Trump Media & Technology Group Corp (NASDAQ:DJT) shares are moving higher Monday after the company provided an update on its Bitcoin (CRYPTO: BTC) treasury strategy progress.
What Happened: Trump Media announced that it has accumulated approximately $2 billion in Bitcoin and Bitcoin-related securities as part of its previously announced strategy. The company announced plans in May to raise $2.5 billion to establish a bitcoin treasury strategy.
Trump Media also said on Monday that it allocated approximately $300 million of additional capital to an options acquisition strategy involving Bitcoin-related securities.
“We’re rigorously implementing our publicly announced strategy and fulfilling our bitcoin treasury plan. 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,” said Devin Nunes, president and CEO of Trump Media.
Trump Media is the operator of Truth Social, Truth+ and Truth.Fi. The company was co-founded by President Donald Trump, whose family maintains a controlling stake.
DJT Price Action: Trump Media shares were up 8.41% at $20.24 at the time of publication Monday, according to Benzinga Pro.
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