Trump Media is now a Bitcoin whale.
On Monday, Trump Media, the parent company behind US President Donald Trump’s social platforms, announced the purchase of a massive $2 billion worth of Bitcoin, officially joining the expanding list of corporate Bitcoin holders.
The investment outlay means the company deployed into Bitcoin most of the $2.5 billion it raised earlier in the year from stocks and convertible note sales. The choice, the company’s CEO Devin Nunes said, is not just about returns — it’s about freedom.
“These assets help ensure our company’s financial freedom, help protect us against discrimination by financial institutions, and will create synergies with the utility token we’re planning to introduce across the Truth Social ecosphere,” Devin Nunes, Trump Media’s CEO, said in the announcement.
The size of the investment outlay puts Trump Media in rarefied air: it’s now the fifth-largest public holder of Bitcoin, ahead of Japanese firm Metaplanet’s roughly $1.9 billion stash.
The investment follows a booming trend: dozens of companies are now loading up on Bitcoin as a reserve asset.
Some companies have even turned their attention to cryptocurrencies like Ethereum, Solana, and XRP.
Pioneers like Michael Saylor’s Strategy and Metaplanet have proven that the model can supercharge a company’s share price and attract investors, effectively turning a company’s stock into Bitcoin exchange-traded fund proxies.
Strategy’s share price has risen 12-fold in the five years since the company began stockpiling Bitcoin. It now holds about $72 billion worth of Bitcoin, the most by any publicly-traded company.
But not every Saylor copycat has been successful.
Semler Scientific, a biotech firm, adopted a Bitcoin reserve strategy in May 2024. It’s the 14th-biggest corporate holder with over $570 million worth of Bitcoin. But its share price is down 26% this year.
The culprit? NAV, or net asset value, which for a Bitcoin reserve strategy company measures the value of the holdings against its share price. Because these companies sell their shares at a premium to fund their Bitcoin buys, the stock value becomes tied to an inflated price of Bitcoin, investment manager Jim Chanos said in May.
Metaplanet’s stock, for instance, is valued by investors at almost seven times the market price of Bitcoin, according to analysts at 10x Research.
For now, Trump Media is up 5% following Monday’s announcement, while Bitcoin is trading at $118,000.
