SEC clears Trump Media filing, opening door to multi-billion-dollar Bitcoin buy
Quick Take
- The SEC declared effective Trump Media’s registration for its Bitcoin treasury deal, opening the door for the firm to acquire BTC with the $2.3 billion in capital it recently raised.
- The company did not state how much Bitcoin it plans to acquire, noting that purchases are discretionary and the raised capital may be used for general corporate purposes.
- The filing includes a $12 billion universal shelf, allowing Trump Media to issue more stock, debt or warrants at any time.
Trump Media and Technology Group, the firm majority-owned by U.S. President Donald Trump that runs his Truth Social platform, said on Friday that the SEC declared effective the registration for its previously-announced Bitcoin treasury plan.
The firm's approximately $2.3 billion in capital raised from around 50 institutional investors has thus been unlocked and can be used to purchase BTC at any time. The firm declined to detail how much BTC it plans to acquire in its prospectus, which states that Trump Media "...will acquire its bitcoin and bitcoin-related holdings in the amounts and on the timeline it deems optimal."
The prospectus also includes a universal shelf that allows the company to raise up to $12 billion worth of more stock, debt, or warrants at any time. "The Company has no immediate plans to issue any securities under the shelf registration statement," the firm said in a press release.
About 84.7 million shares held by early investors are now registered for resale, a block equal to roughly half the public float, and 30% of all shares outstanding. The firm trades on the Nasdaq exchange under the ticker DJT.
"TMTG’s bitcoin strategy may also include purchasing bitcoin-related securities or, given certain market conditions, selling bitcoin and investing such proceeds in assets including cash, cash equivalents, or other interest bearing investments," the firm's prospectus states.
In addition to Truth Social, the firm operates the Truth+ streaming service and launched Truth.fi, a fintech brand with crypto ambitions, in January of this year. The press release calls Truth.fi "a financial services and FinTech brand incorporating America First investment vehicles."
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