Trump Media & Technology Group Corp., owner of the Truth Social platform, filed paperwork with federal regulators Friday to raise as much as $12 billion through new securities as it expands its cryptocurrency strategy.
The Securities and Exchange Commission filing comes after the company raised $2.44 billion in May specifically to purchase Bitcoin, marking a dramatic shift into digital assets for the media company tied to President Donald Trump.
Trump Media invested $2.5 billion in Bitcoin following the earlier fundraise, which included $1.5 billion in stock sales and $1 billion in convertible notes, according to Reuters. The move mirrors the strategy of MicroStrategy Inc., which holds $23.91 billion in crypto assets.
The latest SEC filing mentions “Bitcoin” 362 times, compared with just one reference in previous documents, according to social media posts and Bitcoin news outlets.
CEO Cites ‘Financial Freedom’
Company CEO Devin Nunes, a former Republican congressman, called Bitcoin “an apex instrument of financial freedom” in a May statement to The Guardian. He said the investment would protect the company from “harassment and discrimination by financial institutions.”
The strategy aligns with Trump’s evolving stance on cryptocurrency. During his first presidency, Trump dismissed digital currencies as volatile and “not money.” But he embraced the industry during his 2024 campaign, promising to make the U.S. the “crypto capital of the world,” The Washington Post reported.
Trump has proposed creating a national strategic Bitcoin reserve, an idea he promoted after meeting with crypto industry leaders at Mar-a-Lago in May 2024. Vice President JD Vance headlined a Bitcoin conference in Las Vegas this week, and the Labor Department recently rescinded guidance discouraging 401(k) plans from crypto investments.
Corporate Bitcoin Trend
Trump Media joins a growing number of companies treating Bitcoin as a treasury asset. MicroStrategy leads corporate holders with 580,250 Bitcoin. Twenty One Capital, backed by Tether and SoftBank, has accumulated 31,500 coins.
Bitcoin hit record highs this month, rising 16% since January and 57% over the past year. The cryptocurrency’s volatility remains a concern for corporate investors, who could face significant write-downs if prices decline.
Trump Media reported $759 million in cash and short-term investments at the end of the first quarter. The company plans to use Anchorage Digital and Crypto.com for cryptocurrency custody.
Questions Remain
The SEC filing doesn’t specify how the $12 billion would be allocated beyond the Bitcoin focus. The lack of detailed plans has raised questions about compliance and potential market impact.
Trump’s crypto ventures have generated controversy, including the $Trump meme coin launched in January that produced $312 million in sales for Trump-affiliated businesses, a Washington Post analysis found.
MicroStrategy’s Bitcoin strategy has driven its stock up nearly 2,900% over five years, though experts warn such approaches depend heavily on cryptocurrency price stability. The potential influx of billions from Trump Media could create market volatility.
Trump Media’s pivot reflects the growing acceptance of Bitcoin as a corporate treasury asset, though the scale and speed of the company’s cryptocurrency adoption remains unprecedented among media companies.
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