At the end of May, crypto investors were greeted with good news. Representatives of Trump Media, which is directly linked to U.S. President Donald Trump, announced the attraction of $2.5 billion from approximately 50 institutional investors. The funds are intended to form the giant's Bitcoin reserve — that is, a full-fledged connection with the digital assets industry.
SEC approved the creation of a Bitcoin reserve by Trump Media. Why is this important?
Bitcoin purchases by Trump’s company
The full name of the company is Trump Media and Technology Group, and it is also known by the abbreviation TMTG. It is a giant that owns President Trump's Truth Social platform, and the president himself also holds a stake in it.
Now the Securities and Exchange Commission has officially approved the initiative to accumulate bitcoins by the management of Trump Media and Technology Group. This is a deal equivalent to $2.3 billion. Accordingly, the company did not use the entire amount to acquire cryptocurrency.