Trump Media and Technology Group, the company that has the Truth social platform, said its $ 400 million share buyback program will not affect its plans to create a Bitcoin treasure.
In a notice on Monday, the media company of American president Donald Trump said that his board of directors had authorized the acquisition of up to $ 400 million in ordinary shares. The acquisition of action has no impact on the company’s strategy aimed at establishing a Bitcoin treasure (BTC) using more than $ 2 billion in funds, he said.
The media group initially denied information according to which it planned to remove around $ 3 billion to invest in the cryptocurrency, but then confirmed capital funding of $ 2.5 billion to buy Bitcoin. According to Monday’s opinion, Trump Media’s Bitcoin strategy “presented a private investment offer of around 2.3 billion dollars overall”.
The American Securities and Exchange (SEC) committee, chaired by Trump’s candidate Paul Atkins approved the Declaration of Registration of the Bitcoin Agreement of the Media Company in June. The file has shown that the $ 2.3 billion for Bitcoin’s investment came from the resale of 56 million shares and 29 million shares related to convertible tickets within the framework of debt and equity agreements.
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Trump Media also applied to launch a Bitcoin Exchange Traded (ETF) SPOTCOIN fund, which TRUTH Social has deposited separately to list and exchange shares of a double etf linked to bitcoin and ether (ETH). The SEC has approved the lists of FNB Bitcoin Spot since January 2024 and ETHE ETF ETHE since May 2024.
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National Bitcoin Stockpile Plans under Trump
Trump also proposed, through a March decree, that the United States establishes a “strategic bitcoin reserve” and “storage of digital assets”. The reserves would hold lost digital assets to the American government, but Trump advisers have suggested other ways to expand the stock.
The legislators of the US Senate Permanent Sub-Comeding on Surveys have accused the president of having used his position within the government “to enrich cryptocurrency companies” by establishing stocks.
Trump’s media’s announcement came the same day as California senator Adam Schiff presented legislation to prohibit the American president, the first family and other officials to publish, sponsor or approve digital assets. Trump Media, under the Homonym of the President, could be in violation of the law with his Bitcoin strategy proposed if she were to pass.
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