Trump’s Media Company Reports $2B BTC After Crypto Bills Pass US House
Trump Media and Technology Group reported holding approximately $2 billion in Bitcoin and Bitcoin-related securities. This acquisition followed an investment strategy announced in May, involving $1.5 billion from stock sales and $1 billion from convertible senior secured bonds. The company plans to continue acquiring Bitcoin assets based on market conditions. This announcement coincided with the US House of Representatives passing three cryptocurrency bills during "crypto week." Bitcoin's price briefly surged above $120,000 but fell to $118,436 shortly after. Trump signed the GENIUS stablecoin bill, which may benefit his family-backed crypto business, World Liberty Financial. The governance token WLFI's price has more than doubled recently. The price of Trump's memecoin, Official Trump (TRUMP), increased by about 10%. Trump signed an executive order in March to establish a "Strategic Bitcoin Reserve" and is exploring options for a national Bitcoin reserve.
