Trump Media secures $100M from DRW Investments to buy Bitcoin after selling 4M shares, marking a significant crypto move by the firm.
Trump Media has recently gained a substantial $100 million investment from Don Wilson’s DRW Investments.
The Chicago-based trading firm acquired a significant 4 million shares in Trump Media & Technology Group (TMTG) as a gesture of support for the Trump family, which is prepared to purchase over $2.5 billion in Bitcoins, according to the public filing from the company.
Intriguingly, this investment was made just nine weeks after the Trump administration concluded its investigation into Don Wilson’s company.
Trump Media’s Acquisition Of Additional Bitcoin Supporters Persists
The TMTG Group, which the Trump family owns, is making progress in securing additional investors for its $2.5 billion Bitcoin Treasury initiative.
According to a regulatory filing, Jane Street is the largest investor presently funding TMTG’s crypto bet, having acquired $375 million in shares of the Trump Group.
This information was reported by the Financial Times.
DRW Investments made the following observation regarding the current investment in the Trump Media Group:
“We are a major institutional player in cryptoassets and have been for over a decade. We engage in a variety of strategies in the crypto ecosystem, and we see the benefit of holding bitcoin on corporate balance sheets. This transaction was viewed purely through that lens.”
DRW Investments has previously advocated establishing an “entirely new regulator” to replace the US SEC and the US CFTC.
Additionally, a spokesperson for the company stated that the current structure of the CFTC and SEC does not adequately account for the advancements that have occurred in global markets and that these should be reviewed.
Wilson, a long-standing advocate of digital assets, established the crypto-focused firm Cumberland more than a decade ago, according to the FT report.
During a U.S. government auction of assets confiscated from the Silk Road marketplace in 2015, he acquired 70,000 Bitcoins. Currently, the value of that holding is approximately $7.7 billion.
SEC Has Approved BTC Treasury Registration Of TMTGs
The registration statement for Trump Media’s Bitcoin Treasury transaction was declared effective by the U.S. Securities and Exchange Commission (SEC) on Friday, June 13.
Due to this milestone, the company can now proceed with its plan to incorporate Bitcoin into its financial strategy.
This registration statement covers the certification of 56 million shares of equity and 29 million shares of other convertible notes.
The Trump family’s TMTG group announced last week that they were raising $12 billion.
They also mentioned that they could use the proceeds to purchase Bitcoin.
Consequently, the Media group can acquire over 140,000 BTC at the current Bitcoin price if the SEC approves.
Conversely, TMTG’s Truth Social is also attempting to introduce its Bitcoin ETFs.
If it were to be authorized, it would be in direct competition with industry leaders such as BlackRock and Fidelity.
