#TrumpBTCTreasury Trump Media said it intended to use the proceeds for the creation of a “bitcoin treasury”. The effort mirrors the president’s moves to create a “strategic bitcoin reserve” for the US government.

Trump Media’s CEO and chairperson, Devin Nunes, a former congressman, said in a press release: “We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets. Our first acquisition of a crown jewel asset, this investment will help defend our Company against harassment and discrimination by financial institutions.” Nunes said the large purchase of bitcoin would facilitate subscription payments and a Truth Social “utility token”, a type of cryptocurrency used for purchases on an app’s specific blockchain.