4 hours ago
Backed by $2.5 cardinal successful funding, Trump’s media institution has started acquiring Bitcoin arsenic portion of its antecedently announced concern strategy.
Trump Media and Technology Group, the institution that owns US President Donald Trump’s Truth Social platform, said it held astir $2 cardinal successful “Bitcoin and Bitcoin-related securities” conscionable a fewer days aft important cryptocurrency bills pushed by Trump precocious successful Congress.
In a Monday notice, Trump Media said it had acquired Bitcoin (BTC) arsenic portion of an concern strategy announced successful May, successful which it allocated $1.5 cardinal from banal income and $1 cardinal from convertible elder secured bonds to acquisition the cryptocurrency.
The media institution said it would proceed to get “Bitcoin and Bitcoin-related assets” depending connected marketplace conditions.
The announcement came 4 days aft the US House of Representatives passed 3 bills during what Republicans and Trump branded arsenic “crypto week.” The terms of Bitcoin concisely surged to much than $120,000 arsenic the week began, but has since dropped to $118,436 astatine the clip of publication.
Trump signed the GENIUS stablecoin bill into instrumentality connected Friday, but the different 2 bills related to crypto marketplace operation and cardinal slope integer currencies volition request support successful the Senate earlier going to the president’s desk.
Related: Trump’s crypto ventures person added $620M to his nett worthy — Report
The signing of the GENIUS measure whitethorn payment Trump’s family-backed crypto business, World Liberty Financial, which has its ain stablecoin. The terms of the company’s governance token, WLFI, has much than doubled successful the past 7 days arsenic holders voted to marque it tradable.
Meanwhile, according to information from Nansen.ai, the terms of the president’s memecoin, Official Trump (TRUMP), accrued astir 10% to $11.55 from $10.45 the aforesaid week. One of the companies tied to Trump and his household had a 20% involvement successful World Liberty arsenic of June, and the president efficaciously controls 80% of his memecoin supply done 2 companies.
Is the White House inactive looking into options for the nationalist Bitcoin reserve?
In March, Trump signed an enforcement order to found a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile” successful the US. At the time, astir experts suggested that the stockpile would dwell of crypto seized by US authorities, but Trump’s advisers aboriginal said they were looking into alternatives, including revaluing the government’s golden certificates.
Magazine: Trump’s crypto ventures rise struggle of interest, insider trading questions
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