✅ SEC Approval of $2.3 B Bitcoin Treasury Initiative
On June 13, 2025, the SEC declared effective Trump Media’s Form S-3 registration, enabling the company to execute its previously announced $2.3 billion capital raise via approximately 56 million equity shares and 29 million convertible notes .
The proceeds are earmarked to establish a corporate Bitcoin treasury, which will include BTC alongside existing cash reserves (~$759 million at Q1-end) under the custodianship of Crypto.com and Anchorage Digital .
Don Wilson’s DRW Investments contributed $100 million to this round, marking it as one of the largest institutional investments in the project .
📈 Launch of Truth Social Bitcoin ETF
Trump Media filed an S‑1 registration on June 5, 2025 for the Truth Social Bitcoin ETF, a spot ETF intended to track BTC performance and list on NYSE Arca, with Crypto.com as exclusive custodian and Yorkville America Digital as sponsor .
The filing includes standard risk disclosures, notably referencing potential conflicts of interest tied to the Trump family’s holdings and sponsor relationships .
An accompanying Form 19b-4 submission by NYSE Arca targets formal listing approval .
🔍 Strategic & Regulatory Context
Trump Media asserts BTC will protect against “financial institution harassment” and integrate with its fintech platforms (Truth.Fi, Truth+) .
The SEC, under Chair Paul Atkins, has taken a pro-crypto stance—dropping enforcement actions and approving filings—which broadens the likelihood of approval for both the Bitcoin treasury and ETF .
🔚 Summary
With SEC clearance, Trump Media is proceeding with a dual-track crypto strategy: deploying a $2.3 B BTC treasury and launching a spot ETF. This positions it as a significant institutional player in crypto finance, while raising complex regulatory, conflict-of-interest, and market-structural dynamics.