Trump Media and Technology Group (TMTG), owner of the Truth Social platform and partially owned by former President Donald Trump, has received SEC approval for its $2.3 billion Bitcoin deal.
SEC Approval for Bitcoin Deal
According to a SEC filing from June 13, the agency declared TMTG's S-3 registration statement effective for the Bitcoin deal. The filing involves the resale of approximately 56 million shares and 29 million shares linked to convertible notes with 50 investors.
Trump Media's Expansion Plans
TMTG's CEO Devin Nunes stated that the company is 'aggressively' implementing plans to expand its offerings and capabilities. He added that the goal is to rapidly transform Trump Media into an indispensable company for the expanding customer base of the Patriot Economy.
Bitcoin ETF Launch Application
On June 5, TMTG filed with the SEC to launch a Bitcoin exchange-traded fund (ETF). The filing mentions that the trust's assets will primarily consist of Bitcoin held by a custodian.
The SEC's approval and the future plans of Trump Media indicate the company's ambition to play a significant role in investments and financial technologies, especially in the context of the growing popularity of cryptocurrencies.
