Today, the Trump Media and Technology Group (TMTG), closely related to U.S. President Donald Trump, announced a market-shaking news: it plans to raise up to $2.5 billion through the issuance of stocks and convertible notes to purchase Bitcoin (BTC) and establish 'corporate-level Bitcoin reserves.' This move could not only propel TMTG into the ranks of the top ten corporate Bitcoin holders globally but also once again brings the close ties between the Trump family and cryptocurrency into the spotlight.
What is even more thought-provoking is that Donald Trump's eldest son, Donald Trump Jr., recently revealed in public that the family's active embrace of cryptocurrency was catalyzed by the 'hatred' and despair they encountered in the traditional financial system due to 'de-banking.' Meanwhile, David Sacks, the White House's AI and cryptocurrency czar, also stated that the U.S. government may purchase more Bitcoin in the future. These dynamics intertwine to paint a complex picture of cryptocurrency deeply entangled with political and business interests during the Trump era.
Bitcoin reserves
Trump Media and Technology Group (TMTG) officially announced on May 27 that it has signed private placement agreements with about 50 institutional investors, planning to raise a total of $2.5 billion through the issuance of approximately $1.5 billion in common stock and $1 billion in zero-coupon convertible notes. The primary use of this massive fund is to purchase Bitcoin and include it in the company's balance sheet as part of its strategic reserves.
TMTG stated that in the future it will account for Bitcoin alongside the company's existing cash, cash equivalents, and short-term investments (totaling approximately $759 million as of the end of Q1 2025), making it an important part of the company's asset allocation. The company has designated Crypto.com and Anchorage Digital to provide custody services for its digital assets to ensure asset security.
TMTG is a media technology company founded by U.S. President Donald Trump, which owns the social platform Truth Social and the fintech brand Truth.Fi. The latter was established this January and has been authorized by the board to utilize up to $250 million in funds for traditional investment tools, segregated managed accounts, ETFs, and Bitcoin and other crypto assets or related securities.
Devin Nunes, CEO and Chairman of TMTG, stated in a declaration, 'We view Bitcoin as the ultimate symbol of financial freedom. Today, Trump Media will formally incorporate cryptocurrency into its core asset portfolio.' He emphasized that this investment will not only help the company resist the 'suppression and discrimination' of U.S. financial institutions against businesses and individuals (a discrimination that troubles many Americans and American companies) but will also release key synergies in subscription payments, utility token issuance, and even future overall trading layouts on the Truth Social and Truth+ streaming platforms. This also echoes the company's earlier disclosure of plans to develop utility tokens and digital wallets to support its Truth+ platform. Additionally, TMTG has partnered with Crypto.com to plan the launch of a series of new exchange-traded products (ETPs) that bundle Bitcoin and other digital assets with traditional financial instruments.
TMTG's move evokes memories of the corporate trend initiated by Strategy (formerly MicroStrategy) to hold Bitcoin on a large scale. Strategy is currently the publicly traded company with the largest Bitcoin holdings, with reserves exceeding 580,000 BTC. If TMTG successfully completes this $2.5 billion Bitcoin purchase plan, it will position itself among the top global corporate Bitcoin holders.
In line with TMTG's corporate Bitcoin reserves, the U.S. government itself also holds a significant amount of Bitcoin and may further increase its holdings in the future.
David Sacks, the White House's AI and cryptocurrency czar, stated at the '2025 Bitcoin Conference' on May 27, 2025, that there is indeed a feasible path for the U.S. government to purchase more Bitcoin, provided that the required funds can be raised in a 'budget-neutral' manner, meaning without increasing taxes or the ever-expanding national debt.
Sacks pointed out that the cryptocurrency-related executive order signed by President Trump in March of this year formally established the 'U.S. Bitcoin Strategic Reserve' and 'U.S. Digital Asset Inventory.' The funds for these reserves primarily come from cryptocurrencies obtained by the federal government through criminal or civil forfeiture actions, without any additional burden on taxpayers.
