Trump Media & Technology Group has inked deals to raise $2.5 billion to buy Bitcoin, the social media company announced today, as the Trump administration rolls out pro-crypto policies that stand to profit Trump family companies.
Trump Media & Technology Group (TMTG) dealt shares to around 50 large institutional investors, who were unnamed, with plans to form what it calls a “Bitcoin treasury.” President Donald Trump owns just over half the company’s stock. In March, Trump made official an executive order to establish a national Bitcoin and digital assets reserve. Many in the crypto industry are hoping that the imprimatur of creating a U.S. stockpile of digital assets will spur wider institutional investment in crypto and prompt other countries to invest in Bitcoin.
Cantor Fitzgerald, the family-run investment firm of Commerce Secretary Howard Lutnick, last month announced a merger to form a new Bitcoin holding company, an entity valued at $3.6 billion. The firm has been deepening its Bitcoin investments this year, according to a Securities and Exchange Commission (SEC) disclosure.
This month in the U.S. House, major crypto industry-championed legislation is moving. The legislation revises the bill, titled FIT21 in the previous Congress and passed in the Republican-led chamber, that would hand the Commodity Futures Trading Commission (CFTC) much oversight responsibility for crypto trading. Rep. French Hill (R-Ark.), chair of the House Financial Services Committee, won his position as a prominent crypto cheerleader and is developing the bill for what he called “much-needed regulatory clarity.”
