President Donald Trump’s media company just bought a stash of the world’s largest cryptocurrency. On Monday morning, Trump Media and Technology announced that it had acquired $2 billion in Bitcoin and Bitcoin-related securities. It also reserved $300 million to buy Bitcoin options.
The market appeared to approve of the move as stock in Trump’s firm jumped 7.2% on Monday morning from the previous close. It’s up 9% at almost $20 over the past week. About two-thirds of the company’s nearly $3 billion in liquid assets are allocated to Bitcoin.
‘We’re rigorously implementing our publicly announced strategy and fulfilling our Bitcoin treasury plan,” Trump Media president and CEO Devin Nunes said in a statement. “These assets help ensure our Company’s financial freedom.”
Trump owned the majority of shares in Trump Media and transferred them in December to a revocable trust before he became president. The stock issued to buy Bitcoin has diluted Trump’s ownership percentage.
The mammoth crypto buy comes almost two months after the company said it had issued $2.5 billion of new stock and debt to pursue a Bitcoin treasury. The move also reinforces how crypto, not real estate, increasingly fuels the Trump family’s business empire.
