Trump Media and Technology Group (TMTG), owned by President Donald Trump, received formal approval from the SEC for a $2.3 billion asset deal in Bitcoin.
SEC Approval
According to an SEC filing dated June 13, the agency "declared effective" TMTG’s Form S-3 registration statement, filed on June 6. This form allows U.S. corporations to register various securities, including stocks and debt instruments. TMTG registered the resale of approximately 56 million shares and an additional 29 million shares related to convertible notes, which generated the total of $2.3 billion.
Company Growth Strategy
CEO and President Devin Nunes commented on the filing, stating, "We’re aggressively implementing our plans to expand the Company, our offerings, and our capabilities." He further noted that the firm aims to simultaneously enhance its social media platform, streaming service, and fintech brand while establishing a Bitcoin treasury, making TMTG an indispensable player in the growing 'Patriot Economy.'
Market Reaction and TMTG's Future
On the same trading day, TMTG’s shares dipped by 2.06%, closing at $19.52. This followed the May 27 announcement of raising $2.5 billion to purchase Bitcoin, which the company initially denied. Nunes described Bitcoin as a financial freedom instrument, adding that Trump Media would retain the cryptocurrency as a key asset. TMTG is also pursuing the launch of a Bitcoin ETF, with a filing submitted to the SEC.
With the recent SEC approval for a $2.3 billion Bitcoin treasury deal, TMTG is taking active steps to expand its financial assets and strategies, potentially strengthening its market position.