Part of the executive order stipulates that the government is allowed to purchase more cryptocurrency, provided it is executed in a budget-neutral manner. Sacks stated, 'Perhaps we can find funds from some unused programs, which would allow us to acquire more Bitcoin.' He added that the challenge is whether the Treasury or Commerce Department can be interested in this since if they decide to do so, they actually have the President's authorization to seek funding sources.
The traditional banks' blockade
Just as TMTG announced its large-scale Bitcoin investment plan, Donald Trump's eldest son, Donald Trump Jr., revealed the deep reasons behind the family's shift in attitude towards cryptocurrency during his speech at the Bitcoin 2025 conference. He candidly admitted that the Trump family's initial skepticism towards Bitcoin had transformed into active embrace, and the key catalyst was not merely investment returns but the 'de-banking' pressure they experienced in the traditional financial system, along with the resulting 'hatred' and profound insights into the fragility of the traditional financial system.
Donald Trump Jr. described the family's foray into cryptocurrency as an 'inevitable result.' He recalled that after his father Donald Trump's first presidential term ended, due to political factors, the Trump family and its associated organizations faced widespread service terminations from the banking industry, even extending to other financial fields such as insurance, at one point falling into a situation where 'everything was blocked.' This experience of being marginalized by the mainstream financial system made them deeply aware of the power concentration and potential discrimination within the traditional financial system.
In fact, such 'de-banking' pressures are not isolated incidents. Public information shows that the Federal Deposit Insurance Corporation (FDIC) had also suggested that banks adopt a cautious or even suspended attitude towards cryptocurrency-related services. These shared experiences prompted the Trump family to actively seek alternative solutions 'beyond traditional finance,' ultimately locking their gaze on cryptocurrencies with decentralized and anti-censorship characteristics.
In this family attitude shift, Donald Trump Jr. and his brother Eric Trump played a key 'evangelist' role. They were the first to 'swallow the orange pill' (a cryptocurrency community term referring to accepting and believing in Bitcoin) and successfully persuaded their initially skeptical father, Donald Trump. Donald Jr. explained that having personally experienced the blockade from the traditional financial system, the two brothers recognized the potential of cryptocurrency earlier than their father, describing him as a 'quick learner.'
Today, the Trump family's layout in the cryptocurrency field is quite extensive. In addition to TMTG's Bitcoin reserve plan, it also includes issuing stablecoins through World Liberty Financial and the controversial $TRUMP meme coin, which has sparked market discussions. Although these business activities have raised concerns about conflicts of interest, they have also indirectly promoted discussions about cryptocurrency regulations and legislation.
Cryptocurrency in the Trump Era
Overall, Trump's media group investing $2.5 billion in Bitcoin reserves, along with the family's narrative of embracing cryptocurrency 'born out of hatred,' and the U.S. government's open attitude towards increasing Bitcoin holdings, together outline a complex picture of cryptocurrency development during the Trump era.
On one hand, the Trump family's turn to cryptocurrency due to their challenges within the traditional financial system seems to add a new footnote to the narrative of cryptocurrency as 'anti-censorship' and 'financial autonomy.' On the other hand, the deep involvement of family members in cryptocurrency business operations, as well as the President's positive statements about cryptocurrency, also bring questions about potential conflicts of interest and policy fairness.
The market generally expects that Trump may continue to promote a more friendly regulatory environment for cryptocurrency, moving away from the past model of 'regulation equals enforcement' towards promoting new cryptocurrency regulations and legislation. This may include softening the stance of banks on handling cryptocurrency operations and considering adjustments to regulations on non-bank digital payment applications. Donald Trump Jr. expressed optimism about this, believing that as stablecoin legislation is likely to be introduced, along with potential upcoming market structure bills and strategic Bitcoin reserve legislation, these gradual improvements in regulation will bring tremendous momentum to Bitcoin, possibly even creating a 'perfect storm' that sends Bitcoin 'soaring into the clouds.'
However, the ultimate direction and impact of such cryptocurrency policies driven by personal experiences, business interests, and national strategy remain uncertain. Whether Bitcoin and other crypto assets in Trump's America will usher in true 'financial freedom' or fall into deeper layers of interest entanglements remains to be seen. But one thing is certain: cryptocurrency has become a key variable that cannot be ignored in America's political and economic landscape.