Radhika Parashar
- Bitcoin has become Trump Media’s largest asset in holding
- The company plans to launch a utility token as the native currency of its app ecosystem
- Trump Media’s announcement comes just days after the US regulators three crucial crypto bills
Trump Media announced on Monday, July 21, that its BTC holdings have hit an impressive $2 billion in valuation. The oldest and most expensive cryptocurrency now accounts for roughly two-thirds of Trump Media’s total $3 billion in liquid assets. In the backdrop of this declaration, the company stocks surged between six to eight percent to exceeding the price point $20 per share at the time of writing.
With U.S. President Donald Trump as the shareholder, the media firm controls social network firm Truth Social, streaming platform Truth+, as well as a crypto-focused finTech brand Truth.Fi. In alignment with President Trump’s pro-BTC stance, the company plans to continue deepening its engagement with cryptocurrencies moving forward as well.
“We’re rigorously implementing our publicly announced strategy and fulfilling our Bitcoin treasury plan,” said Devin Nunes, the CEO and President of Trump Media. “These assets help ensure our Company’s financial freedom, help protect us against discrimination by financial institutions.”
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As part of its BTC-enabled roadmap, Trump Media has set an additional $300 million aside to fulfill its options acquisition strategy for Bitcoin-related securities.
“Trump Media plans to continue acquiring Bitcoin and Bitcoin-related assets and to convert its options into spot Bitcoin, depending on market conditions. These assets will be used by the company to generate revenues and potentially to acquire additional crypto assets,” the announcement mentioned.
The Florida, US-headquartered company is also looking to launch a utility token that would work across its app ecosystem, Nunes reiterated in his statement.
The current market cap of Trump Media stands at $5.17 billion, data by Yahoo Finance shows.
This month, the company completed two crypto-centric filings with the U.S. Securities and Exchange Commission (SEC). These hints at its plans on debuting a Blue Chip ETF alongside a BTC and ETH ETFs, possibly in the coming months.
