President Donald Trump’s social media app Truth Social announced they now have approximately $2 billion in Bitcoin reserves and Bitcoin-related assets.
The move to acquire the large amount of cryptocurrency was made by Truth Social’s operator Trump Media, leading the Bitcoin to account for nearly two-thirds of their assets, which total $3 billion, according to a press release.
“These assets help ensure our Company’s financial freedom, help protect us against discrimination by financial institutions, and will create synergies with the utility token we’re planning to introduce across the Truth Social ecosphere,” David Nunes, CEO and president of Trump Media, said.
Trump Media said it plans to continue acquiring bitcoin and bitcoin-related assets, which will be used by the company to generate revenue and acquire even more crypto assets. The company shared that it has an “options acquisition strategy for bitcoin-related securities” in place, with $300 million set aside for the plan.
The president faced scrutiny earlier this year after launching a Trump memecoin, which was valued at a tens of billions of dollars days before his inauguration. According to an April report from State Democracy Defenders Action, a nonpartisan lobbying and advocacy group, the Trump family has profited at least $2.9 billion from cryptocurrency.
Trump held a dinner with the top holders of his memecoin in May, with many reportedly saying that they hoped to influence policies on cryptocurrency.
Trump’s son Donald Trump Jr., who has been a vocal proponent of cryptocurrency, has pushed back against concerns that the memecoin could lead to foreign influence, telling CNBC in June that “it’s hard to influence if you don’t know where the stuff is coming from.”
Since the announcement of Truth Social and Trump Media’s acquisition of billions in Bitcoin, stock in Trump Media opened 6% higher Monday morning, according to Yahoo! Finance.
Originally published on Latin Times
