According to a report by Politico, the company, which oversees the Truth Social platform, has secured commitments from approximately 50 large investors to raise $2.5 billion through a combination of stock and debt.
Nunes further described this Bitcoin investment as a pivotal step in defending the company against financial institutions that may impose discriminatory practices on Americans and US businesses.
Beyond this, the move signals a growing interest in cryptocurrency from Trump and his family’s business ventures, which have seen setbacks in recent years.
The Trump family has previously supported various crypto initiatives, including World Liberty Financial (WLFI), while Eric Trump co-founded American Bitcoin, which recently announced plans to go public.
However, this foray into the crypto space has raised ethical and conflict-of-interest concerns within Washington. As reported by Bitcoinist last week, the President hosted a gala dinner at his Virginia golf club for top holders of his memecoin, which prompted protests outside the venue.
Following the announcement of the new Bitcoin treasury, shares of TMTG, trading under the ticker “DJT,” initially surged in early trading but later fell by more than 5%.
Bitcoin, on the other hand, has managed to regain the $110,000 after a slight pullback below the $109,000 mark to open the week. Still, the market’s leading cryptocurrency holds gains of over 16% on the monthly time frame and 56% year-to-date (YTD).
Featured image from DALL-E, chart from TradingView.com
