Trump Media's Bitcoin Treasury Deal Deemed 'Effective' By SEC
Trump Media and Technology Group (TMTG) has received SEC approval for its registration statement related to a $2.3 billion Bitcoin treasury deal. The SEC declared effective TMTG’s S-3 registration statement, which allows the resale of approximately 56 million shares and 29 million shares tied to convertible notes from around 50 investors. TMTG currently has no immediate plans to issue securities under this registration. CEO Devin Nunes stated the company is aggressively expanding its social media, TV streaming, and fintech offerings while establishing a Bitcoin treasury. TMTG's stock price fell 2.06% to $19.52 following the announcement. The company also confirmed a $2.5 billion capital raise for Bitcoin purchases and filed to launch a Bitcoin exchange-traded fund (ETF) on June 5, aiming to reflect Bitcoin's price performance.
