bitcoin and exchange-traded funds.
In February, the company began pursuing what it called a “strategic acquisition fund with select investors,” and in March it inked a partnership with Crypto.com to launch a series of ETFs.
In late May, the company said it raised over $2.3 billion in net proceeds from selling stock and convertible notes to about 50 institutional investors, and that it would use those funds to build a bitcoin treasury.
Trump Media’s announcement Monday morning came less than a week after bitcoin hit an all-time high, making it by far the world’s most valuable and popular cryptocurrency.
The asset jumped past $120,000 as investors anticipated Congress would pass new U.S. crypto legislation to establish a clearer regulatory framework for the nascent industry.
“We’re rigorously implementing our publicly announced strategy and fulfilling our bitcoin treasury plan,” Trump Media CEO Devin Nunes said in Monday’s release.
“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,” Nunes said.
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