The shares of President Trump’s media company are soaring after the firm disclosed $2 billion worth of Bitcoin (BTC) on its balance sheet.
In a new announcement, Trump Media and Technology Group (DJT) says it “has accumulated approximately $2 billion in Bitcoin and Bitcoin-related securities as part of its previously announced Bitcoin treasury strategy.”
[adinserter block="1"]Amid the news, shares of DJT, which includes the social media platform Truth Social, soared from Friday’s close of $18.67 to $20.38 on Monday, a more than 9% gain.
Shares have retraced slightly and are trading for $19.58 at time of writing.
Says Trump Media’s CEO and President Devin Nunes,
“We’re rigorously implementing our publicly announced strategy and fulfilling our bitcoin treasury plan. 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.”
Last month, the media firm was given the green light by the U.S. Securities and Exchange Commission (SEC) to invest its treasury holdings in Bitcoin.
The firm says its Bitcoin holdings now represent some two-thirds of its approximately $3 billion in liquid assets. Trump Media also says it has about $300 million of additional capital “allocated to an options acquisition strategy for Bitcoin-related securities.”
Says the announcement,
“Trump Media plans to continue acquiring Bitcoin and Bitcoin-related assets and to convert its options into spot Bitcoin, depending on market conditions.”
Bitcoin treasury companies are publicly traded or private companies that hold BTC on their balance sheets as part of their treasury reserve strategy. Some of the top BTC Treasury firms in the world include Strategy, formerly known as MicroStrategy, Jack Dorsey’s Block and Japanese firm Metaplanet.
Bitcoin is trading for $118,420 at time of writing, a marginal decrease during the last 24 hours.
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