Trump's social media company strikes deal to buy bitcoin: report
President Donald Trump’s social media company, Trump Media & Technology Group, is buying bitcoin, according to a Politico report.
The Media group is the parent company of Truth Social. Politico reports that the president is the controlling shareholder of the publicly traded company.
In a statement Tuesday, the company announced deals with about 50 large investors who will raise $2.5 billion for the company through stock and debt.
“We view Bitcoin as an apex instrument of financial freedom, and now Trump Media will hold cryptocurrency as a crucial part of our assets,” said Devin Nunes, Trump Media’s CEO, in the statement.
Nunes is a former Republican representative from California who launched the investigation into Russian interference in the 2016 election. The move seemingly impressed Trump, as the president awarded Nunes the Presidential Medal of Freedom before he left office in 2021.
“Our first acquisition of a crown jewel asset, this investment will help defend our Company against harassment and discrimination by financial institutions, which plague many Americans and U.S. firms,” Nunes said.
Politico wrote, “The deal marks the latest sign of the swelling opportunity that Trump’s various businesses see in crypto, a once-beleaguered industry whose regulatory framework is now being crafted by the president’s own regulators and Republican lawmakers.”
There have been numerous reports on questionable moves made by the Trump family over their several crypto ventures.
World Liberty Financial is a cryptocurrency owned by President Trump and his sons. It was launched in September 2024, and its call sign $WLFI soared after Trump’s November win.
Another bitcoin-focused company, American Bitcoin, lists Eric Trump as a co-founder and chief strategy officer. They just received approval to go public.
Additionally, before Inauguration Day, Trump rolled out his own personalized crypto token — a meme coin called $TRUMP.
Top earners of the meme coin were invited to a private gala the Some are even set to receive a “VIP” tour – of possibly the White House.
The moves are making a “foray” of “ethics and conflict-of-interest concerns in Washington,” according to Politico.