TMTG Raises $2.3B Amid SEC Approval for Controversial Bitcoin Treasury

Trump Media and Technology Group (TMTG), parent company of Truth Social, has secured approval from the U.S. Securities and Exchange Commission (SEC) for its ambitious $2.3 billion fundraising initiative to establish a significant treasury of cryptocurrency assets.

This approval authorizes TMTG to raise $2.3 billion through the sale of approximately 56 million equity shares and holders of 29 million shares of convertible notes. The company anticipates that the bitcoin treasury will represent the largest publicly traded portfolio of its kind.

Filing for the S-3 registration statement with the SEC on June 6, the company received the nod a week later (“declared effective”), enabling the use of previously raised capital for cryptocurrency purchases.

Donald Trump-aligned CEO Devin Nunes has positioned the development as a strategic move, stating it bolsters the “Patriot Economy” and underlines TMTG’s expansion into fintech through its Truth.Fi unit.

“We are quickly developing our fintech brand, social media platform, and streaming service and accumulating a Bitcoin treasury to support the Patriot Economy,” Nunes commented.

The company intends to manage the funds via its fintech division and offload the digital assets to custodians Crypto.com and Anchorage Digital.

Nunes contends the treasury is also a defense mechanism against anticipated financial discrimination, aiming to shield the company from “harassment and discrimination by financial institutions;” targeting U.S. regulatory uncertainty surrounding cryptocurrencies presents a key context.

Furthermore, the approval signals TMTG’s ambitions extend beyond a simple treasury, as the company also filed for a spot Bitcoin ETF, the Truth Social Bitcoin ETF.

The $2.3 billion effort attracted investment from institutions including DRW Investments, founder Don Wilson, reportedly underwriting digital assets firm Cumberland’s SEC case was recently dropped.