#TrumpBTCTreasury O "Bitcoin treasury" of Trump Media & Technology Group (TMTG)

(why it exists, how much it can buy, and what it means for the market)

1. What was approved?

– On June 13, the SEC declared the TMTG's S-3 registration "effective", allowing the company to complete a plan of US$ 2.3 billion aimed at forming a Bitcoin treasury. – The capital will come from the potential resale of ≈ 56 million shares and 29 million convertible notes that have already been subscribed by ~50 institutional investors. – This registration complements the private offering announced on May 27, when TMTG reported having raised US$ 2.5 billion for the same purpose.

2. How many BTC does this represent?

• With Bitcoin close to US$ 105 k, US$ 2.3 billion would buy ~22,000 BTC. • But the company mentioned using up to US$ 2.5 billion; at current prices, this rises to ~24,000–25,000 BTC. • This amount would place TMTG just behind Marathon Digital (49,179 BTC) and ahead of TwentyOne (37,230 BTC) in the ranking of corporate treasuries — still far from MicroStrategy and its 582,000 BTC.

3. Why do Trump (and Devin Nunes) want Bitcoin on the balance sheet?

Political narrative – They call BTC the "pinnacle tool of financial freedom", aligned with the "Patriot Economy" discourse.

Hedge against banks – The board states that the asset will serve to "protect the company from harassment and discrimination by financial institutions".

Cash diversification – Instead of leaving billions in dollars earning little, they bet on possible appreciation in a post-halving cycle.

4. Extra triggers: ETF and heavyweight partners

– On June 5, TMTG filed an S-1 to launch the Truth Social Bitcoin ETF, with custody from Crypto.com. – The project has already attracted sophisticated capital: Jane Street (US$ 375 million) and DRW Investments (US$ 100 million) bought shares to finance the BTC strategy.

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