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The U.S. Securities and Exchange Commission (SEC) has given the green light to Trump Media and Technology Group's (TMTG) ambitious $2.3 billion Bitcoin treasury initiative, marking a significant milestone for the company behind Truth Social. This regulatory approval comes just weeks after TMTG confirmed its cryptocurrency investment plans following initial denials.
On June 13, the SEC officially declared effective TMTG's S-3 registration statement filed on June 6, which covers the company's Bitcoin treasury strategy. The filing includes provisions for the resale of approximately 56 million shares and an additional 29 million tied to convertible notes from debt and equity agreements with about 50 investors. ——This move provides TMTG with financial flexibility while establishing Bitcoin as part of its core assets——
Despite the regulatory win, TMTG's stock (DJT) experienced a 【2.06%】 decline, closing at $19.52 on June 13. CEO Devin Nunes remains bullish, stating the company is "aggressively implementing" expansion plans across its social media platform, TV streaming service, and fintech offerings. The Bitcoin treasury forms part of what Nunes calls the "Patriot Economy" strategy targeting conservative audiences.
The SEC approval follows a remarkable reversal in TMTG's cryptocurrency stance. After initially denying reports of Bitcoin investments in May, the company confirmed a $2.5 billion capital raise for cryptocurrency purchases on May 27. Nunes positioned the move as supporting "financial freedom," drawing comparisons to MicroStrategy's Michael Saylor in blockchain circles.
TMTG isn't stopping at treasury holdings. On June 5, the company filed with the SEC to launch a spot Bitcoin ETF, seeking to "reflect generally the performance of the price of Bitcoin." This dual approach — combining corporate Bitcoin holdings with investment products — mirrors strategies by major financial institutions entering the crypto space.
As TMTG navigates between regulatory approvals and market reactions, its cryptocurrency ambitions continue evolving. The company maintains it has no immediate plans to issue additional securities under its current registration, focusing instead on executing its existing Bitcoin strategy while expanding its media ecosystem.