6 days ago
Trump Media spokespeople denied quality of the woody a time earlier, earlier confirming the superior rise successful a May 27 announcement.
Trump Media and Technology Group (TMTG), the institution that owns US President Donald Trump’s Truth Social level and is partially owned by the president, confirmed a $2.5 cardinal superior rise to acquisition Bitcoin (BTC) aft denying earlier reports of the deal.
According to a May 27 announcement from the company, the superior rise comprises a $1.5 cardinal banal merchantability and $1 cardinal successful convertible elder secured bonds, with a 0% coupon. The merchantability is expected to adjacent connected May 29. TMTG CEO Devin Nunes said:
“We presumption Bitcoin arsenic an apex instrumentality of fiscal freedom, and present Trump Media volition clasp cryptocurrency arsenic a important portion of our assets. This concern volition assistance support our Company against harassment and favoritism by fiscal institutions."TMTG spokespeople responded to the archetypal report from the Financial Times, published a time earlier the announcement, with derision.
“Apparently, the Financial Times has dumb writers listening to adjacent dumber sources,” TMTG representatives told the FT.
Shares of TMTG sank pursuing the $2.5 cardinal superior rise announcement. Source: TradingViewShares of TMTG fell by implicit 12% pursuing the announcement and were trading astir $23.60 astatine the clip of publication.
The backing woody comes arsenic a increasing fig of corporations and countries follow Bitcoin treasury strategies arsenic the integer plus matures into a fiscal instrumentality of geopolitical importance.
Related: Bitcoin 2024 league sparked 30% terms clang — Can bulls flight this year?
Bitcoin treasury companies support stacking
Several Bitcoin treasury companies accrued their holdings successful May this year, including Michael Saylor’s Strategy. According to SaylorTracker, the institution acquired an further 4,020 BTC connected May 26.
Technology institution Semler Scientific purchased 455 BTC, valued astatine implicit $50 million, for its treasury, an acquisition the institution disclosed successful a May 23 filing.
Investment steadfast MetaPlanet, wide regarded by investors arsenic Japan’s MicroStrategy, acquired an further 1,004 BTC connected May 19.
Market expert Jesse Myers precocious predicted that astatine the existent complaint of organization accumulation, ample entities volition own 50% of the full Bitcoin supply by 2045.
Myers added that this maturation successful organization adoption is driven by a formation to information from accepted plus classes.
“Over the past 2 years, an exodus from fiat assets — bonds and wealth — has already begun. Hard wealth assets, BTC and gold, are wherever things are shifting,” the expert wrote successful a May 22 X post.
Magazine: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains: Trade Secrets
English (US) 