5 hours ago
Trump Media and Technology Group announced plans to repurchase up to $400 cardinal worthy of its ain shares portion leaving intact the $2.3 cardinal it has earmarked for gathering a important Bitcoin (BTC) reserve.
The committee of directors authorized the buyback program arsenic a amusement of assurance successful the company’s banal and aboriginal maturation strategy, according to the June 23 statement.
TMTG CEO and Chairman Devin Nunes said:
“With astir $3 cardinal disposable connected our equilibrium sheet, we’re successful a presumption to present worth to shareholders portion pursuing strategical moves similar our Bitcoin treasury plan.”
The repurchase programme volition beryllium carried retired successful the unfastened marketplace astatine the company’s discretion.
Shares of Trump Media, which commercialized nether the ticker DJT, edged down 0.1% during the June 23 trading league to $17.81. The banal has fallen astir 48% since hitting yearly highs successful January arsenic the institution has pushed deeper into integer assets.
Digital assets push
In May, Trump Media announced it had secured astir $2.3 cardinal specifically to acquisition Bitcoin, reinforcing President Trump’s broader clasp of cryptocurrency.
The institution has besides submitted filings for 2 Truth Social-branded crypto ETFs: 1 investing solely successful Bitcoin and different divided betwixt Bitcoin and Ethereum (ETH).
President Donald Trump’s expanding crypto ventures person attracted accrued attraction successful Washington, with lawmakers questioning imaginable risks related to run fundraising and conflicts of interest.
Last week, fiscal disclosures showed the President earned much than $57 cardinal from his blockchain venture, World Liberty Financial, days earlier reports emerged that his family’s involvement successful the company had been trimmed.
Rumors astir a Truth Social crypto wallet and token stay unresolved aft the institution denied near-term plans earlier this year. Meanwhile, Bitcoin hovered adjacent $101,779 connected Monday, down astir 6% successful the past day.
The station TMTG reaffirms Bitcoin committedness amid $400M stock buyback plan appeared archetypal connected CryptoSlate.
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